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CDFA Tax Increment Finance Update - November 28, 2017

Tax Increment Finance Update
November 28, 2017
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Tax Increment Finance Update


Oakley Community Council Won't Support Infrastructure Funding Plan for FC Cincinnati Stadium
The Oakley Community Council voted unanimously Sunday night to reject a key provision of Mayor John Cranley's plan for the city to pay for $37 million worth of infrastructure to support an FC Cincinnati stadium in the neighborhood.

Waterloo, IA Looks to Renew Two TIF Districts
The city may renew portions of two TIF districts to keep them from expiring before development occurs. The areas removed and then put back into the TIF are undeveloped areas that are not likely to be developed before their 20-year sunset. The amendment will establish a new 20-year sunset for these areas.

Milwaukee Looks to Boost Retail Market Through Tax-Increment Financing
Milwaukee-area communities have woken up and embraced TIF as a way to stimulate retail and commercial development. Unlike our neighboring state of Illinois, Wisconsin is not afforded the same luxury of allowing retail sales taxes to flow to municipalities, which allows for greater financial flexibility and helps offset the cost of infrastructure and municipal services as a result of retail development.

Debt from Baltimore TIF Financing Deals Expected to Grow to Nearly $1 Billion
Currently, nine development deals approved by the city account for about $200 million in city-issued debt. But four newer, larger deals are expected to grow the cumulative debt to nearly $1 billion, according to Stephen M. Kraus, the city's treasury chief.

State Board OK's TIF District for Bennington, VT
Bennington has won approval for a downtown tax increment financing district following a unanimous vote of the Vermont Economic Progress Council. The catalyst for consideration of a TIF district was the planned $53 million Putnam Block redevelopment plan. That two-phase, multi-year project is planned by a consortium of local institutions, businesses and private investors.

Portland to Require Prevailing Wage for Workers on Developments That Get Tax Breaks
The Portland City Council voted 8-0 to require contractors working on new developments that receive tax breaks to pay their employees a prevailing wage. The council, however, shot down an amendment to require those contractors working on projects that receive TIF to participate in an apprenticeship program registered by the state or federal government.

The City Of Savage, MN Uses TIF to Clean Former Oil Site
The city purchased the property about a year ago for $309,000. Cleaning up the former oil station site will cost about $500,000 to $550,000. The assessed value of the building stands at about $1.9 million. The city will recoup about $890,000 during the 25-year life of the tax-increment financing district.

Wheeling, IL Approves $64M Uptown 500 Development
The village board unanimously approved plans Monday for Uptown 500 -- a $64 million development with 262 apartments, 12,000 square feet of commercial space and a six-story parking garage -- at the northwest corner of Dundee Road and Northgate Parkway. Uptown 500 is in the village's Town Center II tax increment financing district.

Tax Credits will Complete Financing for $30M Downtown YMCA in Kansas City, MO
The new Y project, which is redeveloping the 20,000-square-foot Lyric building and adding 45,000 square feet north of it, was announced in May 2015. Since that time, $7.1 million has been raised through donations. In addition, the YMCA will be able to utilize $16.9 million from the 11th Street Corridor Tax Increment Financing Plan to redevelop the Lyric site, which has been vacant since 2012.

California's Post-Redevelopment Tools are Getting a Test Drive
La Verne city leaders have spent the past 18 months coming up with a plan to redevelop 100 acres into a mixed-use development involving housing, infrastructure and a parking structure for a train station on the Foothill Gold Line, a light rail extension into the San Gabriel Valley, That plan uses the Enhanced Infrastructure Financing District legislation that was adopted in 2014, and further refined in 2015.

Upcoming Events

Fundamentals of Economic Development Finance WebCourse
January 24 - 25, 2018 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course will help you understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

Tax Increment Finance News

Woodstock to Move Forward with $9K Old Courthouse Co-Working Space Study
Northwest Herald | Nov. 27 | Tax Increment Finance (TIF)

Proposed Forsyth, IL Tax Increment Financing District
WAND 17 | Nov. 27 | Tax Increment Finance (TIF)

Brunswick Asks Glynn County, GA to Participate in Tax Allocation District
The Brunswick | Nov. 27 | Tax Increment Finance (TIF)

Lima, OH, Council to Vote on Energy Improvement District
The Lima News | Nov. 21 | Energy Finance | Special Assessment Districts | Tax Increment Finance (TIF)

Columbus OKs Incentives for Quarry Project, Grandview Crossing and Short North Offices
Columbus Business First | Nov. 21 | Brownfield Financing | Tax Increment Finance (TIF)

Highlights from the Online Resource Database

Leveraging Capital for Adaptive Re-Use in Doraville, GA
Bond Finance | Redevelopment | Tax Increment Finance (TIF)
Ramiro Albarran and Marc Armentrout from Preston Hollow Capital along with David Corbin from SMC Terminus Group, Laura Radcliff from Stifel Nicolaus & Company and Matt Samuelson and Eric Pinckney from Integral present on the complex financing and legislative aspects of the redevelopment of the former GM plant in Doraville, GA.

Financing the West Bank Landing in MT
Community Development | Tax Increment Finance (TIF)
Brett Doney from the Great Falls Montana Development Authority presents on the redevelopment of the West Bank Landing.

Downtown Columbia Revitalization
Redevelopment | Tax Increment Finance (TIF)
Chris Sheehan from Stifel, Emily Metzler from MuniCap and Mauricio Diaz from The Howard Hughes Corporation present on the financing package supporting the revitalization of downtown Columbia, MD.

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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