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CDFA Tax Increment Finance Update - July 23, 2024

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Tax Increment Finance Update
July 23, 2024
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Tax Increment Finance Update

Features

Invest in Yourself at 2024 CDFA Summer School!
CDFA Summer School is a 2-week long virtual series of courses designed to help you accelerate your development finance education, with a curation of seven different training courses to choose from. Don't miss the opportunity to learn from our expert practitioners and experience CDFA's most interactive educational event of the year! Register today!

East Beatrice, NE Housing Development Plan Approved by City Council
Beatrice elected officials have voted 6-0 in support of a proposed $10.5 million housing project in east Beatrice, hearing some opposition over what the homes may look like compared with the neighborhood. R-W-R LLC is seeking tax increment financing for the project north of Scott Street in the area of 26th Street. It would include six seven-plex buildings, and one six-plex…..a total of 48 housing units. It meets the R-4 zoning of the area.

We Want to Hear from You! Help Identity Financing Tools for Missing Middle Housing
This year's class of CDFA Franzini Fellows is researching the various financing tools available for missing middle housing, affordable housing, and in particular, pocket neighborhoods. The Fellows are interested in learning about housing financing tools, as well as barriers and solutions to access to capital. By taking just a few minutes to complete this survey, you will lend your experience and industry knowledge to aid in the creation of systems and action plans that can be used for both developers and new homeowners. Thank you for your participation!

City of Refuge Will Break Ground on Atlanta, GA Transformation Center
City of Refuge will break ground on its 38,000-square-foot Transformation Center. The three-story, $15.2 million facility will include 25 units of affordable housing, a small grocery market, a new credit union, and a medical and mental health clinic for survivors of trafficking and domestic abuse, all intended to improve access to resources for individuals and families in need.

Portland, ME City Council Approves Funding for Affordable Housing Project
Plans for an affordable housing development that would bring dozens of new rental units to Portland's Woodfords Corner neighborhood will move forward after the City Council voted on key funding for the plan. $942,000 in affordable housing trust funds will go towards two phases of a proposal by the organization Community Housing of Maine to build 84 units for lower-income renters and seniors at the site of the Woodfords Congregational Church. The council also agreed to designate the property as a Tax Increment Financing District.

Epic Proposes New TID to Aid Campus Expansion in Wisconsin
Epic Systems, a healthcare software company, is working on expanding its Verona campus. The company is working with the Wisconsin Department of Transportation (WisDOT) on various road improvement projects set to take place over the next few years. The goal is to alleviate current traffic congestion from Epic's large population by increasing access points to the campus. Epic is hoping to reduce some of the costs by creating a new Tax Incremental District (TID) – TID 11 – to the north and west of its existing campus.

Richmond, IN Aims to Spend Development Dollars on Public Safety
The Richmond Redevelopment Commission has embarked on the process to permit public safety expenditures from tax dollars collected in special economic development districts. The city also plans to merge an alley, building, and parking lot parcels into a single parcel to develop a $44 million apartment complex with 150 market-rate units.

Butler County, OH Land Bank Balks at Forest Fair Redevelopment Plan
A project to revitalize the Forest Fair Mall into an industrial park and retail complex has hit a roadblock as Butler County's land bank balks at the latest plan to demolish the mall because a key tenet of the plan is to use Butler County's demolition grant to tear down buildings in Hamilton County. The project also entails the creation of a new tax increment financing district.

Upcoming Events
CDFA Summer School

CDFA // BNY Development Finance Webcast Series: Financing Charter Schools with Social Bonds
August 20, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Development Finance Webcast Series, panelists will discuss how social bonds can be used to provide low-interest loans to high-performing public charter schools to provide transformative educational opportunities for students.

SSBCI Learning Series - Filling the Gaps with the Suite of SSBCI Technical Assistance Programs
August 27, 2024 - 2:00 - 4:00 PM Eastern
SSBCI 2.0 has provided three different sources of funding for a range of technical assistance. In this session, speakers will discuss how each program supports the other and explore best practices on how to maximize the impacts of each program.

Tax Increment Finance News

Traverse City, MI DDA Preps TIF Plan for August Vote, Considers Adding Deck Back In
The Ticker | Jul. 19 | Community Development | Housing Finance | Tax Increment Finance (TIF)

Proscenium III Hopes to Expand in Carmel, IN
FOX 59 | Jul. 16 | Community Development | Economic Development | Housing Finance | Tax Increment Finance (TIF)

Algonac City, MI Council Supports Adoption of Brownfield Plan
The Voice | Jul. 15 | Brownfield Financing | Housing Finance | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)

West Park Mall Developers Ask Cape County, MO Industrial Board to Support Bonds
Southeast Missourian | Jul. 11 | Bond Finance | Redevelopment | Tax Increment Finance (TIF)

Loans, Subsidies Approved to Support 301 Affordable Apartments in Milwaukee, WI
Urban Milwaukee | Jul. 11 | Access to Capital | Brownfield Financing | Community Development | Housing Finance | Revolving Loan Funds (RLFs) | Tax Increment Finance (TIF) | Urban Development

Macomb, IL Revitalizes Downtown With the Return of the Facade Grant Program
KHQA | Jul. 11 | Community Development | Economic Development | Tax Increment Finance (TIF)

Traverse City, MI TIF Ballot Proposal Violates Law but Must Still Go to Voters
The Ticker | Jul. 10 | Community Development | Economic Development | Tax Increment Finance (TIF)

Statesboro, GA TAD Committee Approves Garage Fitness Application for Funding
Grice Connect | Jul. 9 | Community Development | Economic Development | Tax Increment Finance (TIF)

Minnesota State Grants Going to Redevelopment Projects in Mankato and Wabasha
KIMT 3 | Jul. 9 | Community Development | Economic Development | Tax Increment Finance (TIF)

Broadway Lofts Development Lands Over $11M in Michigan State Funds
Urbanize Detroit | Jul. 9 | Community Development | Economic Development | Housing Finance | Tax Increment Finance (TIF)

Athens, GA ACC Gov Seeks Input on Mall Area Projects
WUGA | Jul. 8 | Community Development | Economic Development | Tax Increment Finance (TIF)

Billings, MT City Council Approves TIF for New Convention Center
KTVQ | Jul. 8 | Community Development | Economic Development | Tax Increment Finance (TIF)

St. Peter, MN Finances New Affordable Housing, Seeks TIF on Apartment Development
St. Peter Herald | Jul. 2 | Community Development | Housing Finance | Tax Increment Finance (TIF)

Historic Salina, KS Temple Awarded Tax Credits, Additional Operating Capital
Salina Post | Jul. 1 | Historic Preservation | Incentives | Tax Credits

Salem, IL City Council Moves Forward on Tax Increment Financing District Projects
WJBD | Jun. 18 | Community Development | Economic Development | Housing 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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