Change to Ohio TIF Law
The Ohio General Assembly fast-tracked a school construction finance measure as a mini-capital appropriations bill. Amended Senate Bill (Am. SB) 4 was signed into law by Governor DeWine after the measure was prioritized by leaders in the Ohio House and the Senate. A provision included in Am. SB 4 deserves attention among municipal and township officials and economic developers.
Jackson Township Trustees Not United on Resolution for Possible Levy
Fiscal officer Ron Grossman said there are two main reasons why a replacement levy is preferred over a renewal measure. One reason is the change in state law that went into effect Jan. 1, 2006, regarding tax-increment-financing districts, or TIFs. Revenue that exceeds the locked-in valuation of the land is diverted from the entities that typically receive property-tax revenue, including school districts, parks districts, libraries, and fire departments. Starting in 2006, if a new TIF district were established and a voted levy was approved, levy funds would not be diverted to the jurisdiction establishing the TIF.
Developers Get to Take a Swing at the Tropicana Field Site
An appraisal of the property is underway and should be completed in fall 2020, the RFP said. The site is located in an Opportunity Zone, a designation that could attract investors looking to defer or reduce federal capital gains tax liabilities, and the city and Pinellas County have approved $75 million in Tax Increment Finance funding earmarked for infrastructure improvements.
Dominium Begins Work on $74M Apartment Project in Roseville, MN
Financing will include a Freddie Mac loan, a tax-exempt construction loan, and taxable equity bridge loan originated and serviced by America First Multifamily Investors, federal low-income housing tax credits, and tax-increment financing from the city of Roseville's Economic Development Authority. The Minnesota Housing Finance Agency (MHFA) is also providing low-income housing tax credits and tax-exempt bonds issued by the city of Roseville.
Investor in Millennium Development Project at UNK's University Village Asking for $2.7M in TIF
A project that will add almost 107,000 square feet of residential living and retail space at University Village in west Kearney seeks tax increment financing Tuesday from the Kearney City Council. The Kearney Community Redevelopment Authority voted to recommend the council's approval for $2.7 million in TIF assistance to cover the following utilities and eligible costs: water: $239,658; sanitary sewer: $138,469; electrical: $200,000; fiber: $65,000; parking facilities: $1,612,705; sidewalks: $379,460; and lighting: $65,000.
CDFA Announces the CDFA-Frost Brown Todd Infrastructure Finance Collaboration
The Council of Development Finance Agencies has partnered with Frost Brown Todd and its affiliate FBT Project Finance Advisors on the new CDFA Intro Infrastructure Finance WebCourse and the CDFA Finance Toolbox video series. This collaboration will focus on financial challenges and opportunities facing communities working to develop or upgrade energy, water, broadband, disaster recovery, transportation, and other services, and provide expert analyses to inform the development finance industry.
TIF Projects Top $10B In Kentucky
Signature projects around the state are making major impacts on the cities and regions in which they are located, and many are moving forward thanks to Tax Increment Finance status through the Kentucky Cabinet for Economic Development. The cabinet website lists $10.1 billion in completed or planned investment in more than 35 TIF projects.
MEDC's Michigan Strategic Fund Provides Support for 3,100 Small Businesses
The Michigan Strategic Fund approved new economic assistance for small businesses, community revitalization projects, and a business expansion. These programs reach all 83 counties in the state, assisting businesses across a range of industries, including food service, retail, health care, construction, and professional services, among others.
Cultivating Development: Trends and Opportunities at the Intersection of Food and Real Estate
Bond Finance | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF)
Cultivating Development explores the mutually beneficial relationship between food-based amenities—such as working farms, community gardens, food halls, restaurants, and grocery stores—and real estate. Developers, owners, property managers, designers, investors, and others involved in real estate decision making can learn from the research, case studies, and food and development practitioner insights described in this report, thereby allowing them to create places that both support and leverage investments in food.