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CDFA Tax Increment Finance Update - May 22, 2018

Tax Increment Finance Update
May 22, 2018
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Tax Increment Finance Update


Board Approves $2.4 Million for Westside TAD Resident Retention Effort in Atlanta, GA
At their monthly meeting, the Invest Atlanta Board of Directors approved a $2.4M grant from the Westside TAD Community Improvement Fund to expand the Westside Heritage Owner-Occupied Rehab (OOR) program. This initiative offers residents forgivable loans to make critical health and safety repairs on their homes. 

Peregrine Boutique Hotel in Downtown Omaha is Partly Financed by New Clean-Energy Program
About $3.4 million in PACE funds are to fill a gap in the overall $13.6 million cost of converting the seven-story downtown structure to the hotel. Separately, the council earlier approved $1.9 million in TIF for the Peregrine project.

Waller Creek Will Transform into Austin's 'Central Park' Under Ambitious $355M Plan
In total, $245 million of both public and private funding would be used to construct and build the parks, through things like the public tax increment reinvestment zone (known as TIRZ No. 17) and private donations. The other $110 million is estimated for long-term maintenance. "[It's] made up of a combination of private funding sources, including philanthropic donations we raise; earned revenue from concessions/sales within the parks; and from property owners via a PID.

Plan to Finance AES Purchase Moves Forward with EIFD in Redondo Beach, CA
The Redondo Beach City Council has taken its next step toward the city's plan to redevelop the AES power plant site, authorizing staff to set the framework for a tax financing district that would help purchase all or part of the site. The crux of the city's plan is the Enhanced Infrastructure Financing District, a mechanism created in 2014 through the passage of SB 628.

Draft Plan for Woonasquatucket Corridor Includes Financing, Envisions Mixed Use in Providence, RI
The Providence Redevelopment Agency on Thursday approved a draft plan for the redevelopment of the 233-acre Woonasquatucket Corridor, including a tax increment financing plan to help pay for improvements to blighted sections of the city's "oldest industrial corridor." The plan estimates that over a 20-year period, the city will collect about $55M above current tax revenue in the corridor, and the proposal would take 40 percent of this increased tax, or $22 million, and transfer it to the PRA to implement the redevelopment plan.

Greenway Business Improvement District (BID) Approved By City Council in Boston, MA
The Greenway BID will contribute $1.5 million to The Greenway each year. With support from Mayor Walsh, it is poised to become the second BID in Boston and the seventh in Massachusetts when signed into law in the upcoming days.

Broadway Hotel TIF Agreement Includes Job Target in Columbia, MO
The owner of The Broadway Hotel must employ a certain number of workers in the hotel's new, second tower or risk losing about $2 million in tax increment financing under a development agreement that will come before the Columbia City Council. For the developer to certify during the first year of operation of the new tower that a minimum of 37 full-time-equivalent jobs have been created to staff the tower.

Council Panel Advances $2.9M in Financing for new Duke Realty Headquarters in Indianapolis, IN
The council's Metropolitan and Economic Development Committee approved $2.9 million in developer-backed bonds for Duke Realty to help finance construction of the headquarters, to be paid for by future tax revenue generated by the project. The committee also extracted the site from the 96th Street tax-increment-financing district, and created a site-specific TIF district for the project.

Omaha TIF Projects 'Are Changing Our Landscape,' City Planner Says in Update to Council
The City of Omaha approved $44.7 million in tax-increment financing for 18 projects last year. Meanwhile, 12 tax-increment financing projects went back on the tax rolls in 2017, resulting in a boost in property valuations and property tax revenues.

Development To Bring 30-Plus Food Vendors to Worcester with TIF
Work is now under way in Massachusetts on the Kelley Square Market, which will use TIF to transform a rough dirt lot on Harding Street into a hub of housing and food vendors.

Upcoming Events
Intro Public-Private Partnership (P3) Finance WebCourse

CDFA Brownfields Redevelopment Financing Webinar Series:Digging for Clean-up Funds: Insurance Archaeology
June 28, 2018 - 2:00 - 3:30 PM Eastern
Businesses often dissolve and leave contaminated properties behind. An effective but underutilized tool for dealing with abandoned and environmentally contaminated sites is known as Insurance Archeology or Insurance Cost Recovery. If contamination identified through environmental assessments was caused by a known polluter, a claim may be filed against the polluting business' comprehensive general liability insurance policies. Insurers have been found liable for the cleanup costs even in cases where the policies were decades old. Join CDFA, our technical partners, and experienced brownfield communities as we discuss how Insurance Archeology works, when it might be useful, and how some communities have used it as a way to raise capital to address the cleanup and redevelop needs of a property.

Tax Increment Finance News

TIF Changes Being Proposed in York, NE
The York News-Times | May. 21 | Tax Increment Finance (TIF)

Lorain Co, OH Pass Tax Abatement Resolution
The Chronicle | May. 10 | Incentives | Tax Increment Finance (TIF)

Columbia, MO Approves Incentives for Hotel
Columbia Daily Tribune | May. 9 | 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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