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CDFA Tax Increment Finance Update - September 28, 2021

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Tax Increment Finance Update
September 28, 2021
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Tax Increment Finance Update

Features

How Public-Private Partnerships Transformed St. Albans City, VT
In a decade, the city has added $75 million to its tax base, a roughly 60 percent increase, without increasing taxes, according to city manager Dominic Cloud. The key to that success has been public-private partnerships and a tax increment financing (TIF) district. Their economic development strategy also involved addressing barriers to redeveloping in a developed area such as parking and brownfields.

Midway Center Superblock Gets More TIF Funding
Redevelopment of the Midway Center superblock, including the burned-out remnant of Midway Center, is moving ahead with changes to a tax increment financing (TIF) district and an order to demolish the remaining section of Midway Center. St. Paul recently has focused on using TIF to help pay for affordable housing.

Legislation Would Amend TIF Act in Pennsylvania
Under the current law, financing direct improvements of real property is permitted inside Tax Increment Financing (TIF) districts. The law does not provide a means to dedicate TIF proceeds to fund anti-displacement strategies both inside and outside the district. Gainey's proposed legislation would amend the TIF Act to extend TIF district authorization from 20 to 25 years and expand eligible use of funds to include anti-displacement activities inside and outside the district.

Delaware County, DE Saves Hundreds of Thousands on Bonds and Will Repave Streets
Delaware County taxpayers will save hundreds of thousands of dollars thanks to refinancing of bonds — and motorists will see newly repaved roads as a result. The Delaware County commissioners announced the savings and repaving, which was made possible by recent action taken by the Delaware County Redevelopment Commission. Officials said $529,000 will be saved by refinancing capital infrastructure bonds issued through the Morrison Road and Park One TIF districts.

St. Paul, MN City Council Approves Major $209M TIF Expansion
With the goal of jumpstarting major redevelopment, the city council voted 6-1 to allow redrawing, geographically expanding, and adding 10 years to a "tax increment financing" district approved last November for the Snelling-Midway "superblock." The $209.6 million district would span the area between St. Anthony Avenue and University Avenue, and Pascal Street and Snelling Avenue.

Downtown Colorado Springs, CO Sees Development Migrate to Its East; Catalyst Campus Plans Major Expansion
Started just six years ago, the Catalyst Campus for Technology and Innovation is bursting at the seams, triggering an ambitious expansion plan that will cost $68 million for infrastructure and overhaul a part of eastern Downtown. The Catalyst's districts would impose up to 50 mills on property tax bills to fund expansion and 10 mills for operations and administration. The proposal also calls for the authority to issue up to $90 million in bonds to finance the project.

Waco, TX Pledges $700K More for Development Replacing Oak Lodge Motor Inn
Waco City Council approved a Chapter 380 agreement with JKBM Holdings, amounting to sales tax rebates over 10 years. The $700,000 pledge, combined with a previously approved $1.3 million Tax Increment Financing grant from the city, gives JKBM a $2 million head start on the estimated $8.8 million project.

Natural Grocers Confirm TIF Agreement, Moves to Downtown Greeley, CO
The Lakewood-based natural-foods grocer will relocate the outlet downtown. The Greeley Downtown Development Authority approved tax increment financing for the project. The grocery store received approval to retain 100% of the TIF through 2033, less the DDA's 5-mill levy and the 1.5% treasurer's fee. The TIF amount is projected at $45,000 to $50,000 per year, up to $550,000 over the term of the TIF agreement.

Upcoming Events
Intro Tax Credit Finance WebCourse

CDFA Virtual National Summit
November 1-5, 2021 - Daily: 1:00 PM - 5:00 PM (Eastern)

CDFA Federal Financing Webinar Series: Preserving Local Food Systems with Federal Financing
Tuesday, December 14, 2021 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Federal Financing Webinar Series, hear from experts at the USDA about their various programs available for rural food systems and agricultural producers to recover from the pandemic.

Tax Increment Finance News

Chillicothe, IL Businesses Are Seeing Improvements, Renovations Thanks to TIF Funds
CIProud | Sep. 27 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Missoula, MT Officials Weigh TIF Regulations, Possible Impacts
NBC Montana | Sep. 20 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF) | Urban Development

One Tax Financing Agreement Approved; Two More Pending in Macedonia, OH
Akron Beacon Journal | Sep. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Webster, WI TIF District Revival
Burnett County Sentinel | Sep. 20 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Palatine, IL Leans Toward Extending Village's Downtown TIF
Journal & Topics | Sep. 20 | Economic Development | Education | Redevelopment | Tax Increment Finance (TIF)

Omaha, NE City Council to Vote on Four TIF Requests
The Reader | Sep. 20 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Proposal in Muskogee, OK Could Generate Nearly $18.6M
Enid News & Eagle | Sep. 20 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

Renaissance Cleveland Hotel Receives Early TIF Approval—and a New Name
Cleveland Business Journal | Sep. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Urban Development

Ashland, IL Establishes TIF District for Downtown Rehab Program
WLDS | Sep. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Mound, MN Seeks Input on Remaining Harbor District Space
Laker Pioneer | Sep. 20 | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

City Council Approves TIF Incentive for Taproom
Stillwater News Press | Sep. 17 | Economic Development | Redevelopment | Tax Increment Finance (TIF) | Urban Development

Council Establishes TIF Districts for New Development in Sidney, OH
Sidney Daily News | Sep. 17 | Economic Development | Housing Finance | Tax Increment Finance (TIF)

Council Approves TIF Agreements, Including for Goodwill's Move
Commercial-News | Sep. 10 | Community Development | Economic Development | Tax Increment Finance (TIF)

Oklahoma City, OK Celebrates New Grocery Store Opening
The Journal Record | Aug. 31 | Food Systems Finance | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Social Finance | Tax Credits | Tax Increment Finance (TIF) | Case Studies

Three New TIF Districts Approved in Painesville, OH
News-Herald | Aug. 25 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

The City of Rock Hill, SC Seeks Approval of New TIF District for the Southside of the City
WRHI | Aug. 25 | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)


Highlights from the Online Resource Database

CDFA // BNY Mellon Development Finance Webcast Series: Layering the Capital Stack
Bond Finance | Special Assessment Districts | Tax Credits | Tax Increment Finance (TIF) | Webcasts | Community Development | Housing Finance
This webinar discussed how Bonds, Tax Increment Finance, Tax Credits as well as the litany of federal funding through recent legislation can work for your project and ultimately the community that is benefitting.


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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