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CDFA Tax Increment Finance Update - November 26, 2019

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Tax Increment Finance Update
November 26, 2019
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Tax Increment Finance Update


Senior Veteran Housing Complex Likely Coming to Chicago, IL
The package set for final approval includes $11 million in low-income housing tax credits, $1.7 from the city's Low-Income Housing Trust Fund, and approximately $403,000 in Illinois Affordable Housing Tax Credits. The proposal also includes a $4.5 million loan from the Midwest Tax-Increment Financing District.

Steamboat Springs, CO and TIF
The Urban Renewal Area, or URA, uses tax increment financing to fund improvements in the district, starting with $20.56 million in tax increment revenue bonds in 2010, a form of debt security. In 2019, the URA was projected to receive about $2.1 million in property taxes, $1 million from sales taxes and $30,000 from other sources.

Behind the $35M Plan to Revitalize Dorchester County, SC
Dorchester County Council gave final approval to an ordinance that will use a Tax Increment Financing system — also known as a TIF district — to fund $35 million worth of projects to redevelop the area. The main focuses are in reducing traffic flow through infrastructure projects and reducing the number of dilapidated buildings in the area.

Brunswick, ME City Council Approves TIF Fund Transfer for Ex-Naval Base
The Brunswick Town Council approved the transfer of nearly $692,900 of Tax Increment Financing funds to the Midcoast Regional Development Authority for multiple projects intended to help spur continued economic development at the former Brunswick Naval Air Station. The funds will be used for capital improvement projects around Brunswick Landing and the Brunswick Executive Airport.

Taking on NH's Housing ‘Crisis'
Carmen Lorentz of Lakes Region Community Developers and former director of the New Hampshire Division of Economic Development explained that a municipality could use TIF funding to construct the infrastructure — roads, water, and sewer — for a residential subdivision, which would lower the price of the finished units.

Proposed Franklin, NH Whitewater and Outdoor Park Wins Regional Planners' Award
Mill City Park (MCP), the private/public partnership that wants to build on the Winnipesaukee River a first-of-its-kind "community whitewater and outdoor park," is reflecting on an eventful 2019 that recently saw it receive the Project of the Year award. MCP was awarded $500K in tax credits from the NH Community Development Finance Authority, and $400K in TIF.

City of Dallas, TX and SHOP Development Awarded Urban Land Institute's Next Big Idea Award
The City of Dallas Office of Economic Development and SHOP Development have won the Urban Land Institute's 2019 Next Big Idea Award for their joint entry "Transforming Spaces into Places." Three shopping center projects, Casa View, Hillcrest Village, and Lakeridge, were submitted as a group to show how aging retail centers can be transformed into modern, thriving retail communities.

First Brownfield Solar Project in MI Shows Promise
The solar project at the site in Cadillac triggered $1 million in state grants and loans through Michigan's brownfield redevelopment program. The city will pay off the loan portion through increased property tax revenue from future development on the site. Consumers Energy plans to spend $700,000 to build the solar project, which was matched by a $700,000 state cleanup grant.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA-Ice Miller Broadband Financing Bootcamp
December 4, 2019 - 1:00 PM - 4:00 PM Eastern
The CDFA-Ice Miller Broadband Financing Bootcamp will provide a high-level discussion on issues impacting broadband development, deployment, and financing. Topics include an overview of the current broadband landscape and the challenges faced by urban and rural markets, approaches to expanding broadband access including using public/private partnerships, and discussing the innovative financing for broadband at the federal, state, and local levels. This comprehensive bootcamp will also provide attendees with critical information for accessing the plethora of financing available to support broadband expansion into underserved markets throughout the country.

Tax Increment Finance News

Fall River, RI Gains Tech Company Due to TIF
South Coast Today | Nov. 25 | Tax Increment Finance (TIF)

$130M Redevelopment Turns Mall into Senior Housing
Senior Housing News | Nov. 22 | Tax Credits | Tax Increment Finance (TIF)

Developer Wants $2.4M TIF For Washington Square Hotel
Patch.com | Nov. 22 | Tax Increment Finance (TIF)

Butte-Silver Bow, MT Approves New TIF
Montana Standard | Nov. 21 | Tax Increment Finance (TIF)

Dublin, OH to Build New Office Park
This Weeks News | Nov. 20 | Economic Development | Incentives | Tax Increment Finance (TIF)

Woodstock, IL OKs TIF for New Apartment Building Downtown
Northwest Herald | Nov. 20 | Tax Increment Finance (TIF)

AT&T Campus in Holmdel, NJ to Be Redeveloped
Daily Herald | Nov. 19 | Community Development | Incentives | Tax Increment Finance (TIF)

Carmel, IN City Council Proposing to Issue $39M in Bonds
You Are Current | Nov. 19 | Bond Finance | Tax Increment Finance (TIF)

Incentive for Housing and Grocery Project in Evansville, IN
Courier Press | Nov. 18 | Bond Finance | Incentives | Tax Credits | Tax Increment Finance (TIF) | Urban Development

New Kroger in TIF District Opens in Reynoldsburg, OH
The Week Nsws | Nov. 15 | Food Systems Finance | Tax Increment Finance (TIF)

Reynoldsburg, OH to Use RLF for Traffic Signal
This Week News | Nov. 11 | Revolving Loan Funds (RLFs) | Tax Increment Finance (TIF)

After Years of Waiting, South Shore Grocery Store Opening in Chicago, IL
Block Club Chicago | Nov. 5 | Food Systems Finance | Tax Credits | Tax Increment Finance (TIF)

The $50M Cambria Hotel in Detroit, MI Breaks Ground using PACE, TIF, Opportunity Fund
Curbed Detroit | Nov. 4 | Brownfield Financing | Energy Finance | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Increment Finance (TIF)

Residential TIF District Offers Interesting Opportunity for Albion, IN
KPC News | Nov. 3 | Housing Finance | Local Finance Program | Tax Increment Finance (TIF)

Can Anything be Built in Detroit, MI Without Subsidies?
Detroit Development News | Nov. 1 | Brownfield Financing | 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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CDFA National Sponsors

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