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CDFA Tax Increment Finance Update - February 27, 2018

Tax Increment Finance Update
February 27, 2018
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Tax Increment Finance Update

Features

Aurora, IL Looks to Expand Fiber Optic Network Downtown
The city of Aurora is looking to expand its fiber optic network further through downtown, thanks to a grant from the downtown tax increment financing district. Aldermen are set to vote on $75,000 from the downtown TIF to pay for connecting commercial properties to OnLight Aurora.

USA Today Recognizes Broken Arrow's Rose District as 'Charming' in Top 50 List
The City created a local TIF District to begin funding improvements, and voters later approved GO bonds in 2011 and 2014 to continue improving key infrastructure. Public projects, worth over $65M, included the renovation of historic buildings, Performing Arts Center, a new pavilion, a 1,200 square-foot interactive water feature, and infrastructure improvements .

Properties May be Added to Waterfront TIF in Portland, ME
Waterfront development plans and the accompanying infrastructure could benefit if two properties are added to a tax increment financing district. The added TIF districts would produce an estimated $495,000 annually, over and above the current estimated annual TIF proceeds at $540,000," according to a Feb. 7 memo by City Economic Development Director.

Can EIFD Help California Can Solve Its Housing Disaster
Opinion: A comprehensive plan for affordable housing must start with bringing back reformed Community Redevelopment Agencies, which can be done by building on the Enhanced Infrastructure Financing Districts law enacted in 2015. Redevelopment Agencies once invested nearly a billion dollars a year into new housing. And when California took that tool away, a bad situation was made worse.

Should Houston Tap Into Its Special Tax Zones To Pay For Harvey Recovery?
A state legislative committee is studying how to change the tax increment reinvestment zone system.

Lenexa, KS Approves Tax Incentives Plan
The Lenexa City Council gave the green light Tuesday night for another tax-increment financing (TIF) development in City Center. The project's TIF will generate an estimated $4.5 million over 20 years, City Administrator Eric Wade said in a presentation to the council.

Eau Claire, WI Project Supported by TIF
The city has budged $830,300 for the plaza and $1.5 million for a footbridge over the Eau Claire River connecting it to Phoenix Park. Both will be paid for by downtown tax increment financing districts. 

Fairfield Inn & Suites adding hotel near Wells Fargo Arena in downtown Des Moines, IA
The Des Moines City Council on Monday unanimously approved the terms of a preliminary development agreement with 207 Crocker, LLC. Developers will receive about $1.4 million in the form of tax increment financing over eight years. The project will cost about $11 million. 

Rosemont, IL Gives $1M in TIF Dollars for DHL Innovation Center
Rosemont will give $1 million in tax increment financing funds to the developer of global logistics firm DHL's new Innovation Center, where the company plans to showcase products to clients from across North and South America.

Dogtown Apartments Project in St. Louis, MO Gets $20M in Financing
The project, which will include 100 apartments and approximately 16,000 square feet of retail on street level, was reported to cost $25 million overall. The city of St. Louis approved $3.8 million in tax-increment financing assistance for the project.

Upcoming Events

CDFA Federal Financing Webinar Series
February 28, April 12, June 14, August 16, and October 18, 2018 - 2:00PM Eastern
The CDFA Federal Financing Webinar Series is an exclusive, five-part online offering that will convene finance experts, federal agencies, and local practitioners to discuss the development finance programs offered by the federal government.

Reimagining Brownfields as Transit Oriented Developments
March 8, 2018 - 2:00 - 3:30 PM Eastern
This installment of the CDFA Brownfields Redevelopment Financing Webinar Series will focus on transit oriented development (TOD) and how it can be used to revitalize blighted properties and activate economies.

Tax Increment Finance News

Industrial Development Board Approves TIF for MLK Boulevard Upgrades in Chattanoga, TN
Nooga | Feb. 26 | Tax Increment Finance (TIF)

Cabell County OKs More Funding for Tanyard Station Project
The Herald-Dispatch | Feb. 23 | Bond Finance | Tax Increment Finance (TIF)

Aurora, IL Using TIF, Incentives for Shopping Center
The Aurora Beacon-News | Feb. 22 | Incentives | 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
info@cdfa.net


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