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CDFA Tax Increment Finance Update - July 23, 2019

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Tax Increment Finance Update
July 23, 2019
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Tax Increment Finance Update


Columbus, OH Extending TIF and SADs for Several Projects
Three major developments promising more than half a billion dollars in development around downtown with approved incentive agreements from the city. A $210M expansion of the Arena District, the $192M North Market mixed-use tower, and the $120M expansion of the gravity project in Franklinton.

Wynwood, FL BID Donates to Miami PD to Enhance Security
The City of Miami Commission approved a donation of $181,000 by The Wynwood Business Improvement District (BID) to the City of Miami Police Department to expand the department's ongoing security efforts for the 50-block district. The BID's donation will allow for the purchase of 48 cameras and two license plate readers.

Bucksport, ME Approves TIF for Salmon Farm
Under the TIF agreement, Whole Oceans will not have to pay property taxes for the first five years of the 20-year agreement on any new property value it creates from developing the salmon farm. It will pay 25 percent of its new property tax obligations over the subsequent five years and 50 percent for the remaining 10 years.

New Enterprise Zone Designated in Garrett County, MD
The Maryland Department of Commerce has designated a new Enterprise Zone in Garrett County to include the Keyser's Ridge Business Park. A joint effort between state and local governments, the Enterprise Zone program provides real property and state income tax credits for businesses that create jobs and make capital investments.

Barrett Petfood Pays School District TIF Funding
The school district will receive $494,000 for the land over the course of nine years as part of the business's tax increment financing district (TIF), where property taxes a business pays are allocated to paying for developing their property and increasing its taxable value,

Texarkana, AR Builds New Animal Shelter with TIF
Texarkana, Ark.'s animal services director shared his vision for new facilities, a day after the city Board of Directors approved $875,000 in financing. The city Board voted to finance the project with bonds issued under a provision called Amendment 78 financing. The city will pay off the debt over five years at 2.53% interest.

Riverfront Development Plan Moves Ahead in IL
The Kankakee City Council approved the creation of a 293-acre Tax Increment Financing district, a redevelopment plan and the project area for the Kankakee Riverfront Project. In short, the ambitious plan, driven by Mayor Chasity Wells-Armstrong, is to create a recreational/entertainment/business environment in and along the Kankakee River through southern and western portions of the city.

Initial Phase of $7B Chicago, IL Project Begins
With little fanfare, crews recently broke ground at "The 78," a massive development replacing a 62-acre vacant lot along the Chicago River's south branch. The work is significant because it marks the initial phase of the construction of mixed-use megadevelopment as well as the final stage of the Wells-Wentworth Connector project.

Tax Increment Finance News

Pensacola, FL Uses TIF for Downtown Improvements
Pensacola News Journal | Jul. 23 | Community Development | Tax Increment Finance (TIF)

Missoula, MT City Council May Use TIF for Hotel
Missoulian | Jul. 23 | Tax Increment Finance (TIF)

Sugarloaf, GA CID Invests in Local PD
AJC | Jul. 19 | Special Assessment Districts | Tax Increment Finance (TIF)

Missoula, MT to Use TIF in Demolition of Casino
Missoula Current | Jul. 18 | Tax Increment Finance (TIF)

Missoula, MT Utilizes TIF for Office Building in OZ
Missoula Current | Jul. 18 | Opportunity Zones | Tax Increment Finance (TIF)

Kalispell, MT Utilizes TIF for Traffic Improvement
Daily Inner Lake | Jul. 18 | Tax Increment Finance (TIF)

School Receives TIF Funds for Graduation Programs
The Republic | Jul. 17 | Tax Increment Finance (TIF)

Kenilworth, IL Approves TIF for 'Long-Stagnant' Business District
Chicago Tribune | Jul. 16 | Community Development | Economic Development | Tax Increment Finance (TIF)

Noblesville, IN Uses Bonds, TIF for Housing Development
IndyStar | Jul. 16 | Bond Finance | Tax Increment Finance (TIF)

Developer for Indian Springs Mall Site Seeks TIF
Kansas Business Journal | Jul. 10 | Special Assessment Districts | Tax Increment Finance (TIF)

Loveland City Council approves first major DDA project
Reporter Herald | Jul. 5 | Tax Increment Finance (TIF)

Des Moines, IA Provides TIF Funding
Hospitality Net | Jul. 3 | Tax Increment Finance (TIF)

Jefferson City, MO Debates Allowing Local IDA to Issue Bonds for Redevelopment
News Tribune | Jul. 2 | Bond Finance | Special Assessment Districts | Tax Increment Finance (TIF)

Rossford, OH Approves TIF for Possible Amazon Site
Toledo Blade | Jun. 26 | 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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