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Fall 2016
 

Downtown Redevelopment Districts: Overview and Implementation Strategies

By: Scott Ziance and Chris Clements

Amended Substitute House Bill 233 (HB 233), which became effective August 5, 2016, established the procedure for designating so-called downtown redevelopment districts (DRDs) and innovation districts. These districts operate much like tax increment financing (TIF) areas except that the collected service payments generally can be utilized for a wider range of uses than TIF service payments. These powerful new tools can also be combined with many existing economic development incentive opportunities to maximize value. The key to the successful implementation of DRDs and innovation districts is determining when to utilize the correct incentives mix in the given circumstances.  Read more.


Is Your Project a Candidate for NMTC Funding?

By: Joseph B. Mann and Kelly B. Bissinger

The federal New Markets Tax Credit (NMTC) program was created in 2000 for the purpose of encouraging investment in businesses and commercial projects, including real estate development, that benefit low-income communities.  The NMTC program is not permanent, but rather is subject to Congressional renewal.  Historically renewal has often been for one to two years at a time.  However, in 2015 the NMTC program was extended through 2019, with $3.5 billion in allocation authority for each year in this period.  This unprecedented extension has created greater certainty that funding will be available to the NMTC program over the next several years (though the increased possibility of comprehensive tax reform as a result of the recent election results in additional uncertainty for federal income tax benefits generally).  The following provides a brief description of the NMTC program, and projects that may benefit from credits.  Read more.


Around the Web

Austin Mayor: Business Incentives Shouldn't Be ‘Bad Word'Austin Monitor

TIF Bond Issues Last Year Hit Highest Level Since 2006Wall Street Journal

TIF for tat: Mayors make renewed push for development tax incentivePhoenix Business Journal


We welcome any article ideas you would like us to pursue.  If you have an idea, please contact your Vorys attorney or one of the attorneys listed to the right.  We also welcome your feedback regarding this newsletter; we are willing to adapt in order to make it as beneficial to you as possible. 


 

Contacts

William D.G. Baldwin
513.723.4030
wdbaldwin@vorys.com

Aaron S. Berke
330.208.1017
asberke@vorys.com

Kelly B. Bissinger
202.467.8856
kbbissinger@vorys.com

Christopher J. Clements
614.464.5427
cjclements@vorys.com

Maurie J. Donnelly
614.464.5428
mjdonnelly@vorys.com

Bryan H. Falk
216.479.6124
bhfalk@vorys.com

Nicholas R. House
216.479.6122
nrhouse@vorys.com

Joseph B. Mann
614.464.6313
jbmann@vorys.com

Jacinto A. Núñez
330.208.1046
janunez@vorys.com

J. Theodore Smith
614.464.6232
jtsmith@vorys.com

Kristin L. Woeste
513.723.4684
klwoeste@vorys.com

Scott J. Ziance
614.464.8287
sjziance@vorys.com


 

 

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This newsletter is for general information purposes and should not be regarded as legal advice. As always, please let us know if you want more information or have questions about how these developments apply to your situation.