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CDFA Tax Increment Finance Update - October 25, 2022

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Tax Increment Finance Update
October 25, 2022
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Tax Increment Finance Update

Features

Learn More about Financing Critical Infrastructure in Denver, CO
Join us on Thursday, November 3 at the CDFA National Development Finance Summit, Presented by CHFA for a session on funding opportunities made available through the Infrastructure Investment and Jobs Act. Learn about the new programs available to invest in various areas such as roads, bridges, power and grid, passenger and freight rail, and broadband.

Mega Northeast D.C. Development Site Sold, 1,500 Residential Units Planned
Standard Real Estate Investments plans to advance a previously entitled mixed-use redevelopment with roughly 1,500 residential units and 120,000 square feet of retail. About 300 units would be affordable, developed with NHT Communities. Northeast Heights is located within a federal opportunity zone and the project has been discussed as a potential recipient of tax-increment financing support.

Push to Use Downtown Property Taxes to Fund Red Line Extension in Chicago, IL
Mayor Lori Lightfoot's administration proposes to use property tax revenue generated downtown to fund the $3.6 billion extension of the CTA's Red Line. The proposal from Lightfoot's administration would create a new tax-increment financing district along the southern branch of the CTA Red Line to generate $950 million for the project by funneling a portion of the increase in property tax revenues for the next 25 years.

Blighted Apartments in Downtown Billings, MT Gets TIF Money for Improvements
Billings City Council approved $110,200 in tax increment finance assistance for the rundown and blighted complex of housing. City Council approved $745,000 in tax increment finance assistance for the old three-story Billings Hardware building. The $7.4 million project will redevelop the building into a 24-unit apartment complex atop ground floor retail shops.

Hotel Rooms and Apartments Planned at Historic Jefferson Arms Building in St. Louis, MO
The historic Jefferson Arms building, which was originally built for the World's Fair, will be divided between apartments and hotel rooms. Dallas-based Alterra Worldwide has been working since 2016 on a plan to convert the massive landmark into a $100 million mixed-use project. The city previously granted the project $17.3 million in tax-increment financing.

Federal Funding to Assist Jackson County, MI Redevelop Polluted Brownfield Sites
A federal grant program awarded to Jackson County in Michigan could help the city turn brownfield sites into thriving businesses. Brownfield Tax Increment Financing help redevelopers of environmentally contaminated sites assess what needs to be cleaned up. The Jackson County Brownfield Redevelopment Authority has already turned countless businesses from eyesores to popular attractions, like Klavon's Pizzeria and Pub.

Sarasota, FL City Commission OKs Bond Funding for The Bay Phase 2
Minus $12 million in government grants and $5 million in private funding, a city bond of $48 million in tax increment financing-backed bonds makes up the balance of the funding. That revenue is derived from an additional tax on new development and rising property values in the area immediately surrounding the 53-acre city-owned property west of U.S. 41 between Boulevard of the Arts and 10th Street.

Bond Sales Helping Stark County, OH Finance Ongoing Development for Hall of Fame
The Stark County Port Authority is moving forward with plans to issue bonds to help finance the ongoing development of Hall of Fame Village powered by Johnson Controls. The bonds are separate from a $5 million loan — approved by the port authority in August — for the Hall of Fame Resort & Entertainment Co. from a new Stark County revolving loan fund.

Upcoming Events
CDFA National Development Finance Summit

CDFA // BNY Mellon Development Finance Webcast Series: Funding Childcare Facilities
Tuesday, November 15, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA// BNY Mellon Development Finance Webcast Series, presenters will look across the development finance spectrum for ways to invest in child care facilities with tools like bonds, RLFs, tax credits, and more. Experts will also highlight various case studies that have successfully utilized these tools.

CDFA-Bricker Webinar Series: PACE and Traditional Lending Institutions
Tuesday, November 22, 2022 - 2:00 PM - 4:00 PM Eastern
Since the origins of PACE financing in the early 2010s, PACE lenders have been primarily non-traditional lending institutions. However, with the explosive growth of PACE across the country, the traditional lending world has begun to enter the PACE market. In this session, attendees will get an overview of the PACE lending history and the influx of traditional lending institutions across the country.

Tax Increment Finance News

Evansville, IN New DG Market on North Main Is Getting a Boost From Taxpayers
Courier & Press | Oct. 19 | Economic Development | Food Systems Finance | Local Finance Program | Redevelopment | Tax Increment Finance (TIF)

Cannabis Grants Help Fund Businesses in Illinois
Illinois Times | Oct. 19 | Cannabis Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Renovation Plans for Downtown Elgin, IL's Dupage Court
Chicago Tribune | Oct. 18 | Community Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Downtown Redevelopment Expansion, Moving Forward With Library Renovation Plans in Kingsport, TN
Kingsport Times News | Oct. 18 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Six TIF Districts Proposed for 12-Year Extensions in Chicago, IL
City of Chicago | Oct. 17 | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Urban Development

Glen Carbon, IL OKs Orchard Town Center Amendments
Edwardsville Intelligencer | Oct. 17 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Avery Brothers Sign Company to Build New $3M Facility in Sioux Falls, SD
Sioux Falls Journal | Oct. 16 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Council to Review and Act on Three TIDs in Waukesha, WI
GMToday.com | Oct. 15 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Council Set to Approve Biodistrict Agreement in New Orleans, LA
Gambit | Oct. 14 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

$16M Road Opens Up Aetna Mountain for 1,200 Homes in Chattanooga, TN
Chattanooga Times Free Press | Oct. 14 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Indiana Council OKs $3.5M Tax Break for Patch Development
Daily Journal | Oct. 13 | Bond Finance | Tax Credits | Tax Increment Finance (TIF)

Page County, IA Board Explores TIF Uses With Wind Turbines
KMAland | Oct. 13 | Economic Development | Green Finance | Redevelopment | Tax Increment Finance (TIF)

Oklahoma City, OK Council Approves TIF Dollars for Strawberry Fields
The Journal Record | Oct. 12 | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Urban Development

TIF Proposal Introduced for Cedar-Lee-Meadowbrook Project in Cleveland Heights, OH
Cleveland.com | Oct. 6 | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Urban Development

The Devaluation of Entire Black Neighborhoods, Not Just Homes
Next City | Sep. 27 | Access to Capital | Community Development | Economic Development | Social Finance | Tax Increment Finance (TIF) | Urban Development

Culinary Food Hub Breaks Ground on Chicago, IL's South Side
Chicago Office of the Mayor | Sep. 27 | Access to Capital | Food Systems Finance | 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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CDFA National Sponsors

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  • Z. The Bond Buyer
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