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CDFA Tax Increment Finance Update - August 23, 2022

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Tax Increment Finance Update
August 23, 2022
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Tax Increment Finance Update

Features

La Verne, CA EIFD Completes Tax Exempt Financing
The City of La Verne successfully closed a privately placed lease financing that provides the first financing to an Enhanced Infrastructure Financing District (EIFD). One of the first formed EIFDs, the La Verne EIFD is using Tax Increment Financing to pay for the cost of installing various public improvements in the City's Old Town Area in advance of opening Metro's Foothill Gold (L) Line station.

The CDFA Ohio Financing Roundtable is Back!
Join CDFA on September 14, 2022, in Columbus, Ohio for a one-day conference to share best practices within the development finance industry. Experts from across the state will discuss the latest and most innovative development finance tools, authorities, resources, and approaches, and how these can affect the Ohio economy going forward. If you have a stake in Ohio's economic development finance industry, you won't want to miss this event. Space is limited, register today!

‘Transformational' $115M Mixed-Use Development Coming to Bellevue, OH Riverfront
A massive, multi-million dollar riverfront development featuring new residential, hotel, office and retail space is coming to Bellevue. The project includes about $115 million in private improvements and $17.5 million in infrastructure improvements. Tax increment financing and industrial revenue bonds will be used to help fund the project.

Moline and Rock Island, IL Awarded Rebuild Illinois Grants
Rock Island and Moline have been awarded grants through the Rebuild Illinois Downtowns and Main Streets Capital Program from the Illinois Department of Commerce and Economic Opportunity. The Quad Cities Chamber of Commerce, Rock Island, has been awarded $3 million for downtown revitalization. The city is also supporting the downtown project through $1.5 million in TIF district funds.

Omaha, NE Planning Board Greenlights Four Projects Requesting TIF
Plans in Omaha for an office building, two apartment complexes and an affordable housing complex with a mixed-use building all received the initial go-ahead to receive tax-increment financing. If the projects receive final approval from the Omaha City Council, they would receive nearly $25 million combined in TIF.

Chicago, IL OKs Study for TIF District to Fund Red Line Extension
Chicago approved a feasibility study for a special tax district that's key to helping fund a five-mile, $3.6 billion extension of the Red Line, among the city's busiest. The Community Development Commission voted to proceed with planning for a Tax Increment District, which would freeze tax collections within its boundaries, Crain's reported. As much as $950 million of higher property taxes – the increment – would help finance the line's extension.

Chattanooga, TN City Council Gives Final Approval to South Broad Revitalization Plans
Chattanooga's City Council on final approval for the revitalization of the South Broad District, kicking off a renewal effort that will generate tens of millions of dollars in new money for schools, roads and infrastructure across Chattanooga and Hamilton County, while transforming a blighted brownfield into a vast, vibrant live-work-play district.

Iowa Officials Looking for More Public Funds for New Field of Dreams Stadium
Eastern Iowa leaders are planning to have the public pay for a new Field of Dreams ballpark, as the city of Dyersville asked for $12.5M in funding through Destination Iowa, If the state grants the city's wish, the award would represent about a quarter of the total cost of the project, a 3,000-seat stadium among the cornfields.

Upcoming Events
CDFA National Development Finance Summit

CDFA // BNY Mellon Development Finance Webcast Series: Deploying Capital in Native American Communities
Tuesday, September 13, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, a panel of experts will share insights on how to preserve and grow tribal communities by unlocking development finance tools.

CDFA Ohio Financing Roundtable
September 14, 2022 - Columbus, OH
During this special one-day conference, we will share knowledge of best practices within the state's development finance industry. This event will feature economic development finance experts from around the state discussing the latest and most innovative development finance tools, authorities, resources, and approaches, and how these can affect the Ohio economy going forward.

Tax Increment Finance News

Downtown Group Requesting TIF Funds for Operations, Mural Festival in Great Falls, MT
The Electric | Aug. 16 | Economic Development | Innovation Finance | Redevelopment | Tax Increment Finance (TIF)

Chesterfield, MO Moves Toward Subsidies for $2.5B in Projects
St. Louis Business Journal | Aug. 15 | Economic Development | Member News | Redevelopment | Tax Increment Finance (TIF)

Nearly $10M in TIF Planned for Lincoln, NE Developments
Lincoln Journal Star | Aug. 15 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF) | Urban Development

$2.4M Grant Awarded for Sixth Street Reconstruction in Quincy, IL
Herald-Whig | Aug. 15 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Second Downtown Apartment Project Seeks City Subsidies in Mankato, MN
Mankato Free Press | Aug. 13 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Watertown, NY Downtown Redevelopment Exceeds $1M Mark
Watertown Daily Times | Aug. 12 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Dallas, TX Voters to Decide on Bond-Financed Convention Center Revamp
The Bond Buyer | Aug. 11 | Bond Finance | Infrastructure Finance | Tax Credits | Tax Increment Finance (TIF)

Rogers, OH OKs $2.5M in TIF Financing for Redevelopment Project
Press & News | Aug. 11 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Commission OKs Revisions to Polson, MT Redevelopment Grant Program
Lake County Leader | Aug. 11 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Demolition of Buffalo Grove, IL's Town Center Set to Begin
Journal & Topics | Aug. 11 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Ogden, UT Council OKs $2.6M Property Transfer Deal for Downtown Housing
Standard-Examiner | Aug. 10 | Access to Capital | Economic Development | Redevelopment | Tax Increment Finance (TIF)

TIF Approved for Bluewater Beach Project in D'lberville, MS
WLOX | Aug. 8 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Tax Increment Financing Approved for Betsy Ross House in South Portland, ME
Press Herald | Aug. 4 | Access to Capital | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Plans Moving Forward in Menominee, MI on Brownfield Redevelopment Plan
UPMatters.com | Jul. 28 | Access to Capital | Brownfield Financing | Economic Development | Redevelopment | Tax Increment Finance (TIF)

TIF District in Northwest Huntsville, AL Will Close
The Birmingham News | Jul. 28 | Economic Development | Redevelopment | 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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CDFA National Sponsors

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • Cirrus Secure
  • CohnReznick
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  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
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  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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