Latest news with #TaxIncrementFinancing
Chicago Tribune
17-07-2025
- Business
- Chicago Tribune
Carpentersville annexes nearly 150 acres as it moves forward with plans for new TIF district
Carpentersville has annexed 147.9 acres along the Randall and Huntley roads with an eye towards creating a new Tax Increment Financing district to spur development. Agreements for the most recent two annexations were approved this week by the Carpentersville Village Board. Other parcels have already been brought into the village with earlier votes, officials said. 'We cannot create a TIF district outside of our municipal jurisdiction so a prerequisite of even discussing the economic incentives the TIF district will offer was conditional on the properties annexing into the village,' Village Manager Brad Stewart said. Having control of the property and being able to offer financial inducements through a TIF means 'expanding our opportunities to bring in meaningful development,' Stewart said. The first annexation approved at Tuesday's meeting was of a 9.94-acre parcel south of the Grandview Drive and Randall Road intersection. The property lies east of Randall Road. Property owner RTW Properties has no immediate plans for development but wants to be part the TIF district Carpentersville is putting together, Stewart said. When the owner is ready to develop, they will be seeking commercial zoning, which would benefit the village by expanding, strengthening and diversifying the village's property tax base, he said. RTW's property is already within Carpentersville's planning jurisdiction because of a boundary agreement the village has with Algonquin, Stewart said. Any future development on the site would still require village approval, he said. The second property consists of six parcels for a total of 84.73 acres. A single-family home and storage barns are located on three acres and the rest is undeveloped. A majority of the land is between Randall Road to the east and Huntley Road to the west. Owner L&H Farm LTD Partnership doesn't development plans yet but would seek mixed zoning when it does, Stewart said. As is the case with the other property, Carpentersville would need to sign off on future use. 'Some of the property owners and the village have already had some discussions with some interested developers,' Stewart said. 'This all really ties together very nicely.' That said, there are also some development challenges: wetlands, infrastructure deficiencies and flooding plains make some of the land difficult to build on, he said. That's where a TIF district creating economic incentives will help, Stewart said. In January, the village hired Johnson Research Group to do a TIF Eligibility Study and Redevelopment Plan for 138 acres of land along Randall and Huntley roads. 'The study strongly supports that a TIF district is appropriate for this area,' Stewart said. One criteria is if an area has water drainage issues or a significant amount of wetlands, he said. Mitigating those issues requires a huge investment and can't be resolved simply by pouring concrete over the land, he said. 'Quite the opposite. Any developer is responsible not only for maintaining some open spaces and the natural environment but also for ensuring stormwater drainage is managed with no (negative) effect on other properties in our community,' Stewart said. The village's discussion of a creating a new TIF district has encouraged some property owners to voluntarily come into the village, he said. Last year, Carpentersville annexed about 150 acres in the area off Huntley Road. If approved, a Randall/Huntley Road TIF would be the village's fourth district. It already has TIFs covering property in Old Town, Meadowdale and the area surrounding the former Spring Hill Mall. On Tuesday, trustees moved forward with plans to conduct a Sept. 2 public hearing for the proposed district. It will be held during a regular village board meeting at which time more details are to be released. Stewart said there's already one developer who is considering a parcel on Randall Road, north of the former Dominick's site, for a 300-unit luxury townhome subdivision once the TIF is in place. 'We have continued to talk with that particular developer, who remains highly interested in proceeding,' Stewart said. The economic incentives tied to the TIF district would have to be in place before they can proceed, he said. All told, the village has expanded to add 300 new acres to its borders through annexation in the last 18 months, Stewart said. 'It's very exciting to be in that sort of growth mode because that growth is what gives us the opportunity to have meaningful development,' he said.
Cision Canada
23-06-2025
- Business
- Cision Canada
THE WHARF CLOSES HISTORIC $1.15 BILLION REFINANCING STRENGTHENING ITS CAPITAL STRUCTURE AND CEMENTING THE PROJECT AS ONE OF THE PREEMINENT MIXED-USE, WATERFRONT PROJECTS IN THE NATION
D.C.'s Largest Private Real Estate Transaction Positions The Wharf for Long-Term Value Creation and Stability WASHINGTON, June 23, 2025 /CNW/ -- District Wharf Properties (DWP), the investment manager and operator of The Wharf, today announced the successful $1.15 billion refinancing of The Wharf, a mixed-use neighborhood stretching across nearly a mile of Washington, D.C.'s waterfront. This transaction, which consolidates debt from Phase 1 and Phase 2, marks the largest refinancing of a private real estate project in modern Washington, D.C. history. The previous record for the largest private real estate financing in the city was also held by The Wharf, underscoring its continued significance in the Washington, D.C. real estate market. "This landmark refinancing marks a new chapter for The Wharf, affirming its transformation into one of the nation's premier waterfront destinations," said Andrew Son, CEO of District Wharf Properties. "I'm grateful for the collaboration and confidence shown by our capital partners and incredibly proud of the District Wharf Properties team's dedication throughout this complex, highly coordinated effort. This next chapter of financing positions us to keep delivering on our vision of an inclusive, thriving, waterfront neighborhood that grows with the city and drives lasting economic and cultural impact." "With this refinancing loan, we are able to transition from a construction-era capital structure to a streamlined, long-term financing model that provides stability and sets the stage for continued growth," said Monte Lippert, Senior Vice President of Investment Management at District Wharf Properties. "With some of the highest commercial and residential rents in the region, over 100 annual events, and 8 million visitors each year, The Wharf has firmly established itself as a premier destination, making this refinancing one of the most significant transactions of its scale in the District's history." This milestone comes on the heels of the Office of the Deputy Mayor for Planning and Economic Development (DMPED) announcing that the District has collected enough tax revenue from The Wharf to repay the $198 million Tax Increment Financing (TIF) revenue bonds 15 years early. The bonds funded key public infrastructure construction required for the redevelopment project as part of the transformational public-private partnership. As a result, the over $50 million in annual sales and property taxes generated by The Wharf will now support the District's General Fund. The refinancing was led by District Wharf Properties and PSP Investments with Eastdil Secured serving as advisor. Wells Fargo, Morgan Stanley, and The Goldman Sachs Group served as lenders for the transaction. Legal representation was provided by Milbank, Pillsbury, and Davies on behalf of the borrower. ABOUT DISTRICT WHARF PROPERTIES District Wharf Properties (DWP) is the investment manager and operator of The Wharf, a globally recognized mixed-use neighborhood spanning 3.3 million square feet along a mile of waterfront in Washington, D.C. Established in 2021, DWP oversees this multi-billion-dollar development and is an industry leader in the management, leasing, and financing of complex mixed-use properties. The firm also leads operations, placemaking, and community programming. Under DWP's leadership, The Wharf commands some of the highest commercial and residential rents in the region, hosts over 100 events annually, and welcomes more than 8 million visitors each year. For more information, visit
Yahoo
23-05-2025
- Business
- Yahoo
Plan could reinvigorate stalled retail development in SW Springfield
SPRINGFIELD, MO – There's a plan in the works to help reinvigorate a stalled development on the city's southwest side. Brody Corners, located off West Sunshine at James River Freeway, opened in 2022. The developer planned to have $27-million worth of new restaurants, retail, and offices. But progress has been slow. So far, only a Maverik-Kum & Go has been built. Springfield city leaders are now looking at an idea by the developer that could bring new tenants to the spot. On Monday night, the city council heard a proposal that would allow lots and apartments, along with the planned shops, at the site. In a request for the change, the developers said the residential component could make the site more attractive for potential builders. The idea needs council approval since Brady Corners is a TIF (Tax Increment Financing) district, meaning a portion of new tax revenue from the businesses goes back into infrastructure costs at the site. The council will vote on the proposal on June 9th. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
21-05-2025
- Business
- Yahoo
City of Champaign could help renovation of downtown building
CHAMPAIGN, Ill. (WCIA) — A historic building in downtown Champaign could be getting some new improvements by Aug. 30. Bus stop near Market Place Mall could be looking at new routes This is on N Market Street near Taylor Street. The city is looking to make a cost share agreement with a developer to renovate the property. The project will cost more than $76,000 and that money will be used for getting electrical services to the building and rebuilding the sidewalk. Champaign's development manager said the money will be coming from the downtown fringe Tax Increment Financing (TIF) district. He also said the project will help clear up utility issues that impacts neighbors of the building. At Tuesday night's meeting, city council is planning to make a decision and discuss the project in further details Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
15-05-2025
- Business
- Yahoo
Montgomery County announces $2.8 billion investment for East County's Viva White Oak
SILVER SPRING, Md. () — Montgomery County announced its first-ever Tax Increment Financing (TIF) proposal to support . The $2.8 billion mixed-use development project aims to transform East County with new jobs, housing, and infrastructure. MoCo Minute | AstraZeneca opens $300M cell therapy facility in Rockville In partnership with MCB Real Estate, the project will span 280 acres near the U.S. Food and Drug Administration campus. Once complete, Viva White Oak is expected to deliver more than 9,000 permanent jobs, nearly 5,000 homes, and 27,000 construction jobs. Plans include commercial, residential, retail, and public spaces, along with new parks, bike lanes, and water and sewer infrastructure. 'At the Viva White Oak property, we have an excellent development team coming to the County with a plan to get shovels in the ground and open up the new chapter in economic development that District 5 residents have been waiting for. I have seen firsthand the high value that MCB places on community engagement and local collaboration, and I look forward to taking the next step to bring this opportunity to fruition,' said Councilmember Kristin Mink. Officials noted that once the project is complete, it will generate about $62 million in annual county revenue. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
