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CDFA Tax Increment Finance Update - June 23, 2020

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Tax Increment Finance Update
June 23, 2020
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Tax Increment Finance Update


MRA Commits $1.3M to $54M Affordable Housing Project
The Missoula Redevelopment Agency's Board of Commissioners approved $1.3 million in tax increment to help finance a $54 million affordable housing project on the city's north side. Villagio is expected to open in 2022 and will offer rents at roughly half the Area Median Income and include 32 rental vouchers. The development is expected to house 769 people in 200 units, each offering multiple bedrooms.

$148M Port Covington TIF Bond Sale Gets Thumbs-up From City Panel
Baltimore's spending panel approved a financing agreement to set into motion the sale of up to $148 million in private bonds for the redevelopment of Port Covington, despite a protest led by the ACLU of Maryland. The first set of tax increment financing bonds in a record $660 million TIF package is expected to go to market in the coming months, city finance officials said.

Cleveland, OH City Council Approves Incentives to Help Sherwin-Williams Build Its New HQ
City Council approved a tax financing package to help Sherwin-Williams Co. develop a $300-million world headquarters off Cleveland's Public Square. The package, known as tax increment financing, will allow Sherwin-Williams to divert money it would have paid in new property taxes toward financing of the building.

Brockton Mall to Get 10-Year TIF Deal
Representatives of the Westgate Mall made the case to the City Council Finance Committee for a tax increment financing agreement that will save the owners of the shopping center $2,098,797 over the course of 10 years as they continue to invest in the property. The agreement received unanimous support from city councilors during the meeting, which was held via a Zoom video conference call.

Kennebunk, MA Considers Micro-Loans for Struggling Businesses
The Kennebunk Select Board is mulling a micro-loan program proposed by the town's Economic Development Committee to help local small businesses that are struggling during the COVID-19 pandemic. The maximum loan amount per business would be $5,000. Funds would help businesses with their payroll, adaptive improvements, marketing and signage, rent, utilities, insurance, and taxes.

Great Falls, MT Considers Its Options to Fix Crumbling Civic Center Facade
Using tax increment financing funds generated in the downtown area instead. "We would go issue debt for $5.5 million and make debt payments on it and make payments for 20 years," Finance Director Melissa Kinzler said. About $1.3 million accrues in the fund annually. The city would need about $400,000 annually from the TIF fund to repay a bond issue.

Developers Ask Beachwood, OH for TIF Deal on Proposed $25M Apartment Plan
The developers seeking to transform the former Genesis Health Care nursing facility into a luxury apartment building have hit a snag and are seeking a tax increment financing deal with the city. If a TIF is granted, the developers have plans to build a $25.3 million project. The developers are seeking a 10-year TIF with 50 percent tax abatement.

Michigan Strategic Fund Approves Initiatives to Help with Economic Recovery
The city of Detroit Downtown Development Authority is also supporting the project with a $2.2 million loan, reduction of the land acquisition price, approval of the local portion of the brownfield tax increment financing with an estimated value of $1.55 million, and anticipated approvals of Commercial Rehabilitation Act and Neighborhood Enterprise Zone tax abatements valued at more than $10 million.

Upcoming Events
CDFA Virtual Summer School

CDFA-ARI Rural Finance Webinar Series: Access to Capital and Community Facilities
Wednesday, July 8, 2020 - 1:00 PM - 2:30 PM Central
During the fourth installment of the CDFA-ARI Rural Finance Webinar Series, join us for a discussion of community facilities resources and other accessible capital for rural community development.

CDFA-Bricker PACE Webinar Series: Focusing on Sustainability Using PACE
Tuesday, July 14, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will take a look at the use of PACE in the context of green and sustainability goals and metrics. How will PACE fit into a community's effort to drive a more sustainable economy while pushing economic development goals and objectives? How can PACE be a driver of green principles and strategies to make a community more environmentally friendly? Join industry leaders for a discussion that answers these questions and more.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Small Business Recovery After COVID-19
Tuesday, July 21, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, join us for a discussion about the impacts of COVID-19 on access to capital and how finance tools have evolved to meet the growing needs of small businesses as the nation works towards economic recovery.

Tax Increment Finance News

Council OK's Purchase of OVMC
The Intelligencer | Jun. 22 | Tax Increment Finance (TIF)

Fiscal Court Receives Parcels B and C Update From Tax Increment Financing Expert
State Journal | Jun. 19 | Tax Increment Finance (TIF)

South Arlington Heights Road TIF District Approved
Journal & Topics | Jun. 18 | Tax Increment Finance (TIF)

Invest Atlanta, Clark Atlanta End Dispute; $4.14 MM for Damaged Historic Building
Saporta Report | Jun. 18 | Tax Credits | Tax Increment Finance (TIF)

North Andover, MA Town Meeting Approves Amazon TIF
Wicked Local North Andover | Jun. 17 | Tax Increment Finance (TIF)

Meridian, ID Council Approves New Urban Renewal District
Meridian Press | Jun. 16 | Opportunity Zones | Tax Increment Finance (TIF) | Opportunity Funds | Special District Finance (SIDs-BIDs-NIDs-TIDS-etc.)

Massachusetts Mixed-Income Housing Development Focused on Energy Efficiency
Housing Finance | Jun. 12 | Energy Finance | Opportunity Zones | Tax Credits | Tax Increment Finance (TIF)

Mankato OKs $2M in Subsidies for the Neighborhood
Mankato Free Press | Jun. 8 | Tax Increment Finance (TIF)

Syracuse Redevelopment Commission Approves TIF District
Times Union Online | Jun. 5 | Bond Finance | Tax Increment Finance (TIF)

Downtown Covington, KY Building Prepping for Office Tenant, Airbnb
River City News | Jun. 5 | Tax Increment Finance (TIF)

Pawtucket, RI Riverfront Opportunity Zone Project Marches Onward
The Valley Breeze | Jun. 4 | Opportunity Zones | Tax Increment Finance (TIF)

Terre Haute, IN City Council OKs YMCA project
Tribstar | Jun. 4 | Tax Increment Finance (TIF)

Foundation's $1.5M Investment Targets Creation of Workforce Housing
Rapid Growth Media | Jun. 3 | Brownfield Financing | Tax Increment Finance (TIF)

University City Approves Financing Changes for Olive Boulevard Redevelopment
St Louis Dispatch | May. 31 | Tax Increment Finance (TIF)

Dekalb Audit Shows City Used $7.9M in TIF Money to Offset Employee Salaries
Shaw Media Illinois | May. 28 | Tax Increment Finance (TIF)

Brooklyn Park Council Considers Senior, Disability Housing
Hometown Source | May. 27 | 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


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