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CDFA Tax Increment Finance Update - June 27, 2023

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Tax Increment Finance Update
June 27, 2023
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Tax Increment Finance Update


Mark Your Calendar for the 2023 CDFA Virtual Summer School!
Join us August 7-15 for a series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer five different training courses, all held online. Learn from our expert practitioners and experience CDFA's most interactive educational event of the year – all from the comfort of your home or office! All CDFA Virtual Summer School courses qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program.

Historic Kensington Hotel in Norfolk, NE Being Redeveloped with TIF Assistance
Ho-Chunk Capital is leading a redevelopment project to turn the historic Kensington into a boutique hotel. The building will have 62 rooms. The redevelopment is estimated to cost over $14 million, with $1.95 million in tax increment financing (TIF).

Ogden, UT Leaders OK Airport Community Reinvestment Area to Spur Development
With the creation of a community reinvestment area encompassing Ogden-Hinckley Airport largely a done deal, the city has more leverage to redevelop the facility. Creation of the reinvestment area will allow the body to tap into as much as $119 million in tax-increment finance, or TIF, funding over 25 years to aid with development in partnership with the private sector.

Port of Grays Harbor in Aberdeen, WA Approves First Tax Increment Financing Area
A new TIF area on Port property will generate $16 million in the next 25 years for an upcoming expansion project. Starting in 2024, and for a period of 25 years, all future property taxes within a 15-acre piece of port land will go directly back to the port for investment in its share of the Terminal 4 Expansion and Redevelopment Project.

Storm Lake, IA City Council OKs $6M TIF Bond
The Storm Lake City Council finalized the issuance of a $5.8 million tax-increment financing bond that would finance the remodeling of King's Pointe Resort. Payments toward the bonds would total $418,000 to $435,000 per year, with an interest rate of 7.5% beginning in 2031. The bonds also didn't require a reserve fund.

Chattanooga, TN Industrial Development Board Accepts $115M TIF Application
The Chattanooga Industrial Development Board accepted the application by Urban Story Ventures for a $115 million TIF. The application says there is a separate Brownfields TIF, and the TIFs are for 20 years. The proceeds are to go towards infrastructure for the Westside Evolves project, where the Westside public housing is to eventually be torn down and replaced with new housing that is to include affordable units.

Downtown Revitalization on Tap with Oakland, ME's New TIF District
The creation of a new 30-year tax increment finance (TIF) district aims to allow the town of Oakland to stimulate investment, encourage business expansion and retention, attract new businesses, and boost beautification initiatives. The district encompasses 37 acres and was recently approved by the Maine Department of Economic and Community Development.

Ohio Bill Expands the Possibilities for Townships Use of TIF and PILOT Incentives
The recently enacted Ohio House Bill 501 (HB 501) expands options for townships desiring to create a tax increment financing (TIF) incentives agreement. Under HB 501, a township may create a TIF and use payments in lieu of taxes (PILOTs) received through the TIF for any redevelopment project described by the township in the resolution authorizing the use of PILOTs.

Upcoming Events
CDFA Virtual Summer School

CDFA Tribal Finance Webinar Series: Food System Financing on Tribal Lands
July 11, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Tribal Financing Webinar Series, panelists will explore how tribal governments are cultivating local food systems with financing solutions that support economic growth and advance community health.

CDFA // BNY Mellon Development Finance Webcast Series: Driving Investment in Main Street Redevelopment
July 18, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, development finance professionals will share creative financing approaches that are being used to reinvest in main street communities around the country.

Tax Increment Finance News

North Platte, NE Community Redevelopment Authority Mulls TIF for $75M Housing Plan
North Platte Telegraph | Jun. 27 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Ridgefield, WA Mulls Tax Increment Financing to Pay for Infrastructure
The Columbian | Jun. 26 | Bond Finance | Economic Development | Infrastructure Finance | Tax Increment Finance (TIF)

San Francisco, CA TIF Bill to Replace Housing Passes Assembly Local Government Committee
Senator Scott Wiener | Jun. 21 | Housing Finance | Legislative | Local Finance Program | Tax Increment Finance (TIF)

Warsaw, IN Council OKs Development Agreement for Downtown Housing Project
Times Union Online | Jun. 20 | Bond Finance | Housing Finance | Tax Credits | Tax Increment Finance (TIF)

Pittsfield, MA Council OKs TIF for Bousquet Sport
iBerkshires.com | Jun. 18 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Rockford, IL Lays Out Incentives to Spur $420M Revamp of Complex
Rock River Current | Jun. 16 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Greenville, TX to Add New Conference Center and Hotel to TIRZ
Yahoo News | Jun. 15 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Evansville, IN City Council Approves Financing for Fifth and Main Project
The Gleaner | Jun. 13 | Bond Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Cold Storage Facility in Lebanon, IN will Receive TIF Assistance
Tribune-Star | Jun. 13 | Bond Finance | Economic Development | Food Systems Finance | Redevelopment | Tax Increment Finance (TIF)

Plans to Redevelop City Center Plaza in Appleton, WI Moving Forward
WBAY | Jun. 7 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

21-Acre, Low-Income Housing Project in Rapid City, SD Receives TIF Approval
Rapid City Journal | Jun. 7 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Valparaiso, IN Considers Issuing TIF Bonds for Journeyman Distillery Project
Lakeshore Public Media | May. 30 | Bond Finance | Food Systems Finance | Tax Increment Finance (TIF)

After Law Revision, More Connecticut Municipalities use TIF to Spur Development
Hartford Business Journal | May. 29 | Economic Development | Redevelopment | State Finance Program | Tax Increment Finance (TIF)

New TIF District in Industrial Park Approved in Madison, SD
Madison Daily Leader | May. 23 | 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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