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CDFA Tax Increment Finance Update - June 25, 2019

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Tax Increment Finance Update
June 25, 2019
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Tax Increment Finance Update


LISC, CDFA, and the Ford Foundation Collaborate on Community OZ Playbook
LISC, with support from the Ford Foundation and in collaboration with CDFA, has released Navigating the Opportunity Zones: Community Partners. The release is the first installment of the LISC Opportunity Zones Playbook series, and is geared to the people and organizations committed to community revitalization and shared prosperity for all residents. The playbook is broken into six community action steps.

$157M Redevelopment Project to be Financed by Bonds, TIF
The Indianapolis City Council has approved two bond issues to help finance a $157 million downtown redevelopment project. The bonds will be repaid over a 22-25-year period with a combination of property taxes paid by the developer in a TIF district and lease payments on the city-owned, developer-operated garage.

Warren County Port Authority Issues $80M for Mixed Use Senior Housing
The Warren County Port Authority approved the sale of up to $13 million in bonds to finance the roads and other infrastructure for Stillwater Crossings, a mixed-use development in West Milton, OH. The project is to include residences for senior citizens, retail, restaurants, a gas station, a medical facility, and offices.

Bozeman, MT Prepares $25M Bond Sale for High School Renovation
Bozeman school officials are getting ready to sell $25 million in bonds to pay for a major renovation of Bozeman High School. The school district has used TIF money in the past for annual bond payments for the $5 million borrowed to renovate Hawthorne School. Last year the school district received $826,790 from the downtown TIF.

Waukesha, MN Approves Project Utilizing $3.25M TIF
A planned apartment-anchored mixed-use development on vacant downtown land along the Fox River received unanimous approval. The plan in motion calls for a $1.5 million grant to Campbell at the time of construction commencing and a $3.25 million grant as tax increment is generated from the project.

Several Brownfield Megadevelopments Set to Transform Chicago, IL
Chicago developers are making bold plays to turn long-vacant brownfield sites, obsolete industrial corridors, and underutilized historic buildings into megadevelopments. Lincoln Yards, a 55-acre, $6 billion mixed-use development, is being built on remediated brownfield land. So too is The 78, a mixed-use, transit-oriented neighborhood on 62-acres of former brownfield space.

Fremont, NE City Council Approves $2.4M in Two TIF Projects
The council approved two redevelopment agreements within the Morningside Road Redevelopment Area that will both use Tax Incremental Financing (TIF). The first project would utilize $2.083 million in TIF funding while the second project will utilize $360,000 in TIF funding.

Milwaukee, WI Housing Project Combines LIHTC, TIF, and Federal Funds
Legacy Lofts, a $13.9 million 64-unit mixed-income rental community project in Milwaukee, was made possible through a combination of federal low-income housing tax credits, state and federal historic tax credits, tax-increment financing, HOME Fund financing and private mortgage debt.

Upcoming Events
CDFA Summer School

Advanced Tax Increment Finance Course
November 6, 2019 - Tampa, FL

Tax Increment Finance News

Market to Use TIF for Historical Touches
Waco Tribune-Herald | Jun. 20 | Community Development | Food Systems Finance | Historic Preservation | Tax Increment Finance (TIF)

Highland Park, IL Moving Ahead with $1.7M TIF District Lighting Project
Chicago Tribune | Jun. 10 | Tax Increment Finance (TIF) | Urban Development

Rosemount, MN Explores How TIF Could Spark Downtown Redevelopment
Farmington Independent | Jun. 7 | Tax Increment Finance (TIF) | Urban Development

Hydroponic Tomatoes Facility Could Bring 50 jobs to Mason, IA
Globe Gazette | Jun. 3 | Agriculture Finance | Economic Development | Food Systems Finance | Infrastructure Finance | Tax Increment Finance (TIF)

5 Credits and Incentives That Can Boost the Value of Opportunity Zone Projects
Orlando Business Journal | Jun. 2 | Opportunity Zones | Rural Development | Tax Credits | Tax Increment Finance (TIF) | Urban Development

Little Rock, AR Council Backs $790K in Bonds to Grow Development
Arkansas Democrat Gazette | May. 29 | Bond Finance | Housing Finance | Tax Increment Finance (TIF) | Urban Development

Highlights from the Online Resource Database

CDFA // BNY Mellon Webcast Series: The Landscape of Mega Project Initiatives
Access to Capital | Bond Finance | Economic Development | Incentives | Public-Private Partnership (P3) Financing | Tax Credits | Tax Increment Finance (TIF) | Webcasts
During this installment of the CDFA // BNY Mellon Webcast Series, expert speakers from CAI Global, Baltimore Development Corporation, Arlington Economic Development, and VEDP provided an in-depth overview of the approaches being used by cities, counties, and states to attract mega projects like Amazon HQ2 and Under Armour.

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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