Coming Up Next Month: CDFA's Intro and Advanced Bond Finance WebCourses
Join CDFA for our upcoming Bond Finance Week! The Intro Bond Finance WebCourse will take place on March 4-5 followed by the Advanced Bond Finance WebCourse on March 6-7. Register for one or both of these courses to learn from experts about how to bring economic growth to your community by utilizing the vast resources of the bond finance industry.
New TIF District Coming to the South Side of Evansville, IN
After a formal vote from the Evansville Redevelopment Commission, from Washington Avenue down to the Veterans Memorial Parkway will become a tax increment financing (TIF) area. To break it down: first, Kentucky Avenue becomes a TIF district. Then, the city pushes for new business and development in the area. Finally, once the businesses are functioning and paying taxes, all of that new development raises money to pay for what it costs to redevelop the area in the first place, and the area itself benefits as a whole.
Applications Now Open for the 2024 Caren S. Franzini Fellowship
The Caren S. Franzini Fellowship was created to develop and recognize outstanding women in the field of development finance for their leadership and dedication to the advancement of the industry. This 6-month fellowship program, run through the CDFA Foundation, is open to women employed by a CDFA member organization who have worked in the development finance industry for less than 10 years. Apply by Friday, March 15!
Abbotsford, WI Gives Witmer Furniture TIF Incentive
A local business will be getting $41,912 back from the city of Abbotsford after applying for a tax incremental finance (TIF) incentive through the city. Witmer Furniture, which is located on the west end of the city, asked for 20% of new increment after the company put on a 20,000-square-foot addition that cost the company $962,000 in 2022.
Vermont Governor Joins Officials to Celebrate Successful TIF Project in Winooski, VT
Vermont Governor Phil Scott was in Winooski to celebrate the pending closure of the city's 20-year tax increment finance (TIF) district. The $175 million TIF district plan created new multi-story mixed-use buildings, a parking structure, refurbished older buildings, redesigned traffic patterns, and installed new infrastructure.
Toby Rittner Featured in The Bond Buyer, Discussing Bonds & TIF to Support Casino Development in Aurora, IL
Toby Rittner, CDFA President and CEO, was interviewed by The Bond Buyer to discuss the city of Aurora's strategic use of bonds and tax increment financing (TIF) districts to support a new casino development. Within the $360 million total cost, the city's $50 million will come from a taxable bond issue, with the bonds paid back using revenues from the increment of one of Aurora's TIF districts. While sharing TIF components, Mr. Rittner also addressed the importance of trust, transparency, and inclusiveness.
Fort Myers, FL CRA Approves $30M Tax Increment Rebate for Royal Palm Development
Fort Myers Community Redevelopment Agency (CRA) Board of Commissioners approved a tax increment rebate request for the development of The Royal Palm Hotel & Residences. The more than $30 million in tax increment financing (TIF) will be broken up into three separate phases of the project. The site is on a 2-acre parcel known as Royal Palm Towers in the historic river district, overlooking the Fort Myers Yacht Basin to the northwest.
Developer to Get $24.5M From TIF for Elk Grove, IL Gateway Corner Project
Public funds will help pay a quarter of the costs of a $100 million transformation of the oldest shopping center in Elk Grove Village. The developer will construct two retail buildings totaling 45,000 square feet; a five-story, 270-unit apartment building with 8,000 square feet of ground-floor retail, a 530-space parking deck, and 16 townhouses.
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