TIF Loan Sought for Garage Construction in Oklahoma City
The first proposal for tax increment financing assistance for redevelopment of First National Center will be presented soon with construction set to start in September on converting part of the complex into a parking garage.
Developers Proposed TIF to Finance Purchase for Minneapolis Condo Project
The proposal, still in its fledgling stage, would ask the city to approve tax increment financing (TIF) with the benefits going toward buying down the purchase price of the land for the Condo.
Developer Seeks Tax Incentives for $146M Project Near Hospital in Ann Arbor, MI
Of the nearly $26 million in TIF reimbursements the developer sought in its brownfield plan, roughly $5.5 million would cover environmental costs, while $20.4 million would cover other eligible project costs -- the biggest being $11 million for two parking garages.
Fiber Project Wins State Recognition in Ammon, ID
Ammon was recognized for constructing its first fiber local improvement district (LID), providing access to over 300 homes by fall. A second LID, involving another 300 homes, is scheduled later this year. It should be complete by late 2018.
New Tourism Effort Officially Launches in Butte County, CA
The Explore Butte County program will be funded using a $2 assessment on hotel rooms in a Tourism Business Improvement District (TBID) that includes most of the county.
Supportive Housing Development for Young Adults Heads to Humboldt Park in Chicago, IL
The $18 million facility is funded through $3.5 million in TIF assistance, a $4 million loan, various tax credits, and more than $6 million in private donations.
Discovery Depot Planning Second-Floor Expansion in Galesburg, IL
The City of Galesburg has donated $500,000 in TIF funding to the museum over the five years of its ongoing capital campaign. Other funds have come from private donors and even museum guests.
City Council Clears Dominium to Start Senior Housing Construction in Spring Lake Park, MN
The city agreed to issue a TIF revenue note with a principal of $3.27 million, and term of up to 20 years beginning in 2020. The money will be paid out as it is generated with a maximum of 95 percent of TIF collected going to Dominium. The city will retain the remaining 5 percent – an estimated $273,000 over 20 years.
City of Worcester, MA to Consider Micro-TIF for Small Business
The City of Worcester is attempting to figure out how the city could take the basic premise of a TIF – that is, exchange tax relief for business activity that wouldn't otherwise happen – and apply it on a smaller scale.
Yum Center Probe Finds Faulty TIF Projections in Louisville, KY
The Yum Center TIF's financial projections used 10 years of property tax data but 16 years of sales tax data. That meant a sales tax rate increase from 1990 was reflected in the financial projections, setting unrealistic expectations for the TIF from the onset.
Indianapolis Consider $15.2M in Bonds for Downtown Projects
Indianapolis officials consider issuing bonds to contribute $15.2 million to two downtown development projects. As opposed to typical tax increment financing, the bonds would be so-called "developer-backed bonds," a financing vehicle being championed by the Hogsett administration.
How Taxpayers Will Finance the Downtown Kroger Store in Cincinnati, OH
The major public contributions in the financing plan are tax credits, a state loan, a city grant and a tax-increment financing agreement that allows property taxes to cover debt service and other expenses for the 550-car garage and eight-story apartment tower above the store.
Riddell Opens its Largest Football Helmet Plant in North Ridgeville, OH
A $5 million tax increment financing grant from the city of North Ridgeville assisted in the transformation of a strip mall, into a building that has the capacity to employ nearly 500 people during peak season, including seasonal workers.