CDFA Tax Increment Finance Update - June 26, 2018
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Features |
CDFA & ICSC Launch TIF Video Series
CDFA and the International Council of Shopping Centers (ICSC) have collaborated with teams of TIF experts from across the country to develop a series of resources that highlight the use of this bedrock development finance tool.The video series addresses what TIF is, why it should be used and how to best apply the TIF tool. The series concludes with several case studies of the TIF tool being implemented in development projects. This series is designed to be a reference for novice and experienced public officials, financers, and real estate developers wishing to learn more about TIF.
$15M in Funding for Northline TOD Approved by Leander City, TX Council
The city created a tax increment reinvestment zone, or TIRZ, to help finance development in the TOD by reimbursing developers that create public infrastructure. The reimbursements are typically funded through tax revenue incrementally over time. $15 million would be reimbursed to the city through the TIRZ.
Accident Fund's Power Plant Headquarters Parallels Ford's Train Station Bid
About one-quarter of the $182 million cost was subsidized through tax incentives ranging from brownfield redevelopment tax increment financing and job-creation tax credits to state and federal historic rehabilitation tax credits.
The $42 million in tax incentives made the cost of renovating the power plant about 6 percent higher than new construction on a greenfield site.
Village of Arlington Heights, IL Expects New Revenue From TIF-Backed Housing Project
The village of Arlington Heights could pay out as much as $2.46 million to offset costs and improve the return on investment for a planned residential project just east of Recreation Park.
Development Finance Authority of Summit County to Issue Bonds to Help Build Hall of Fame Village
A Summit County economic development agency plans to issue up to $11.6 million in TIF bonds to help finance public infrastructure improvements for the nearly billion-dollar Johnson Controls Hall of Fame Village project.
Council Agrees to Begin Process to Bring 100-Acre Technology Park to Pittsburg, CA
The approximately 101.7 acres is proposed to be split into 20, five acre parcels that can be optioned dependent upon the development parameters of the technology park. The revenue derived from the land sale and the potential creation of an Enhanced Infrastructure Finance District could generate significant resources to build, construct, and maintain infrastructure.
What Takes Priority – a TIF Exemption or Another Exemption?
Two important aspects of every tax increment financing (TIF) project in Ohio are (i) determining whether the TIF exemption or another exemption should take priority when two exemptions apply to the same property, and (ii) taking the steps necessary to implement the preferred priority.
Baltimore, MD Mayor Seeks $102M TIF
Mayor Pugh's administration is seeking a $102 million subsidy for an $889 million East Baltimore redevelopment project. Overall, the project includes $155 million in infrastructure improvements, $425 million in new housing and $309 million in mixed-use and commercial development.
Madison, WI Recommends $2.6M TIF for Parking
Madison's Finance Committee on Monday recommended $2.6 million in tax increment financing to fund a parking garage as part of Exact Sciences Corporation's office headquarters and innovation laboratory in University Research Park on the city's west side. The adopted 2018 Capital Budget includes a separate TIF loan for $2.5 million to Exact Sciences Corporation in the same district.
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Upcoming Events |
CDFA Brownfields Redevelopment Financing Webinar Series:Digging for Clean-up Funds: Insurance Archaeology
June 28, 2018 - 2:00 - 3:30 PM Eastern
Businesses often dissolve and leave contaminated properties behind. An effective but underutilized tool for dealing with abandoned and environmentally contaminated sites is known as Insurance Archeology or Insurance Cost Recovery. If contamination identified through environmental assessments was caused by a known polluter, a claim may be filed against the polluting business' comprehensive general liability insurance policies. Insurers have been found liable for the cleanup costs even in cases where the policies were decades old. Join CDFA, our technical partners, and experienced brownfield communities as we discuss how Insurance Archeology works, when it might be useful, and how some communities have used it as a way to raise capital to address the cleanup and redevelop needs of a property.
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Tax Increment Finance News |
Rhode Island Weighs Pawtucket Ballpark Deal as Worcester Flashes Steal Sign
The Bond Buyer | Jun. 24 | Bond Finance | Tax Increment Finance (TIF)
East Waco, TX Development Supported by TIF
Waco Tribune-Herald | Jun. 20 | Tax Increment Finance (TIF)
Muncie, IN TIF Supports $8M in Street & Safety Improvements
Muncie Star Press | Jun. 15 | Tax Increment Finance (TIF)
TIF and PACE Being Proposed for Lorain, OH, Building
The Chronicle | Jun. 15 | Tax Increment Finance (TIF) | Energy Finance | Property Assessed Clean Energy (PACE)
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Highlights from the Online Resource Database |
Trends in Tax Increment Financing in Maryland
Economic Development | Tax Increment Finance (TIF)
Keenan Rice from MuniCap & Alan Cason from McGuire Woods present on the latest trends in tax increment finance use in Maryland.
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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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