CDFA Tax Increment Finance Update - September 26, 2017
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Features |
Deadline Set for One Big Sky Center Development Agreement in Billings, MT
Developers hope to tap tax increment financing to help pay for the public components of the development, such as the convention center and parking garage.
Three Companies Consider New Office Development in Gahanna, OH
If the project is completed the city will get $1.5 million in income tax and property sale revenue for the first 15 years, and then $3.4 million in income tax and Tax Increment Financing revenue for the next 15 years, it said.
Financing Options for Redevelopment of Perkins Homes Include Controversial Incentives in Baltimore, MD
To meet its obligation of $90 million or more, the housing authority is considering seeking tax increment financing for the redevelopment. The controversial method involves the city issuing bonds to pay for project-related infrastructure and paying them off with new revenue generated by property taxes on the development.
National Experts: Redevelop Downtown's North Loop to Spur Growth in Kansas City, Missouri
The financing plan for the North Loop campus side called for as much as $264 million of public funding, including $78 million to be derived from sale of the 32 acres. In addition, tax increment financing with a net present value of as much as $186 million could be generated by diverting new tax revenue flowing from the development for as long as 23 years.
Table Talk Pies Using TIF to Open New Plant in Worcester, MA
The TIF provides tax relief on a percentage of the new taxes to be generated from an increase in the property value. Table Talk will generate approximately $750,000 in tax revenue for the city over the 20-year life span of the TIF. It will increase substantially after that time.
Boise's Two-Decade Downtown Makeover Is Nearly Finished
A financing period, determined in 1986 by the CCDC, for capital improvements to the city's 10-block downtown will sunset next year. Over the last 20 years, downtown Boise has utilized TIF to finance many projects.
$40M Mission Trails Project Faces Just One More Hurdle in Mission, KS
According to a city staff report, $11.8 million in costs are eligible for reimbursement by tax increment financing, which would divert new property tax revenue generated by the project for 20 years. But the TIF is expected to generate only $9.2 million to support the development.
Louisville Announces $200M P3 for Professional Soccer Stadium
Leaders in Louisville are moving forward with an ambitious public-private partnership to develop a $200 million professional soccer stadium and mixed-use business district near the city's downtown.
Highland Park, IL, TIF for Water Infrastructure Facing Criticism
The city of Highland Park, Illinois, is facing some criticism from the schools' chief in Township High School District 113 over plans to use Tax Increment Financing (TIF) revenue to pay for water and road infrastructure in the Briergate business area.
Port Covington Development Team Announces Goldman Sachs as Private Equity Partner
Sagamore Development Company announced that Goldman Sachs has joined the Port Covington redevelopment effort as an equity investor, committing $233 million to the project, the largest single private equity investment made by the firm's Urban Investment Group to date.
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Upcoming Events |
Brownfields In-Person Project Marketplace
November, 16, 2017 - Atlanta, GA
CDFA is bringing a unique technical assistance opportunity to Georgia in conjunction with this year's National Development Fianace Summit. During the Project Marketplace, communities will be presenting their current redevelopment projects to our audience and advisors in exchange for financing recommendations specific to their projects. Summit attendees are encouraged to listen to the community presentations and engage in constructive discussions and networking. Participating communities are eligible to receive free registration for the Summit.
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Tax Increment Finance News |
University Park Misappropriated Nearly $8M in TIF funds: Lawsuit
Chicago Tribune | Sep. 26 | Tax Increment Finance (TIF)
Sweeping Plan for South Bend Parks in Indiana
South Bend Tribune | Sep. 26 | Tax Increment Finance (TIF)
Aldermen Pass TIF Agreement for Osage Beach Commons in Missouri
Lake News Online | Sep. 26 | Tax Increment Finance (TIF)
Joliet, IL Uses TIF Funds to Subsidize Parking in New Development
The Herald-News | Sep. 26 | Tax Increment Finance (TIF)
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Highlights from the Online Resource Database |
Market Update and Virginia Financing Tools
Community Development | Special Assessment Districts | Tax Credits | Tax Increment Finance (TIF)
Tax Increment Financing, Special Assessment Districts, Management Districts and Public Improvement Districts have become powerful financing mechanisms to help communities concentrate development opportunities into targeted locations. Laura Radcliff of Stifel and Suzanne Long of Haneberg Hurlbert discuss their experience using these tools in communities across Virginia to catalyze public improvements that spur private investment.
Creative Financing Strategies - Hahne & Co. Redevelopment, Newark
Redevelopment | Tax Credits | Tax Increment Finance (TIF)
Unique development financing solutions are increasingly sought after to complete projects of all sizes, and it is often necessary to find creative approaches that involve combining multiple financing tools. Mathew Abraham of the New Jersey Economic Development Authority discusses the Hahne & Co. Redevelopment project in Newark.
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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.
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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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