As West Michigan's Startup Culture Evolves, Start Garden Grows Into New Roles
For the last 16 months, the nonprofit Start Garden has administered the Grand Rapids SmartZone tax increment financing (TIF) mechanism, a significant shift from its genesis as a pre-seed venture capital fund.
Dallas Bond Deal for Statler Hotel Rehab Being Probed by SEC
One focus of the SEC inquiry is the sale last year of $26.5 million in municipal bonds backed by future tax incentives that the city of Dallas granted to the developer under what's called tax-increment financing.
Former Indianapolis Ford Plant Redevelopment May Get Even Bigger
The developer will use the $4.65 million loan, backed by the CDBG, to acquire both buildings. The developer will receive $3.8 million in developer-backed bonds from the city. As opposed to typical TIF, the developer is on the hook for any shortfalls, rather than the city.
Bennington, VT hope TIF District Will Assist Putnam Block Redevelopment
With a TIF, district in place, Bennington could borrow for infrastructure projects that would enhance or support private downtown investment projects and pay off the loans with a percentage of the new property tax revenue generated by the redevelopment.
City of Hammond, IN plans to Buy Hotel Lasalle With TIF Funds
The city would use tax increment financing money to fund the purchase. Revenue generated by increases in taxable assessed valuations in tax increment financing districts are put into a special fund that can only be used for specific purposes within the district.
Corridor Manufacturers Receive State Incentives for Expansions in Iowa
Two manufacturers in the Cedar Rapids metro will receive state tax incentives to put toward expansions. The Iowa Economic Development Authority on Friday approved providing incentives to Highway Equipment Co. of Cedar Rapids and Legacy Manufacturing of Marion.
Atlanta City Council approves $26M in Bonds for Homelessness Project
The Atlanta City Council (ACC) voted unanimously recently to allocate $26 million in bonds to help finance a project aimed at homelessness, achieving a promise made by Atlanta's mayor Kasim Reed during this year's State of the City address. The ACC will float a bond to raise the funds and will pay it off from distributions from tax-allocation districts and general fund dollars.
Statler Hotel Project Finances Under SEC Investigation
Federal regulators are investigating the TIF-backed, bond financing behind the massive Statler Hotel redevelopment in downtown Dallas.
FL CDDs Rebuke Residents Opposing Bond Deal
Two central Florida community development districts contend their residents used "sophistry" in trying to persuade a judge not to approve the district's bonds, attorneys said in final briefs.
IL TIFs and the Standoff Over Reform
Though they initially were intended to provide relief for blighted areas, TIF districts now cover many wealthy areas of Chicago and the suburbs, such as LaSalle Street in the Loop. Chicago alone banks hundreds of million of dollars a year off its more than 200 TIF districts, money that otherwise would go to schools and other government services.
Top Ten TIF Misconceptions
This is final installment of a two-part series covering the top 10 misconceptions associated with Ohio Tax Increment Financing (TIF). TIF is a funding vehicle for public infrastructure and, sometimes, site improvements.