Bankers Picked for $10B Foxconn Project
Morgan Stanley will run the books on several deals that are part of about $360 million in local government borrowing planned for the $10 billion Foxconn manufacturing plant in SE Wisconsin.The local borrowing is part of $764 million in local incentives struck under a development agreement with Foxconn.
Reflecting on TIF in SD
In this article from the Capital Journal, the nuances of TIF and its many uses are analyzed by comparing two Fort Pierre TIF districts. TIF District 5, is just two years old and is just beginning to generate revenue while TIF District 2 was established almost 10 years ago, but was dissolved by the City Council last year.
WHEDA Awards Additional $1.8M in LIHTCs
The additional tax credits were made available through the recently approved federal Consolidated Appropriations Act, 2018. The bill increases each state’s LIHTC allocation by 12.5% for 2018 through 2021. In Wisconsin, that equates to approximately $1.8 million in additional LIHTC for 2018.
NMTC Used to Finance Grocery Store in Northeast Philadelphia, PA
Reinvestment Fund financed the construction of the Shoppes at Wissinoming, an 110,000 square foot new grocery store-anchored shopping center in northeast Philadelphia. Reinvestment Fund financing is part of a leverage loan for a $14.5 million New Markets Tax Credit transaction.
EDA Announces Availability of $587M for Disaster Recovery
The U.S. Economic Development Administration is making $587 million available to eligible grantees in communities where a Presidential declaration of a major disaster was issued under the Stafford Act as a result of Hurricanes Harvey, Irma and Maria, wildfires and other natural disasters in 2017.
Treasury, IRS Announce 18 OZ Designations
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have designated Opportunity Zones in 18 states and territories. The 18 states and territories receiving designations are only a part of the first group, and additional state designations will be named in the coming weeks.
CDFA Releases New Food Systems Finance Resource Center
The CDFA Food Systems Finance Resource Center outlines development finance tools that can be used to support local food systems, such as bonds, tax increment finance, tax credits, special assessment districts, revolving loan funds and others.
Energy Efficiency RLF Planned as Part of Offshore Wind Project
The revolving loan fund will provide financing for energy efficiency improvements to multifamily, low-income housing, and to give ongoing credits to low-income residents’ electricity bills and backup power and cost savings for public buildings.