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CDFA Tax Increment Finance Update - May 28, 2019

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Tax Increment Finance Update
May 28, 2019
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Tax Increment Finance Update


Grand Island, NE Votes Against Creating TIF District, Likely Stalling Housing Project
A new housing project proposal in Grand Island may happen after the City Council voted against creating a TIF district. Developers were looking at $1.16 million to develop the land and roughly $55 thousand per home they had planned to build. Without the TIF, it is not expected for the developers to be able to move forward with the project.

New York, NY and Hudson Square BID Partner to Construct New Pedestrian Space
NYC EDC, NYC DOT, and Hudson Square BID announced a partnership to construct infrastructure improvements. The project's streetscape improvements will strengthen Hudson Square by enhancing pedestrian, bicycle, vehicular traffic safety, transforming the corridor into a grand boulevard that will increase connectivity.

University City, MO $70M Retail TIF will Protect Suburb from Sales Tax Pool Lawsuit
University City officials say a $70 million subsidy of a Costco-anchored development will protect the suburb's revenues in case Chesterfield leaves St. Louis County's shared sales tax pool — a possible outcome of a case pending in the Missouri Supreme Court.

Chicago, IL Food Hall Financed through TIF, NMTCs
Food halls — upscale relatives of the humble food court — have become common in and near Chicago's downtown, but not on the Far South Side. So a first-of-its kind project - the One Eleven Food Hall - in Pullman bears watching. The project was financed in part through $4.5 million in New Markets Tax Credits, $500,000 from TIF, and various microloans.

$80M Improvement Plan Announced for South Bend, IN Convention Center
An $80 million expansion plan was unveiled for South Bend's Century Center. The proposed work on the Century Center itself would cost about $45 million. Revenue sources may include TIF, new markets tax credits, the innkeepers' tax, Indiana opportunity zone funding, Section 108 loan guarantees, and a food and beverage tax.

Construction Begins at $5.5B Port Covington Project in Baltimore, MD
Construction work is underway at the $5.5 billion, 235-acre Port Covington waterfront redevelopment project in Baltimore, Maryland. The project is a public-private partnership between the City of Baltimore and Port Covington developers and will be the beneficiary of bond financing to help pay for an estimated $1.4 billion of infrastructure. 

TIF and Subsidy Package to Fund Small-Town MN Manufacturing Facility Expansion
The Lake City, MN City Council approved a package of $2.65 million in subsidies, including a $2.105 million tax-increment financing (TIF) district and a $544,986 business subsidy loan to help a local manufacturing facility expand 150,000 feet. The incentives from the city will help with the $12 million project.

Hamilton, OH Proposes TIF, Special Assessment, Bonds for Project
As work continues on an indoor sports complex and convention center, the Hamilton City Council is considering multiple options for financing the project. The issuance of $9 million in taxable economic development revenue bonds could be supplemented by a new TIF district and by a special assessment.

Upcoming Events
CDFA Summer School

Intro Tax Increment Finance Course
August 15-16, 2019 - Detroit, MI
This course brings TIF deal-making and best practices into focus through a two-day program targeting the entire TIF community including economic developers, public agency representatives, bond issuers, legal professionals, developers, financial advisors, and other stakeholders.

Tax Increment Finance News

Two Developments in Fremont, NE Seek TIF Designation
Fremont Tribune | May. 27 | Community Development | Redevelopment | Rural Development | Tax Increment Finance (TIF)

Des Plaines, IL Leaders Envision a Second Downtown with Help of TIF
Daily Herald | May. 26 | Community Development | Economic Development | Tax Increment Finance (TIF)

Ottawa, IL School Nears Agreement with City to Extend Downtown TIF
The Times | May. 24 | Community Development | Tax Increment Finance (TIF)

Brainerd, MN City Council Approves TIF District for Affordable Housing
Brainerd Dispatch | May. 23 | Housing Finance | Tax Increment Finance (TIF)

Fort Mill, SC School District Declines Request to Participate in Nearby TIF District
Fort Mill Sun | May. 23 | Economic Development | Rural Development | Tax Increment Finance (TIF)

Frisco, TX Gets Approval to Create Tourism Public Improvement District
Community Impact | May. 23 | Community Development | Tax Increment Finance (TIF)

Grant Awarded to Supplement TIF for Egyptian Theatre Rehab in Dekalb, IL
Daily Chronicle | May. 22 | Community Development | Historic Preservation | Tax Increment Finance (TIF)

Dubuque, IA Approves TIF Incentives for Affordable Housing Developments
KCRG | May. 20 | Housing Finance | Tax Increment Finance (TIF)

Woodstock, IL Considers Tax Credits and TIF for $5M Courthouse Overhaul
Northwest Herald | May. 19 | Access to Capital | Historic Preservation | Redevelopment | Tax Credits | Tax Increment Finance (TIF)

Opportunity Zone in Missoula, MT Lands First Investment, Forming Basis of a Tech Campus
KPAX | May. 17 | Access to Capital | Community Development | Innovation Finance | Opportunity Zones | Tax Increment Finance (TIF)

Wichita, KS Developer Seeks Bonds, TIF for Project
KFDI FM 101.3 | May. 16 | Bond Finance | Tax Increment Finance (TIF)

Savage, MN Officials Plan TIF for Affordable Apartment Complex
SW Newsmedia | May. 16 | Access to Capital | Community Development | Housing Finance | Tax Increment Finance (TIF)

Indianapolis, IN Officials Approve TIF District to Fund New Levee
Indianapolis Business Journal | May. 15 | Access to Capital | Infrastructure Finance | Tax Increment Finance (TIF) | Water Finance

Winthrop Harbor, IL Hopes TIF District will Create Vibrant Lakefront Community
The Chicago Tribune | May. 12 | Community Development | Housing Finance | Tax Increment Finance (TIF)

Reno, NV City Council Approves Fees for Business Improvement District
KTVN | May. 8 | Economic Development | Special Assessment Districts | Tax Increment Finance (TIF)

SB Friedman Completes Market Analysis for Former High School Site in Indianapolis, IN
SB Friedman | Apr. 26 | Community Development | Member News | Redevelopment | Tax Increment Finance (TIF)

Highlights from the Online Resource Database

Franklin County, OH TIF Deal for La Plaza Tapatia
Community Development | Economic Development | Food Systems Finance | Tax Increment Finance (TIF)
The first County-Township parcel TIF (tax increment financing) enacted by Franklin County for a new location and expansion of a regional ethnic grocer: La Plaza Tapatia (the Developer), in Franklin Township.

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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