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CDFA Tax Increment Finance Update - November 22, 2022

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Tax Increment Finance Update
November 22, 2022
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Tax Increment Finance Update


Don't Miss the Upcoming Intro Brownfields Finance Course on December 7-8!
Join us on December 7 & 8 for the Intro Brownfields Finance Course, the industry's only comprehensive training curriculum that helps economic developers, policymakers, and real estate professionals master the financing strategies for the lifecycle of a brownfield property. Learn the basics of brownfields, the legal and regulatory challenges, and the financing tools available to clean up and build up these sites.

Incentives for 5 Major St. Louis, MO Development Projects Advance
Tax incentives for five large redevelopment projects, including future Cortex district development and a $240 million Downtown West project, were advanced by a committee. Here are the details of the bills that now go to the St. Louis Board of Aldermen. The projects will have to be approved by the Board of Aldermen.

Waterloo, NY Approves Contract for Tax Increment District Planning
The Waterloo City Council voted to start working toward the creation of a new tax incremental finance district on the city's west side to promote economic development, including the addition of a potential 96-unit apartment complex. The council authorized a contractor to begin the creation of a map and project plan, including anticipated development projects, for what would be the city's fifth TID.

$120M Waterfront Community Permitted in East Providence, RI
East Point is the latest waterfront residential community to be built by Churchill & Banks in East Providence, RI, permitted for 392 residential units. Churchill & Banks secured financing for the project from HarborOne Bank and a tax increment financing bond for the public infrastructure was provided by the city.

Near Southside TIF Extended for 10 Years in Fort Worth, TX
The City Council unanimously extended the Tax Increment Financing District for the Near Southside another decade with the expectation that the remaining infrastructure projects can be completed. TIF 4 was scheduled to expire at the end of 2022. Under new terms with Near Southside Inc., it's likely several projects in the pipeline as well as a waitlist of others, can receive some funding.

Effort to Pedestrianize Plaza in Milwaukee, WI Advances With TIF Funding
Mayor Cavalier Johnson's administration submitted a proposal to allocate $3.9 million in tax increment financing district dollars to fund traffic calming and pedestrian enhancements along the East North Avenue corridor, as well as a new public space on Ivanhoe Place.

Chattanooga, TN Tightens Tax Increment Financing Rules
Chattanooga, TN City Council approved several enhancements to rules governing TIF. The changes approved by the council align the city's policies with state statutes, specifically regarding public infrastructure, the maximum term of a TIF, and the process for seeking state approval.

TIF Assistance Would Preserve Six Chicago, IL Grocery Stores
Black-owned neighborhood grocer Yellow Banana LLC would acquire and rehabilitate six West and South side Chicago Save A Lot supermarkets through $13.5 million in TIF assistance under a proposal introduced to City Council. The investments are expected to create up to 20 full-time jobs while retaining up to 70 existing positions.

Upcoming Events
Intro Brownfields Finance Course

CDFA Infrastructure Finance Learning Series: How Different Communities Can Benefit From IIJA
Tuesday, December 6, 2022 - 1:00 PM - 4:00 PM Eastern
One of the goals of the IIJA is to foster an equitable economy by investing in historically underserved and under-resourced communities. Infrastructure challenges in these areas range from public transportation to digital access to online information. Speakers on this final installation will cover the variety of problems experienced across different communities - including those in urban, mid-sized, rural, and tribal communities - to discuss how IIJA funds can best be deployed.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Approaches to Meet Affordable Housing Needs
Tuesday, December 20, 2022 - 2:00 PM - 3:00 PM Eastern
Both urban and rural places in the U.S. are experiencing housing shortages, and affordability remains a major issue across much of the country. Public officials, development finance professionals, and private developers alike are working to address gaps in housing types and price points, but financing such projects often requires creativity. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, a panel of housing finance experts will discuss the tools, programs, and strategies that can be used to meet local demand for affordable housing options.

Tax Increment Finance News

Des Moines, IA to Consider Financial Assistance for Downtown Skyscraper and Apartments
Des Moines Register | Nov. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Milwaukee, WI Advances Funding to Help Three Affordable Housing Projects
Milwaukee Business News | Nov. 17 | Access to Capital | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Redevelopment Commission Approves $450K for Water System Repair
The Herald Bulletin | Nov. 16 | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Water Finance

TIF Projects Get More Consideration in Princeton, IN
Princeton Daily Clarion | Nov. 16 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Rapid City, SD Approves Major Economic Development Projects
Rapid City Journal | Nov. 16 | Cannabis Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Developers Are Bringing Urban to One of St. Louis, MO's Biggest Suburbs
KSDK | Nov. 15 | Community Development | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Aurora, IL Begins Work on Tax Increment Financing District for Casino Site
Chicago Tribune | Nov. 14 | Economic Development | Local Finance Program | Redevelopment | Tax Increment Finance (TIF)

Denver, CO City Council Considers Revitalization Proposal
The Denver Gazette | Nov. 14 | Economic Development | Historic Preservation | Housing Finance | Local Finance Program | Redevelopment | Tax Increment Finance (TIF)

Madison, WI Public Market Proposal Could Use TIF Revenue to Close Financing Gap
Fox 47 News | Nov. 14 | Community Development | Economic Development | Food Systems Finance | Local Finance Program | Redevelopment | Tax Increment Finance (TIF)

Cedar Park, TX Creates Tax Increment Reinvestment Zone
Community Impact | Nov. 10 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Charlestown, IN City Council Includes Forest Edge Apartments in TIF District
News and Tribune | Nov. 9 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Blossom Heath Pier Project Continues in St. Clair Shores, MI
C&G Newspapers | Nov. 9 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

$1.7M in EGLE Brownfield Funding to Help Redevelop Contaminated Sites in Michigan
State of Michigan | Nov. 7 | Brownfield Financing | Economic Development | Redevelopment | State Finance Program | Tax Increment Finance (TIF)

Dental Office in Omaha, NE Slated to Expand, Get TIF
Omaha World-Herald | Nov. 4 | Community Development | 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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