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CDFA Tax Increment Finance Update - March 28, 2023

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Tax Increment Finance Update
March 28, 2023
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Tax Increment Finance Update


Register Today for the 2023 Federal Policy Conference!
Reserve your spot at the 2023 CDFA Federal Policy Conference on April 11-12, 2023, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and the National Development Council, will bring together leaders from the Biden administration, Congress, federal agencies, and the development finance industry to discuss the massive infrastructure investments made by the 117th Congress as well as the development finance challenges that state and local governments continue to face. Space is limited; act fast!

Now Accepting Applications for the Caren S. Franzini Fellowship
The Caren S. Franzini Fellowship was created to build leadership positions for women in the field of development finance and to inspire them to embody Caren's spirit and professionalism. Franzini Fellows accepted into the program must be employed by a CDFA member and have worked in the development finance field for less than 10 years. Applications are being accepted through Friday, April 7, 2023.

Evergreen Real Estate Group Tops Out Chicago, IL Area Senior Housing
Evergreen Real Estate Group has topped off Bellwood Senior Apartments, a $30 million, four-story affordable senior housing community in the Chicago suburbs. Development and construction of the community was funded with Low Income Housing Tax Credits issued by the Illinois Housing Development Authority, alongside Tax Increment Financing provided by the village of Bellwood.

North Mankato, MN Approves TIF for Distribution Center
The City Council agreed to a tax increment finance subsidy package for a large warehouse and distribution center in North Mankato's Northport Industrial Park. The tax increment financing will amount to $2.1 million, based on a property value that's expected to be $9.4 million in 2025 after construction of the building.

Developing Downtown: $15M Wilson Lofts Project will be Unveiled in Clinton, IA
The Wilson Lofts development attracted over 12 layers of complex financing to make up the capital stack and includes federal new market tax credits, state historic tax credits, federal historic tax credits, tax increment financing from the City of Clinton, Brownfield/Grayfield tax credits, a Downtown Revitalization Grant from the Iowa Economic Development Authority through the City of Clinton, and private debt by IHMVCU, BankORION, and American Bank & Trust.

Minnesota Bill to Allow More Small Cities to Use TIF for Commercial Developments
The Minnesota House Property Tax Division heard HF 1049 (Rep. Jeff Brand, DFL-St. Peter), a bill that would expand the ability for more small cities under 5,000 in population located within five miles from another city with a population of 10,000 or more to use TIF for commercial developments.

Former Kansas City, MO Coal Yard Could Be Remade to House More than 800 Apartments
A sustainable developer looks to take a former Kansas City coal yard once responsible for tons of carbon emissions each year and bring it into the future with what potentially could become the largest recent residential proposal in greater Downtown.

Cleveland, OH Hotel Lands $9M in TIF Bonds to Complete Renovation
The Port of Clevland has approved $9.1 million in tax increment financing to help the owner of the Renaissance Cleveland Hotel-Marriott complete its years-long renovation. The Cleveland-Cuyahoga County Port Authority approved the financing, also known as TIF bonds.

Upcoming Events
2023 CDFA Federal Policy Conference

Intro Revolving Loan Fund Course
May 1-2, 2023 - Daily: 12:00 PM - 5:00 PM Eastern
The Intro Revolving Loan Fund Course offers an in-depth look at RLF program development, implementation, and management. During this course, attendees learn the essential elements needed to operate a successful RLF program and discuss programs making a difference in communities throughout the country.

CDFA // BNY Mellon Development Finance Webcast Series: Utilizing TIF with Brownfield Redevelopment Projects
April 18, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, TIF experts will introduce this financing tool and explore new strategies that local governments are employing to bring investment to otherwise unusable spaces.

Tax Increment Finance News

Killeen, TX OK's 200 Acre Mixed-Use Project
ConnectCRE | Mar. 23 | Redevelopment | Tax Increment Finance (TIF)

St. Clair Shores, MI City Council Approves DDA, TIF Plans
C&G Newspapers | Mar. 22 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Committee Exploring Possible Investment in Missoula, MT Workforce Housing
KPAX-TV | Mar. 22 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Minnesota DEED Awards $2M in Redevelopment Grants
Red Lake Nation News | Mar. 22 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Blight to Boarding House: Affordable Housing Part of Plan for North Billings, MT
KTVQ | Mar. 22 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

New Tax Increment District Proposed for Gateway Area in Beloit, WI
Beloit Daily News | Mar. 20 | Economic Development | Local Finance Program | Redevelopment | Tax Increment Finance (TIF)

CommonBond Communities Plans Affordable Housing in Minneapolis, MN
Minneapolis / St. Paul Business Journal | Mar. 20 | Community Development | Housing Finance | Local Finance Program | Redevelopment | Tax Increment Finance (TIF) | Urban Development

$58M Plan to Redevelop Downtown Wyndham Moves to Next Stage in Springfield, IL
The State Journal-Register | Mar. 15 | Economic Development | Redevelopment | State Finance Program | Tax Increment Finance (TIF)

Collins Aerospace Pursuing $22M Expansion to Make Microchips in Cedar Rapids, IA
The Gazette | Mar. 14 | Economic Development | Local Finance Program | Redevelopment | Tax Increment Finance (TIF)

Council Approves Cole Bonds in Columbus, IN
The Republic | Mar. 13 | Bond Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

$4M in Federal Funds Secured to Move Boise, ID YMCA and Redevelop Surrounding Area
Boise Dev | Mar. 13 | Community Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Mitchell, SD City Council Approves TIF for $1.7M in Renovations to Century-Old Building
Mitchell Daily Republic | Mar. 9 | Community Development | Economic Development | Historic Preservation | Redevelopment | Tax Increment Finance (TIF)

Special Tax District for Redevelopment of Former Pierre, SD City Hall Property
DRGNews | Mar. 8 | Community Development | Economic Development | Redevelopment | Tax Increment Finance (TIF)

City Proposing New Downtown TIF District in Madison, IN
Madison Courier | Mar. 8 | Community Development | Economic Development | Local Finance Program | Redevelopment | Tax Increment Finance (TIF)

Omaha, NE City Council Members Approve TIF for Trio Project
KETV | Feb. 28 | Economic Development | Housing Finance | 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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