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CDFA Tax Increment Finance Update - August 27, 2024

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Tax Increment Finance Update
August 27, 2024
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Tax Increment Finance Update

Features

Join CDFA for Our Upcoming Intro Tax Credit Finance WebCourse
Register for CDFA's Intro Tax Credit Finance WebCourse, taking place on September 25-26. Join us in learning about the application of tax credit programs and their use in greater economic development finance efforts. Our panel of expert speakers will discuss tax credit programs, including new markets, low-income housing, historic preservation, and state-specific programs.

Nebraska City Pursues TIF for Atlantic Salmon Farming
Nebraska City commissioners are pursuing a tax increment finance (TIF) plan for GoodLife Agriculture and its $190 million investment in Atlantic salmon farming on the north side of town. Construction of a facility at the city's former north industrial site is expected to cost $130 million and equipment will cost another $56 million. Tax increment financing allows new property taxes the development creates to redevelop blighted and substandard land.  Meeting records say $21 million of the project qualifies for TIF and the company is seeking financing for $12 million.

CDFA Creates Strategic Plan for Louisville Metro Government
CDFA was honored to launch the Louisville Metro Government (LMG) Strategic Development Finance Framework we authored for LMG in early August. The plan was presented to community stakeholders in Louisville and is part of LMG's launch of their new economic development organization called LEDA. Our framework will guide their efforts to build development finance capacity and structure. Congratulations to our CDFA authors Toby Rittner, Fawn Zimmerman, and Andres Caro. Contact Fawn Zimmerman at fzimmerman@cdfa.net for inquiries about CDFA Advisory Services.

Traverse City, MI DDA Approves Moving Downtown Forward TIF Plan
A long-debated new tax increment (TIF) plan – called Moving Downtown Forward, which would extend downtown's TIF 97 plan by another 30 years – took a major step forward after Traverse City Downtown Development Authority (DDA) board members unanimously approved it, sending it on to city commissioners for final approval.

Officials Propose Tax Financing, Business Improvement Districts in Albuquerque, NM
City and business leaders want to change the economic landscape of Downtown Albuquerque — a problem that has plagued many administrations over the years — and they're offering up a series of initiatives to do just that. City officials plan to implement a Tax Increment Financing (TIF) district in Downtown Albuquerque. They also plan to urge business owners to create a Business Improvement District (BID) a mechanism used in other cities throughout the country to boost commercial efforts.

Missoula County, MT Approves Subdivision With ‘Town Center' at the Wye
Missoula County has approved the Grass Valley Gardens subdivision at the Wye, a development that will eventually include several hundred housing units, a mini-farm, and a commercial "town center." The county has noted the Wye's current lack of infrastructure and has labeled it "infrastructure deficient." In doing so, it created two Targeted Economic Development Districts at the Wye, which will capture tax increment as new development moves in.

Over $10M TIF Funds Announced for Oakbrook Sports Complex in Summerville, SC
More recreational green space will soon come to Summerville as the Legislative Delegation and Dorchester County are partnering with the Summerville YMCA to develop a new sports complex. $10.3 million of the Tax Increment Finance (TIF) funds were allocated towards the new sportsplex. The extra $2 million in funding was designated by the Legislative Designation.

Unlock Funding Opportunities: Join Our Greenhouse Gas Reduction Fund Readiness Workshop!
Join CDFA for an exclusive online workshop that will dive deep into the Greenhouse Gas Reduction Fund (GGRF) and its pivotal components, including the $14 billion National Clean Investment Fund (NCIF) and the $6 billion Clean Communities Investment Accelerator (CCIA). The GGRF Readiness Workshop will equip you with the knowledge and tools needed to navigate and leverage these significant funding opportunities effectively. Don't miss out on the chance to enhance your funding strategy and boost your project's success!

Upcoming Events
Intro Tax Credit Finance WebCourse

2024 CDFA Equitable Lending Learning Series: Development Finance Data Collection and Measurement
September 4, 2024 - 1:00 PM - 3:00 PM Eastern
In this installment of the CDFA Equitable Lending Learning Series, presenters will share an overview of the current fintech landscape, followed by a discussion of best practices for collecting financial data and borrower demographics and implementing a successful impact measurement system.

CDFA-Bricker Graydon Webinar Series: Financing Green Energy with PACE and Special Assessments
September 10, 2024 - 2:00 PM - 4:00 PM Eastern
Communities are reinforcing tax increment financing (TIF) districts with special assessments and combining TIF with tax credits, tax-exempt bonds, subordinate loan programs, and other federal tools to channel funding toward improvements in distressed or underdeveloped areas. During this session, speakers will discuss the creative ways to use TIF and how to facilitate the successful financing of high-impact revitalization projects.

Tax Increment Finance News

Plain City Village, OH Council to Waive 2nd Readings on TIF, Annexation Votes
Union County Daily Digital | Aug. 26 | Community Development | Economic Development | Housing Finance | Tax Increment Finance (TIF)

Palatine, IL Commits TIF Funds for Cook, Cork & Fork Expansion
Daily Herald | Aug. 25 | Community Development | Economic Development | Food Systems Finance | Tax Increment Finance (TIF)

Norman, OK to Host Public Hearings for University North Park Entertainment District
OU Daily | Aug. 23 | Community Development | Economic Development | Tax Increment Finance (TIF)

Lewistown, MT City Commission Approves Loan for Broadway Apartments
Lewistown News-Argus | Aug. 23 | Community Development | Housing Finance | Tax Increment Finance (TIF)

Charleston County, SC Schools to Possibly Make Major Change to Tax Policy
WCSC | Aug. 22 | Community Development | Economic Development | Tax Increment Finance (TIF)

Gwinnett, GA BOC Approves Contract to Create Master Plan for Park Place Community
OCG News | Aug. 22 | Community Development | Economic Development | Tax Increment Finance (TIF)

Pedestrian-Friendly Changes Pitched for Georgia Street, Convention Center District in Indianapolis, IN
Axios | Aug. 21 | Community Development | Economic Development | Tax Increment Finance (TIF)

First Reading of TIF District for Union Pier, Charleston, SC Passes Unanimously
WCIV | Aug. 20 | Community Development | Economic Development | Tax Increment Finance (TIF)

Ozaukee County, WI TIF Districts Grow by $27.1M
Ozaukee County News Graphic | Aug. 20 | Community Development | Economic Development | Tax Increment Finance (TIF)

Forsyth County, GA Asks School Board to Consider Funding for Entertainment Complex
Appen Media | Aug. 20 | Community Development | Economic Development | Tax Increment Finance (TIF)

City Council Approves TIF Agreement for Shops at Greeneville, TN
The Greeneville Sun | Aug. 20 | Community Development | Economic Development | Tax Increment Finance (TIF)

Billings, MT Considering Expanding TIF District to Improve South Park Pool
KTVQ | Aug. 19 | Community Development | Economic Development | Tax Increment Finance (TIF)

Peoria, IL City Council Approves Measure Designed to Help With Dozer Park Upgrades
CI Proud | Aug. 14 | Community Development | Economic Development | Tax Increment Finance (TIF)

Hamilton County, IN Funding New Police and Fire Training Center
WRTV | Aug. 6 | Community Development | Disaster Recovery & Relief | Tax Increment Finance (TIF)

Nebraska's TIF Economic Development Tool Could be in Jeopardy
Nebraska Examiner | Aug. 1 | Community Development | Economic Development | Tax Increment Finance (TIF)

Chicago, IL Nonprofit Suggests TIF Funds, Raising Property Taxes to Cover Deficit
abc 7 | Jul. 30 | Community Development | Education | Tax Increment Finance (TIF)



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 info@cdfa.net.


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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