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CDFA Tax Increment Finance Update - January 25, 2022

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Tax Increment Finance Update
January 25, 2022
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Tax Increment Finance Update


West Central Nebraska Senators Begin Filing Legislation on ‘MicroTIF'
MicroTIF resembles regular tax increment financing in allowing owners of older homes or commercial buildings to recover property taxes generated when they're rehabilitated, repaired, or replaced. LB 790 would lengthen the maximum time for older buildings' owners to recover those refunds from 10 years to the 15-year period applying to regular TIF.

State Senate Bill 1319 Would Amend Local Development Act
Legislation filed this week by Sen. Dewayne Pemberton, would address growing concerns with an economic development tool available to local governments. Senate Bill 1319 was requested by constituents concerned about the use of tax increment district financing. Pemberton said the measure would address concerns about location and duration of a TIF district.

Lathrop, CA Takes Lead in Levee Financing Effort
The City of Lathrop is taking the lead on the formation of a special financing district that will help provide flood protection for a wide swath of San Joaquin County. The formation of an Enhanced Infrastructure Financing District for the Mossdale area will collect funding from new development that will help overhaul the existing RD-17 levee along the San Joaquin River to provide 200-year flood protected mandated by the State of California.

Fisher, IL Growth Expected to Continue with Creation of Fourth TIF District
A TIF district is used to divert future property-tax revenue increases toward an economic development project or public improvement project — often for infrastructure creation. The village's latest TIF district would encompass 45 to 50 acres on farmland west of the village.

Co-Line Urban Renewal Plan Passed by Supervisors
The urban renewal plan consists of an agreement to build a new, 50,000-square-foot building north of Co-Line's existing campus in Jasper County. Co-Line estimates the new plant could bring up to 20 new skilled jobs. And if the new product line sells well, there is a possibility of further expansion.

Douglas Machine's Expansion to Receive Tax Help
Alexandria City Council approved an economic development TIF request from Innovative Enterprises of Alexandria. Situated on 7.63 acres of land in Alexandria, the manufacturing and warehouse property will be owned by Innovative Enterprises and leased to Douglas Machine for 10 years. The new TIF district will cover about $1.5 million of the project's cost. The project is expected to increase the city's tax base by $4.7 million.

Norfolk, NE Senator Introduces Bill to Prevent Casinos From Getting TIF
Sen. Mike Flood of Norfolk introduced Legislative Bill 713 to prohibit redevelopment plans with TIF related to casinos and licensed racetracks, such as the City of Omaha approved $17.5 million in TIF incentives for the casino there. LB713 likely will be assigned to the Urban Affairs Committee, with a hearing yet to be scheduled.

Indiana Mayors Ask State Lawmakers to Stop Proposing Legislation to Restrict TIF Districts
State lawmakers have repeatedly proposed legislation that would restrict local governments' ability to use TIF districts to improve communities and attract businesses. A panel of mayors from around the state recently talked about the benefits of the districts and the need for them. A study by Ball State economists in 2016 was critical of TIF districts and said they were diverting as much as $320 million annually from other local services including schools.

Upcoming Events
Fundamentals of Economic Development Finance Course

Intro Bond Finance Course
February 14-15, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Advanced Bond Finance Course
February 16-17, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Advanced Bond Finance Course is designed for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques. Expert speakers will explore topics including the application of financial derivatives, advance refundings, investing bond proceeds, and how to spot arbitrage issues.

Tax Increment Finance News

De Soto, MO Approves TIF District for Majority of Sunflower Army Ammunition Plant Land
Kansas City Business Journal | Jan. 24 | Community Development | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Kalispell, MT Council Approves Five-Story Downtown Charles Hotel
Flathead Beacon | Jan. 24 | Economic Development | Tax Increment Finance (TIF)

Border City of Agua Prieta, Sonora, Will Have Binational Investment
AZ Central | Jan. 22 | Agriculture Finance | Economic Development | Food Systems Finance | Rural Development | Tax Increment Finance (TIF)

Missoula, MT Agency Approves $316K in Public Funds for Northside Housing Project
Missoulian | Jan. 20 | Economic Development | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Cape Girardeau, MO Terminates Esquire Theatre TIF; Council Approves TIF Agreement with Morning Star
Southeast Missourian | Jan. 11 | Community Development | Historic Preservation | Redevelopment | State Finance Program | Tax Increment Finance (TIF)

Update: TIF Approved for Proposed Townhomes in Grand Island
Fox Nebraska | Jan. 11 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

City Takes Over Kalamazoo, MI Downtown Development Efforts Amid Revenue Shortfalls, Mounting Debt
MLive | Jan. 11 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Rockland, ME Proposes Pedestrian Trail Beautification Project, Begins Engineering Study
Penobscot Bay Pilot | Jan. 10 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

City Considering Giving Money to Project at Wild Crumb Building
Bozeman Daily Chronicle | Jan. 8 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Transparency Key to Making Right Decisions on TIF Districts
WV News | Jan. 7 | Community Development | Redevelopment | Tax Increment Finance (TIF)

McCook Economic Development Corp. Announces First Rural Workforce Housing Loan
McCook Gazette | Jan. 7 | Housing Finance | Rural Development | Tax Increment Finance (TIF)

Watertown City Council, SD Approves Memorandum That Includes TIF for Stony Point Project
Watertown Public Opinion | Jan. 5 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Apartment Complex Slated for TIF District in Lake Delton
Wisc News | Jan. 5 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Harrison County, WV Commission to Hold Public Hearing on Restructuring Charles Pointe Bonds
The Exponent Telegram | Jan. 4 | Bond Finance | Community Development | Economic Development | Tax Increment Finance (TIF)

Pascagoula, MS Approves TIF Plan for Historic Ice House Development
WXXV-TV | Jan. 4 | Economic Development | Historic Preservation | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Springfield, IL Looks to Expand TIF District Around Pillsbury Mills Site
WICS | Dec. 15 | Economic Development | Redevelopment | 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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