CDFA Tax Increment Finance Update - March 24, 2020
CDFA Publishes COVID-19 Resource Center, Will Host Weekly Briefings
CDFA developed the COVID-19 Resource Center to serve as a central hub of everything the development finance world is doing to mitigate the impacts of COVID-19. Tune in to CDFA's Weekly Development Finance COVID-19 Briefing to stay at the forefront of the development finance community's mitigation and recovery efforts.
Libertyville Sharing $2.9M in TIF Funds With Schools and Other Taxing Bodies
Nine local taxing bodies will get a cut of $2.9 million from a special financing district created to fund parking decks and other projects in downtown Libertyville. Libertyville received state approval to extend its TIF beyond the normal 23 years. That approval required the village to share 70% percent of the increment each year.
Deserve Plans Salt Lake Valley, UT, Operations Center
As an incentive, Deserve may earn up to 20% of the new state taxes it will pay over the five-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $374,089. Each year that Deserve meets the criteria in its contract with the state, it will earn a portion of the total tax credit.
MO Senate Backs New Tax Break for Businesses
Missouri senators have given their approval for a new state break that could benefit business developments. The legislation would allow cities and counties to join together to create special development zones. Twenty-five percent of the state withholding taxes generated by new employees in those areas could be re-routed to help pay for infrastructure development costs.
County Letting East Butte Tax District Fade Away Next Year
County officials have decided to let a tax-increment district in upper East Butte expire, but more than $500,000 in remaining funds will likely be steered toward projects or street upgrades, sidewalks and other improvements before it sunsets next year.
The City of Durango Looks to Create New Economic Development Tool
The key financial tool that creation of an urban renewal authority would provide Durango is the ability to use tax increment financing, or TIF, that would devote any increased sales and property taxes generated by a URA project to that specific project, paying for things like utilities and roads needed as a project builds-out over time.
Monmouth City Council Approves $6.2M Housing Plan
The terms call for the development of 44 housing units over two years. Bergman will finance the surveying, engineering design, construction of water mains, sanitary sewer, surface water drainage, and Jackson Street road construction. The city, in turn, will establish a tax increment financing district to generate revenue to reimburse the developer for eligible expenses, including public infrastructure.
Chicago Reveals TIF Overhaul Plan
The mayor moves to tighten requirements on getting and spending tax-increment financing funds, to help poorer neighborhoods. She also delays some key decisions and loosens a blanket ban on new downtown TIF projects.
Alatus to Build City Hall/Apartment Combo
The Columbia Heights City Council approved plans for a $60 million project that will combine 265 market-rate apartments and 20,650 square feet of office and meeting space that will serve as the new city hall. Financing for the project includes up to $10 million in tax increment financing through the city.
Weekly Development Finance COVID-19 Briefing
Every Friday, March 27 - May 29, 2020 - 1:00 PM Eastern
CDFA will be hosting a weekly briefing about development finance COVID-19 news and resources. These one-hour phone calls will feature legislative updates, news from our members, state and local financing strategies, and lessons learned from previous development finance responses to disasters.
Intro Tax Increment Finance WebCourse
May 20-21, 2020 - Daily: 12-5pm (Eastern)
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders.
|Tax Increment Finance News|
174 Apartments Going up in Downtown Boise, ID
Idaho Press | Mar. 16 |
La Cantinita, IL Seeks TIF Assistance to Complete Downtown Project
The Register Mail | Mar. 16 |
Centerville, OH, Other Cities Utilize TIF for Development Plans
Dayton Daily News | Mar. 16 |
Hamilton Finance Group Sells $9.5M in Spooky Nook Parking Bonds
Journal News | Mar. 16 |
Midland City Council Approves Tax Incentive
Midland Daily News | Mar. 16 |
Traverse City could buy more land
Traverse City Record Eagle | Mar. 16 |
Pittsburgh Mills TIF Comes Home to Roost
Trib Live | Mar. 16 |
Finance Committee Backs $6.6M Tax Subsidy For Ramova Theatre
CBS Chicago | Mar. 13 |
KAO USA Plans to Expand; Powell Valves Moving After 174 Years of Operation
The Enquirer | Mar. 11 |
Batavia Working to Keep One Washington Place Project Alive
Daily Herald | Mar. 9 |
City Advances $3.2M to TIF Districts
Sun Prairie Star | Mar. 9 |
Mall Purchase Includes $2.2M in TIF Grants
Wausau Pilot & Review | Mar. 5 |
East Jordan, MI Approves Brownfield Redevelopment Plan for Co-Op Site
News-Review | Mar. 2 |
Montgomery County, OH Recommends Tax Incentive Programs Continue
WDTN | Mar. 2 |
New Tax Plan for Former Frenchtown Ceramics Site
69 News WFMZ-TV | Feb. 29 |
Houlton, ME Provides Education About TIF and RLF Programs
The County | Feb. 29 |
Northside Kalamazoo, MI Neighborhood Approves Brewery, Outdoor Beer Garden
WWMT | Feb. 28 |
City Hoping to Spend $2M in Paving This Year
The Tribune | Feb. 28 |
VT Seeks to Expand TIF Program to Smaller Projects
Vermont Biz | Feb. 27 |
The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information about CDFA, visit www.cdfa.net or e-mail firstname.lastname@example.org.
Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
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