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CDFA Tax Increment Finance Update - April 27, 2021

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Tax Increment Finance Update
April 27, 2021
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Tax Increment Finance Update


Frankfort City Commission Proposes to Commit 50% of Downtown TIF Funds, Holds on Broadway Bridge in Kentucky
The project is to build a parking garage and transit center on the land, which formerly housed the Frankfort Convention Center. The project will be financed with TIF proceeds, garage bonds, and a federal transit grant.

Washington City Considers Using Tax-Incentive Zones to Spur Developments
Washington City officials are considering the creation of reinvestment zones that could help attract new business to the city while improving city infrastructure. Along with creating new amenities and possibly upgrading others, an additional benefit the CRAs can bring is that incoming developments and businesses within these redevelopment zones can help keep property taxes from going up.

Washington State House Concurs on TIF for Jobs Bill; Bill Heads to Governor for Signature
The Washington State House concurred on the TIF for Jobs bill, ESHB 1189, which was passed by the State House on March 3, and passed by the Senate on April 5 by a vote of 45-2. The House voted 68-30 to concur with the Senate's version of the bill. The bill will be on its way to the Governor shortly.

Planned Project to Bring Affordable Housing Options to North Miami
Last week a $5.8M grant was earmarked for Residences at NoMi, a planned residential mixed-use project that will bring 148 senior living apartments and 27 affordable housing units to the community. The funding was unanimously approved by the board of the North Miami Community Redevelopment Agency (NMCRA).

Maine Approves Up to $135M for Development of Moosehead Lake Ski Resort
The Redevelopment project through the Finance Authority of Maine will consist of a $135M bond issue to finance the acquisition, rehabilitation, design of the proposed four-season resort located in Big Moose Township. It would replace the old resort with new ski lifts, base lodge, hotel, and restaurant, marina, condominiums and more at the site that has fallen into disrepair. The project will also include TIF financing.

Union Trust Building Redevelopment Would Fill Gaps on Euclid Avenue in Cleveland, OH
The historic Union Trust building in Downtown Cleveland could be reimagined as workforce housing under a redevelopment plan that's been securing public financing in the past few months. The mostly vacant, 1.3 million-square-foot building, renamed The Centennial, would be home to more than 860 apartments. Plans also include some retail and office space.

Under Armour Downsizes Plans for Port Covington Headquarters in Baltimore in Wake of Pandemic
Under Armour plans to redevelop its waterfront land in South Baltimore's Port Covington as a global headquarters by 2025, consolidating all 1,700 Baltimore-based employees there and making remote work that began with the pandemic a permanent fixture.

Washington TIF for Jobs Bill (ESHB 1189) Passed by State Senate
The TIF for Jobs bill, ESHB 1189, which was passed by the State House on March 3, was passed by the State Senate on Monday afternoon with a vote of 45-2. The bill still needs the House to vote yes on concurrence and the Governor to sign the bill into law.

Upcoming Events
Advanced Tax Increment Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Preserving Local Economies with Energy & Water Finance
Tuesday, May 18, 2021 - 2:00 PM - 3:00 PM Eastern
Join CDFA for this next installment of the CDFA // BNY Mellon Development Finance Webcast Series for a discussion about how energy and water finance programs can be positioned to address various local challenges simultaneously.

Intro Tax Credit Finance WebCourse
September 29-30, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low-income housing, historic preservation, and state-specific programs.

Tax Increment Finance News

Local Businessmen Propose Massive Multi-Use Sports Complex at Former Hoku Plant Site
Idaho State Journal | Apr. 23 | Infrastructure Finance | Tax Increment Finance (TIF)

BJs Wholesale Club Plans to Move Headquarters from Westborough to Marlborough
MetroWest Daily News | Apr. 23 | Economic Development | Tax Increment Finance (TIF)

A Growing La Verne is Taking Steps to Usher in Claremont City's Bright Future
Patch | Apr. 21 | Infrastructure Finance | Tax Increment Finance (TIF)

Amazon Primed - Project Mastodon Lands Its Big Game
The Journal Gazette | Apr. 21 | Tax Increment Finance (TIF)

Bill Would Require Disclosure of Jobs Created in Tax-Subsidized Developments
The Daily Herald | Apr. 21 | Tax Increment Finance (TIF)

Developments Bringing Promising Signs to North Iowa
KIMT3 | Apr. 20 | Rural Development | Tax Increment Finance (TIF)

County Commissioners Approve Big Moose Resort TIF District in Maine
The Piscataquis Observer | Apr. 20 | Bond Finance | Community Development | Tax Increment Finance (TIF)

Looking at Rural Workforce Housing in Columbus, NE
The Columbus Telegram | Apr. 17 | Economic Development | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | Tax Increment Finance (TIF)

How Increasing Property Values Help Revitalize Downtown Farmington, MI
Hometown Life | Apr. 8 | Brownfield Financing | Tax Increment Finance (TIF) | Case Studies

Addressing Chronic Homelessness Using Value Capture
Forbes | Apr. 7 | Bond Finance | Housing Finance | Social Finance | Tax Increment Finance (TIF) | Social Impact Bonds (SIBs)

Downtown Kansas City YMCA Opening in Phases: Look Inside This ‘Legacy Moment'
FOX4 | Apr. 5 | Community Development | Foundations | Tax Increment Finance (TIF)

Redevelopment Report Looks at How TIF Districts Help Warsaw, IN Grow
Times Union Online | Apr. 5 | Bond Finance | Community Development | Tax Increment Finance (TIF)

King and Hairston Plan TIF investments Along 53rd Street, in Parks
Hyde Park Herald | Apr. 5 | Tax Increment Finance (TIF)

Merchants Capital Secures $21M in Financing for Workforce Housing Property in Indiana
Rebusiness Online | Apr. 1 | Bond Finance | Food Systems Finance | Housing Finance | Opportunity Zones | Tax Increment Finance (TIF)

What Corporate Tax Breaks Mean for School Funding
Bloomberg CityLab | Mar. 31 | Education | 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


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