Friday, November 7, 2014
8:30 am - 12:00 pm
400 Sheldon Street
Hartford, CT 06106
Throughout the country Tax Increment Financing (TIF) is used as an effective economic development tool. Learn how other states are using TIF’s and about the potential benefit to Connecticut’s communities.
CMSC shares lessons learned through the Come Home to Downtown program, while Yale Law School’s Community and Economic Development Clinic, the Town of Windsor (CT) and the State of Iowa teach us about innovative financing strategies to bring new life to our downtowns.
Speakers & Presentations
Come Home to Downtown – Making Mixed-Use Development Happen
John Simone, CMSC
The goal of Come Home to Downtown is to identify the barriers and opportunities for downtown mixed-use redevelopment projects. One of the most critical barriers is the gap in available financing. This session will provide information on a growing list of resources that can be utilized to close the gap, including historic tax credits. However, utilizing both the state and federal historic tax credits, which can provide an equity contribution to the project of up to 45% of the construction costs, can be challenging. Tax Increment Financing (TIF) can be a new exiting tool that can help close this gap.
How Other States Maximize the Leverage of TIFs
Abdi Aidid and Joseph Nawrocki, Community & Economic Development Clinic, Yale Law School
Mr. Aidid and Mr. Nawrocki will share research from other states and the District of Columbia where TIFs are a very effective real estate development tool. The report will recommend how we can draw from the best TIF ideas elsewhere and bring them home to Connecticut to insure that we grow responsibly.
You can also view a report the Yale Law School Community and Economic Development Clinic prepared for CMSC. This report:
- Researches the substantive and procedural provisions of tax increment financing (“TIF”) in Connecticut, including current law, proposed legislation, and projects that have successfully utilized TIF funds; and
- Compares TIF legislation in Connecticut to TIF legislation in other states and the District of Columbia, with a view to developing TIF legislation to help revitalize Connecticut downtowns.
Jim Thompson, Main Street Iowa
Real world case studies from Main Street Iowa will be shared. In Iowa, TIFs have spawned downtown development and revitalization providing a funding resource that can keep flowing for decades. Mr. Thompson will share best practices on structuring TIF payments to insure developers do their job and minimize the risk to the municipality. He will share strategies to maximize the TIF amount and how to best utilize this to negotiate with property owners.
The panel will provide an overview of the current state of TIF legislation in Connecticut and utilizing actual Connecticut projects, the panel will share how TIFs legally work in Connecticut, including two examples from Windsor:
- A developer wanted to convert an old 80,000 SF vacant factory into 50 condos in the heart of Windsor Center. The cost of a brownfield cleanup was going to be a deal breaker. Learn howthe town created its own TIF district concept to pay for the cleanup and allow the project to succeed.
- Windsor is working with a developer to create a major new mixed-use development that will allow the town to grow sustainably while adding to its overall quality of life and tax base. TIFs will literally “pave the way” for this project to happen by paying for the necessary public infrastructure to support the new development.
The panel will explain how communities can access TIFs right now – is the project credit worthy, what kind of interest rates will you need to pay and who will buy the bonds?
Lastly, the panel will discuss how the TIF statutes could be improved in Connecticut to be benefit more projects.
Jason Vincent, Vice President of the Norwich Community Development Corporation (NCDC), attended the workshop and provided this information on the Hampton Project MPD in Norwich as a reference for fellow attendees. This is a link to all of the TIF documents for this project, up to the legislative approval: http://www.askncdc.com/programs-incentives/hampton/
This event is fully booked.