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.

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-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.

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.

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.

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 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.

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.

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.

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.

Fundamentals of Economic Development Finance WebCourse
January 24 - 25, 2018 - Daily: 12:00 - 5:00 PM Eastern

>>> SEARCH HEADLINES   

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.

Brett Doney from the Great Falls Montana Development Authority presents on the redevelopment of the West Bank Landing.

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.

>>> EXPLORE TIF RESOURCE CENTER