The Chicago Board of Education would complete five school improvement projects through more than $28 million in Tax Increment Finance (TIF) assistance proposed to City Council today by Mayor Lori E. Lightfoot. Chicago's TIF program allocates property tax growth within designated TIF districts for public improvement projects, affordable housing, economic development and other goals.

Wichita moved forward with Riverfront Stadium replacing Lawrence-Dumont Stadium. Improving the riverfront area by activating the old ballpark space–which consisted of Lawrence-Dumont Stadium and a sea of parking–was a goal for the city's ballpark investment. The new development will include an eight-story, 150-room hotel, a six-story office building, and a 200-spot parking structure. Up to $5 million in tax increment financing will be used to fund the parking structure.

The Columbus City Council is set to vote on a jobs-incentive agreement for Ohio State that would allow the public university to keep 40% of city income taxes from new workers at a new development area west of campus. The deal also involves the creation of a new city tax-increment financing (TIF) district for Ohio State to help subsidize the new development in association with Nationwide Children's Hospital and JobsOhio. Ohio State plans to spend $3 billion to $4 billion in capital investments within the Innovation District over 20 to 30 years.

Funding for the St. Petersburg Housing Authority's Jordan Park redevelopment project has been approved for $93 million in funding. The redevelopment and rehabilitation will kick off in early 2022 and continue in phases until complete. $2 million from the City of St. Petersburg will be paid for with Tax Increment Financing dollars, given by the St. Petersburg Redevelopment District Fund.

The Pawtucket City Council agreed to exempt Tidewater Stadium LLC, an affiliate of Fortuitous Partners, from paying two decades of real estate taxes on a riverside soccer stadium complex to be valued at $65 million upon completion. The development as a whole is a $284 million mixed-use project touted as "the largest economic development project in Pawtucket's history."

Myrtle Beach City Council approved plans to allocate about $20 million toward downtown redevelopment. The money for the projects will come from tax increment finance (TIF) revenue. Leaders in the Downtown Development Office (DDO) plan to use the money for projects like a city square, a children's museum, and a performing arts theatre.

A Metro Council committee has approved a tax district for a $115 million development project in the Phoenix Hill neighborhood. The district would include a 130-room hotel, more than 350 housing units, 70,000 square feet of commercial space, and a parking garage. The project would agree to hire within the neighborhood, with priority to current and former residents and a wage floor of $15 an hour.

Voters approved a 10-year property tax relief agreement with Amazon for its proposed $300 million project. Amazon is planning to develop the approximately 100-acre site into a 2.8 million-square-foot robotics sortation warehouse. The TIF gives an $11.6 million real estate tax break to Amazon over 10 years for the project that is expected to bring the town $65 million in new revenue over 20 years.

Fundamentals of Economic Development Finance Course
January 26-27, 2022 - Daily: 12:00 - 5:00 PM Eastern

Intro Bond Finance Course
February 14-15, 2022 - Daily: 12:00 - 5:00 PM Eastern

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