MuniCap, Inc. is a public finance consulting firm that specializes in developing and implementing creative approaches to funding public infrastructure, facilities, and services for real estate development.
Making a vision a reality.
Cover photo: The Wharf, Washington DC Contact: Keenan Rice President
[email protected] P. 443-539-4102 M. 443-286-0795
Abdi Yassin Senior Vice President [email protected] P. 469-490-2801 M. 417-569-6905
*Harbor Point, Stamford, CT ($145,805,000)
Locations: Headquarters: Texas: Pittsburgh: South Carolina: 8965 Guilford Road 3730 Kirby Drive 8135 Perry Highway 106 Pitt Street Suite 210 Suite 1200 Suite 2 Columbia, MD 21046 Houston, TX 15237 Pittsburgh, PA 15237 Mt. Pleasant, SC 29464 P. 443-539-4101 P. 469-490-2800 P. 412-536-1873 P. 704-837-4330
Check out our website for services, a representative list of clients, and additional case studies: www.municap.com
Cover photo: The Wharf, Washington DC
Qualities That Distinguish MuniCap
*Harbor Point, Baltimore, MD ($36,000,000)
Experience MuniCap has helped our clients successfully execute in over 250 public funding programs, which have provided nearly $6.6 billion of public investment in development projects.
Expertise MuniCap offers a high degree of specialization in our field, concentrating only on public finance. This dedication and focus allow us to offer our clients the highest degree of expertise in our chosen field.
Pragmatic MuniCap appreciates that a plan has no value if it cannot be implemented. We understand the constraints and obstacles facing development programs. As a result of our extensive experience, we can offer practical solutions that work.
*Village on the Waterfront, East Providence, RI ($17,694,000)
MuniCap is a public finance consulting firm that specializes in public-private partnerships for real estate development.
MuniCap has a high degree of expertise with creative funding solutions for public infrastructure and improvements necessary for development efforts to be successful.
MuniCap's expertise can help plans for catalytic changes in land use become a reality.
MuniCap offers a breadth of experience. We have assisted clients in excess of over 250 public funding *Mosaic, Fairfax, VA ($65,650,000) programs in over 30 states and the District of Columbia, keeping us at the forefront of the best practices employed by public-private partnerships across the country. MuniCap represents both the public and private sector. We understand the critical issues and constraints from both sides of the table.
MuniCap provides a customized approach based on the needs and constraints of the development program. We have understands the unique public policy issues and been involved in some of the most high-profile public-private MuniCap heightened scrutiny that accompany public funding partnerships in the country, and we have assisted with programs. MuniCap has been a leader in researching and programs on a much smaller scale that nonetheless served developing best practices in public policy. to invigorate the local development market.
MuniCap is one of the most experienced firms in the country in providing the services we offer.
MuniCap has made the commitment to meet the highest standards of best practices and is registered with the Municipal Securities Rulemaking Board (“MSRB”). As registered municipal advisors, MuniCap and its employees are subject to a strict set of rules and professional guidelines covering standards of service, conflict of interest disclosures, *Mosaic, Fairfax, VA ($65,650,000) and client relationships. These rules ensure a fiduciary responsibility to our client.
Services A successful public financing generally consists of five phases:
1.Recognizing an opportunity and developing a vision. Recognizing an opportunity and developing a vision is what our clients do best. MuniCap can provide assistance by helping our clients understand the realistic public incentives and financing options available to make the vision a reality.
*Downtown Columbia, Howard County, MD ($48,225,000)
2. Preparing a plan of finance. MuniCap assists in structuring financial plans that are both practical and realistic, while considering the four primary sets of constraints that must be addressed in developing a successful plan of finance: • Development project issues • Legal issues • Financial market issues • Public policy issues
3. Obtaining governmental approval. MuniCap is not a lobbying firm. MuniCap instead focuses on providing a plan of finance that makes sense for the local government agency, and then explaining the plan of finance thoughtfully, thoroughly, and carefully. MuniCap: • Provides our clients with well researched answers based on over 25 years of experience • Effectively communicates answers to local government officials, as well as the public and community at large
*Atlantic Station, Atlanta, GA ($85,380,000) Services, continued 4. Arranging the financing. MuniCap works as an integral part of the team that takes the bonds to market or arranges private financing. MuniCap knows the: • Options for structuring financing • Tradeoffs associated with different financial structures • Discipline required in presenting information to the financial markets • Research and analysis required to project revenues available to repay the debt
*Beltline, Atlanta, GA ($144,855,000)
5. Implementing the plan. MuniCap helps with the regulatory and reporting during plan implementation, allowing our clients to focus on making their vision a reality. Public financing requires a significant amount of transparency and reporting, in which MuniCap can help. Available services include:
• SEC compliance reporting • Special tax and special assessment calculations and budgeting • Tax increment revenue calculation and verification • Project monitoring and reporting • Annual budget preparation for special districts • Financial accounting for special districts • Requisition review • Audit file maintenance • IRS compliance monitoring
MuniCap currently provides these services for over 180 bond issues across the country.
MuniCap, Inc. Bond Issuance List
MuniCap's TIF and Special Tax/Special Assessment Bond Issues Date of State Par Value Issuance Berkeley County, South Carolina, Assessment Revenue Bonds, (Nexton Improvement District), Series 2019 SC $33,535,000 11/26/2019 Mayor and Council of Brunswick (City of Brunswick, Maryland) Special Obligation Refunding Bonds, (Brunswick Crossing Special Taxing District), Series 2019 MD $30,890,000 11/13/2019 Hickory Chase Community Authority Infrastructure Improvement Revenue Bonds, Senior Series (Hickory Chase Project), Series 2019A OH $24,820,000 10/30/2019 Hickory Chase Community Authority Infrastructure Improvement Revenue Bonds, Subordinate Series 2019B-1 (Hickory Chase Project), Series 2019B-1 OH $3,925,000 10/30/2019 Hickory Chase Community Authority Infrastructure Improvement Revenue Bonds (Federally Taxable), Subordinate Series 2019B-2 (Hickory Chase Project), Series 2019B-2 OH $2,015,000 10/30/2019 Public Finance Authority (Wisconsin), Tax Increment Finance Grant Revenue Bonds, (Statler Hilton & Dallas Central Library), Series 2019 WI $38,656,616 10/16/2019 Mayor and City Council of Baltimore (City of Baltimore, Maryland), Subordinate Special Obligation Revenue Bonds, (Harbor Point Project), Series 2019B MD $7,640,000 10/16/2019 Mayor and City Council of Baltimore (City of Baltimore, Maryland), Senior Special Obligation Refunding Revenue Bonds, (Harbor Point Project), Series 2019A MD $39,485,000 10/16/2019 City of Celina, Texas, Special Assessment Revenue Bonds, (Sutton Fields II Public Improvement District Neighborhood Areas #2-3 Project), Series 2019 TX $6,355,000 10/3/2019 City of Hyattsville, Maryland, General Obligation Public Improvement Bonds of 2019 MD $12,675,000 10/2/2019 City of Rock Hill, South Carolina, Riverwalk Municipal Improvement District Assessment Revenue Bond, (Assessment Part A), Series 2019 SC $5,215,000 9/27/2019 The County Commission of Harrison County, West Virginia Special District Excise Tax Revenue and Improvement Bonds, (Charles Point Economic Opportunity Development District), Series WV $36,500,000 8/16/2019 City of Mesquite, Texas (A Municipal Corporation of the State of Texas located in Dallas and Kaufman Counties), Special Assessment Revenue Bonds, (Polo Ridge Public Improvement Distric TX $7,040,000 7/17/2019 City of McClendon - Chisolm, Texas Special Assessment Revenue Bonds, (Sonoma Public Improvement District Phase 2 Project), Series 2019 TX $6,225,000 7/11/2019 Great Pond Improvement District, Connecticut Special Obligation Bonds, (Great Pond Phase 1 Project), Series 2019 CT $8,575,000 7/9/2019 Prince George's County, Maryland, Subordinate Special Obligation Bonds, (Hampton Park Project), Series 2019B MD $3,115,000 6/6/2019 Prince George's County, Maryland, MD Special Obligation Bonds, (Hampton Park Project), Series 2019A MD $11,100,000 6/6/2019 Prince George's County, Maryland, Special Obligation Bonds, (South Lake Project), Series 2019 MD $33,000,000 5/30/2019 City of Greenbelt, Maryland, Special Obligation Bonds, (Greenbelt Station Project), Series 2019 MD $6,367,159 4/11/2019 City of Anna, Texas (A Municipal Corporation of the State of Texas located in Collin County), Special Assessment Revenue Bonds, (Hurricane Creek Public Improvement District Major ImprovTX $3,535,000 3/28/2019 City of Anna, Texas (A Municipal Corporation of the State of Texas located in Collin County), Special Assessment Revenue Bonds, (Hurricane Creek Public Improvement District Improvement TX $7,375,000 3/28/2019 Port of Greater Cincinnati Development Authority, Cooperative Economic Development TIF Revenue Bonds (Summit Park Area Public Infrastructure Improvements) (Blue Ash Airport RedeveOH $8,340,000 2/28/2019 Maine Finance Authority of Maine, Limited Obligation Convertible Capital Appreciation Revenue Obligations (City of Westbrook Rock Row Center Project), Series 2019 ME $14,729,547 2/22/2019 Dorchester County, South Carolina, Summers Corner Improvement District Assessment Revenue Bonds, Series 2018 SC $17,105,000 12/28/2018 City of Detroit Downtown Development Authority, Tax Increment Revenue Refunding Bonds (Catalyst Development Project), Series 2018 MI $287,425,000 12/12/2018 City of Detroit Downtown Development Authority, Subordinate General Tax Increment Revenue Refunding Bonds (Development Area No. 1 Projects), Series 2018 MI $24,105,000 12/12/2018 City of Celina, Texas (A Municipal Corporation of the State of Texas located in Collin and Denton Counties), Special Assessment Revenue Bonds, (Glen Crossing Public Improvement District P TX $6,945,000 12/6/2018 City of Celina, Texas (A Municipal Corporation of the State of Texas located in Collin and Denton Counties), Special Assessment Revenue Bonds, (Glen Crossing Public Improvement District P TX $1,800,000 12/6/2018 Town of Little Elm, Texas (A Municipal Corporation of the State of Texas located in Denton County), Special Assessment Revenue Bonds (Hillstone Point Public Improvement District No. 2 Ph TX $4,688,000 12/5/2018 Prince George's County, Maryland, Maryland Special Obligation Bonds (Westphalia Town Center Project), Series 2018 MD $39,755,000 11/29/2018 Town of Millsboro, Delaware, Delaware Special Obligation Bonds (Plantation Lakes Special Development District), Series 2018 DE $39,685,000 11/28/2018 City of Aubrey, Texas (A Municipal Corporation of the State of Texas Located in Denton County), Special Assessment Revenue Bonds (Jackson Ridge Public Improvement District Phase #2 PrTX $9,425,000 11/9/2018 Metropolitan Development and Housing Agency (Nashville, Tennessee), Tax Increment Development Revenue Bonds (Fifth + Broadway Development Project), Series 2018 TN $25,000,000 11/9/2018 Town of Windsor, Connecticut, Bond Anticipation Note CT $8,000,000 10/24/2018 City of Sylacauga Improvement District, Alabama, Sales and Property Tax Revenue Bonds (Marble City Square Project), Series 2018 AL $3,910,000 10/23/2018 City of Fate, Texas, Special Assessment Revenue Bonds (Williamsburg Public Improvement District No. 1 Phase 1B2-1B3), Series 2018 TX $4,810,000 9/12/2018 City of Celina, Texas (A Municipal Corporation of the State of Texas located in Collin and Denton Counties), Special Assessment Revenue Bonds, (Creeks of Legacy Public Improvement Distri TX $6,875,000 9/6/2018 City of Celina, Texas (A Municipal Corporation of the State of Texas located in Collin and Denton Counties), Special Assessment Revenue Bonds, (Creeks of Legacy Public Improvement Distri TX $3,750,000 9/6/2018 Village of Gilberts Kane County, Illinois, Special Service Area Number Twenty-Four Optional Refunding Bonds (The Conservancy Project), Series 2018B IL $9,511,270 9/5/2018 Village of Gilberts Kane County, Illinois, Special Service Area Number Twenty-Five Special Tax Bonds (The Conservancy Project), Series 2018A IL $11,325,654 9/5/2018 City of Celina, Texas (A Municipal Corporation of the State of Texas located in Collin and Denton Counties), Special Assessment Revenue Bonds, (Cambridge Crossing Public Improvement Di TX $13,795,000 8/30/2018 City of Celina, Texas (A Municipal Corporation of the State of Texas located in Collin and Denton Counties), Special Assessment Revenue Bonds, (Cambridge Crossing Public Improvement Di TX $9,555,000 8/30/2018 Chester County Industrial Development Authority, Special Obligation Revenue Bonds (Woodlands at Greystone Project), Series 2018 PA $33,020,000 8/23/2018
A.1 MuniCap's TIF and Special Tax/Special Assessment Bond Issues Date of State Par Value Issuance Peninsula Town Center Community Development Authority, Virginia, Special Obligation Refunding Bonds, Series 2018 VA $77,880,000 8/15/2018 Port of Greater Cincinnati Development Authority Ohio, Special Obligation Development TIF Revenue Bonds (RBM Development Phase 2B Project), Series 2018A OH $18,260,000 7/31/2018 City of Forth Worth Texas, Special Assessment Revenue Bonds (Forth Worth Public Improvement District #17 (Rock Creek Ranch) Roadway Improvement Project), Series 2018 TX $5,155,000 6/22/2018 Anne Arundel County, Maryland Special Obligation Refunding Bonds (National Business Park-North Project), Series 2018 MD $25,855,000 6/7/2018 Anne Arundel County, Maryland Special Obligation Refunding Bonds (Village South at Waugh Chapel Project), Series 2018 MD $14,525,000 6/7/2018 City of Celina, Texas (A Municipal Corporation of the State of Texas Located in Collin and Denton Counties), Special Assessment Revenue Bonds (The Columns Public Improvement District), TX $6,470,000 5/4/2018 Prince George's County, Maryland, Town Center at Camp Springs (Allure Apollo Project), Special Obligation Developer Note Series 2018 MD $6,200,000 4/24/2018 City of Celina, Texas (A Municipal Corporation of the State of Texas Located in Collin and Denton Counties), Special Assessment Revenue Bonds (Chalk Hill Public Improvement District No. TX $4,325,000 4/12/2018 Town of Little Elm, Texas, Special Assessment Revenue Refunding and Improvement Bonds (Valencia Public Improvement District Major Improvement Area Project), Current Interest Bonds S TX $6,606,995 3/15/2018 Town of Little Elm, Texas, Special Assessment Revenue Refunding and Improvement Bonds (Valencia Public Improvement District Improvement Area #2 Project), Current Interest Bonds Serie TX $12,537,929 3/15/2018 Town of Little Elm, Texas, Special Assessment Revenue Refunding and Improvement Bonds (Valencia Public Improvement District Phase #1 Project), Series 2018 TX $6,929,998 3/15/2018 Redevelopment Authority of the County of Washington Redevelopment Refunding Bonds (Victory Centre Tax Increment Financing Project), Series 2018 PA $20,275,000 3/14/2018 Village of Montgomery, Illinois, Special Assessment Improvement Refunding Bonds (Lakewood Creek Project), Series 2018 IL $8,650,000 2/6/2018 Town of Little Elm, Texas, Special Assessment Revenue Bonds (Lakeside Estates Public Improvement District No. 2 Project), Series 2017 TX $4,700,000 12/28/2017 City of Hackberry, Texas, Special Assessment Revenue Bonds (Rivendale by the Lake Public Improvement District No. 2 Phases 4-6 Project), Series 2017 TX $9,200,000 12/22/2017 Harbor Point Infrastructure Improvement District Special Obligation Revenue Refunding Bonds (Harbor Point Project), Series 2017 CT $145,805,000 12/22/2017 City of Atlanta, Georgia, Tax Allocation Refunding Bonds (Atlantic Station Project), Series 2017 GA $85,380,000 12/21/2017 Memphis-Shelby Cnty, Tenn, Indl Dev Brd Economic Dev Growth Engine Tax Increment Rev Taxable (Graceland Project), Sub-Ser TN $5,005,000 11/14/2017 Economic Development Growth Engine Industrial Development Board of the City of Memphis and County of Shelby, Tennessee Senior Tax Increment Revenue Bonds (Graceland Project), Seri TN $24,375,000 11/14/2017 Economic Development Growth Engine Industrial Development Board of the City of Memphis and County of Shelby, Tennessee Senior Tax Increment Revenue Bonds (Graceland Project), Seri TN $24,430,000 11/14/2017 Economic Development Growth Engine Industrial Development Board of the City of Memphis and County of Shelby, Tennessee Senior Tax Increment Revenue Bonds (Graceland Project), Seri TN $40,490,000 11/14/2017 Town of Little Elm, Texas, (A Municipal Corporation of the State of Texas Located in Denton County), Special Assessment Revenue Bonds (Hillstone Pointe Public Improvement District No. 2 TX $6,000,000 11/10/2017 City of Aubrey, Texas (A Municipal Corporation of the State of Texas Located in Denton County), Special Assessment Revenue Bonds (Winn Ridge South Public Improvement District Project) TX $8,000,000 11/8/2017 Howard County, Maryland, Special Obligation Bonds (Downtown Columbia Project), Series 2017A MD $48,225,000 10/19/2017 Village of Huntley, Illinois, Special Service Area Number Ten Special Tax Refunding Bonds, Series 2017 IL $5,500,000 10/18/2017 Village of Huntley, Illinois, Special Service Area Number Nine Special Tax Refunding Bonds, Series 2017 IL $9,335,000 10/18/2017 Village of Huntley, Illinois, Special Service Area Number Eight Special Tax Refunding Bonds, Series 2017 IL $3,820,000 10/18/2017 Village of Huntley, Illinois, Special Service Area Number Seven Special Tax Refunding Bonds, Series 2017 IL $2,820,000 10/18/2017 Village of Huntley, Illinois, Special Service Area Number Six Special Tax Refunding Bonds, Series 2017 IL $2,690,000 10/18/2017 The County Commission of Monongalia County, West Virginia, Special District Excise Tax Revenue, Refunding, and Improvement Bonds (University Town Centre Economic Opportunity DeveWV $76,360,000 10/12/2017 South Carolina-Jobs Economic Development Authority (B&C Multi-County Business Park Project), 2017A Senior Lien Refunding Revenue Bonds SC $28,030,000 10/5/2017 South Carolina-Jobs Economic Development Authority (B&C Multi-County Business Park Project), 2017B Junior Lien Refunding Revenue Bonds SC $3,155,000 10/5/2017 City of Hackberry, Texas, Special Assessment Revenue Refunding and Improvement Bonds (Hackberry Public Improvement District No. 3 Phases #13-16 Project), Series 2017 TX $8,522,256 9/26/2017 City of Rowlett, Texas, Special Assessment Revenue Bonds (Bayside Public Improvement District South Improvement Area Project), Series 2017 TX $36,450,000 9/18/2017 City of Fort Worth, Texas, Special Assessment Revenue Bonds, Fort Worth Public Improvement District No. 17 (Rock Creek Ranch) Major Improvement Project, Series 2017 TX $12,685,000 9/14/2017 Public Finance Authority Senior LRA Revenue Bonds (GT) (Belmar Reimbursement Obligations), Series 2017A (Pre-2029) CO $61,670,000 9/12/2017 City of Hackberry, Texas, Combination Special Assessment and Contract Revenue Utility Refunding Bonds (Hackberry Hidden Cove Public Improvement District No. 2 Project), Series 2017 TX $9,908,811 8/7/2017 City of Hackberry, Texas, Combination Special Assessment and Contract Revenue Road Refunding Bonds (Hackberry Hidden Cove Public Improvement District No. 2 Project), Series 2017 TX $6,884,975 8/7/2017 Maryland Economic Development Corporation Special Obligation Bonds (Metro Centre at Owings Mills), Series 2017 MD $32,345,000 6/22/2017 Assembly Community Improvement District Assessment Bonds (Assembly District Project), Series 2017A GA $53,005,000 6/20/2017 Public Finance Authority Contract Revenue Bonds (Mercer Crossing Public Improvement District Project), Series 2017 TX $41,745,000 6/20/2017 Mayor and City Council of Baltimore Special Obligation Refunding Bonds (East Baltimore Research Park Project), Series 2017B (Taxable) MD $4,720,000 6/8/2017
A.2 MuniCap's TIF and Special Tax/Special Assessment Bond Issues Date of State Par Value Issuance Mayor and City Council of Baltimore Special Obligation Refunding Bonds (East Baltimore Research Park Project), Series 2017A MD $42,965,000 6/8/2017 Lorain County Port Authority, Tax Increment Revenue Bonds (City of North Ridgeville - Riddell Public Improvement Project), Series 2017 OH $5,040,000 6/7/2017 Public Finance Authority Contract Revenue Bonds (Prairie Oaks Development Phase #1 Projects), Series 2017 TX $8,800,000 5/31/2017 Public Finance Authority Contract Revenue Bonds (Prairie Oaks Development Major Improvement Projects), Series 2017 TX $5,725,000 5/31/2017 North Augusta Public Facilities Corporation, Installment Purchase Revenue Bonds (City of North Augusta Project), Taxable Series 2017B SC $69,450,000 5/16/2017 Cleveland-Cuyahoga Port Authority Development Revenue Bonds (Pinecrest Public Improvement Project), Series 2017 OH $48,910,000 3/23/2017 Town of Cortland, DeKalb County, Illinois, Special Service Area Number 1 Special Tax Refunding Bonds, Series 2017 IL $4,890,000 3/16/2017 Town of Johnston, Rhode Island, Special Obligation Tax Increment Bonds (Johnston Town Center Project), Series 2017 RI $1,400,000 2/15/2017 City of Celina, Texas, Special Assessment Revenue Bonds (Ownsby Farms Public Improvement District Phase #2 Project), Series 2017 TX $1,765,000 1/31/2017 City of Celina, Texas, Special Assessment Revenue Bonds (Ownsby Farms Public Improvement District Phase #1 Project), Series 2017 TX $4,465,000 1/31/2017 Baltimore (City of), Maryland, Mayor and City Council Special Obligation Bonds (Centerwest Development), Series B (MD) MD $2,303,000 1/19/2017 Baltimore (City of), Maryland, Mayor and City Council Special Obligation Bonds (Centerwest Development), Series A (MD) MD $9,697,000 1/19/2017 Regency Square Mall, Henrico County, Reimbursement Agreement VA $6,000,000 2017 City of East Providence, Rhode Island, Special Obligation Tax Increment Bonds (Kettle Point Project), Series 2017 RI $10,600,000 1/5/2017 City of Atlanta, Georgia, Tax Allocation Bonds (BeltLine Project), Series 2016 GA $144,855,000 12/29/2016 Hyattsville, Maryland, Special Obligation Refunding Bonds (University Town Center Project), Series 2016 MD $16,940,000 12/20/2016 Lancaster County, South Carolina, Sun City Carolina Lakes Improvement District, Assessment Current Refunding Revenue Bonds, Series 2016 SC $14,113,000 12/8/2016 Mayor and City Council of Baltimore (City of Baltimore, Maryland), Special Obligation Refunding Bonds (Harbor Point Project), Series 2016 MD $38,590,000 12/5/2016 Ballston Quarter Community Development Authority (Arlington County, Virginia) Revenue Bonds, Series 2016A VA $44,160,000 12/1/2016 Ballston Quarter Community Development Authority (Arlington County, Virginia) Revenue Bonds, Series 2016B (Taxable) VA $15,710,000 12/1/2016 The Industrial Development Board of the City of Bristol, Tennessee, Tax Increment Revenue Bonds (Pinnacle Project), Series 2016 TN $30,020,000 11/30/2016 Glen Cove Local Economic Assistance Corporation (Garvies Point Public Infrastructure Project) Revenue Bonds, Series 2016 NY $124,562,833 11/22/2016 City of Celina, Texas, Special Assessment Revenue Bonds (Glen Crossing Public Improvement District Phase #1 Project), Series 2016 TX $3,550,000 8/10/2016 Mayor and City Council of Baltimore Special Obligation Bonds (Harbor Point Project), Series 2016A MD $36,720,333 7/28/2016 City of Laurel, Maryland (Anderson's Corner Project) Tax Increment Financing Special Obligation Note, Series 2016 MD $3,975,000 6/30/2016 The Sullivan County Infrastructure Local Development Corporation Revenue Bonds (Adelaar Project), Series 2016 NY $110,075,000 6/16/2016 Club Municipal Management District No. 1, Special Assessment Revenue Bonds (Improvement Area #1 Project), Series 2016 TX $9,255,000 5/24/2016 The Pennsylvania Infrastructure Bank (PIB) Loan (West Hills Business Center Project) PA $6,100,000 5/20/2016 City of Atlanta, Georgia Tax Allocation Refunding Bonds - Eastside Project GA $30,555,000 5/19/2016 Port of Greater Cincinnati Development Authority, Taxable Special Obligation TIF Revenue Refunding Bonds, Kenwood Collection Redevelopment OH $15,915,000 5/12/2016 City of Atlanta, Georgia (Princeton Lakes), Commercial Bank Loan GA $10,775,000 4/14/2016 Revenue Authority of Prince George's County, Maryland Special Obligation Bonds (Suitland-Naylor Road Project) Series 2016 MD $28,000,000 3/31/2016 City of Celina, Texas, Special Assessment Revenue Bonds (Wells North Public Improvement District Neighborhood Improvement Area #1 Project), Series 2016 TX $6,425,000 3/29/2016 City of Rowlett, Texas, Special Assessment Revenue Bonds, Series 2016 (Bayside Public Improvement District North Improvement Area Project) TX $13,515,000 3/15/2016 Industrial Development Board of the Metropolitan Government of Nashville and Davidson County (Tennessee) Tax Increment Bonds (Bellevue Mall Project) Series 2015 TN $21,935,000 12/31/2015 City of Celina, Texas, Special Assessment Revenue Bonds (Wells South Public Improvement District Neighborhood Improvement Area #1 Project), Series 2015 TX $5,790,000 12/22/2015 Mayor and City Council of Baltimore, Special Obligation Bonds (Taxable) (East Baltimore Research Park Project) Series 2008C-1 (Remarketing) MD $10,680,000 11/5/2015 Embrey Mill Community Development Authority (Stafford County, Virginia) Special Assessment Revenue Bonds, Series 2015 VA $17,200,000 11/4/2015 Plaza at Noah's Ark Community Improvement District Tax Increment and Improvement District Revenue Bonds, Series 2015 MO $18,895,000 11/1/2015 City of East Point, Georgia, Tax Allocation Refunding Bonds (Camp Creek TAD Project), Series 2015 GA $13,925,000 10/14/2015 Town of Riverdale Park Special Obligation Bond (Calvert Tract Project), Series 2015 MD $3,815,394 9/17/2015 Prince George's County (Maryland) Special Obligation Developer Note (Calvert Tract Project), Series 2015 MD $3,000,000 9/17/2015
A.3 MuniCap's TIF and Special Tax/Special Assessment Bond Issues Date of State Par Value Issuance District of Columbia (Washington D.C.) Southwest Waterfront Project Revenue Bonds (The Wharf Project) Series 2015 DC $145,000,000 9/3/2015 The County Commission of Harrison County, Senior Tax Increment Refunding Revenue Bonds, Series 2015A (Harrison County Development District No. 3) WV $15,575,000 9/3/2015 The County Commission of Harrison County, Subordinate Tax Increment Refunding Revenue Bonds, Series 2015B (Harrison County Development District No. 3) WV $8,785,000 9/3/2015 City of Hackberry, Texas Special Assessment Revenue Bonds, Series 2015 ( Rivendale by the Lake Public Improvement District No. 1) TX $3,200,000 8/25/2015 Pinnacle Community Infrastructure Financing Authority (Grove City, Ohio), Community Facility Bonds Series 2015A (OH) OH $13,660,000 7/22/2015 Cherry Hill Community Development Authority (Prince William County, Virginia) Special Assessment Bonds (Potomac Shores Project) Series 2015 VA $30,000,000 6/23/2015 Tuxedo Farms Local Development Corporation Revenue Bonds (Tuxedo Farms Project) Series 2015 NY $30,000,000 6/17/2015 Mayor and City Council of Baltimore (City of Baltimore Maryland) Consolidated Special Obligation Refunding Bonds (Tax Increment Financing Projects) MD $20,195,000 6/11/2015 The County Commission of Harrison County, WV Special District Senior Excise Tax Revenue Bonds, Series 2015A (Charles Point Economic Opportunity Development District) WV $4,500,000 5/3/2015 The County Commission of Harrison County, WV Special District Subordinate Excise Tax Revenue Bonds, Series 2015B (Charles Point Economic Opportunity Development District) WV $3,230,000 5/3/2015 City of McClendon - Chisolm, Texas Special Assessment Revenue Bonds, Series 2015 (Sonoma Public Improvement District Phase 1 Project) TX $7,600,000 4/30/2015 Lower Magnolia Green Community Development Authority (Chesterfield County), Series 2015 Special Assessment Bonds VA $28,070,000 4/9/2015 City of Waxahachie, Texas Special Assessment Revenue Bonds, Series 2015 (North Grove Public Improvement District Improvement Area #1 Project) TX $6,675,000 3/1/2015 Town of Westlake, Texas Special Assessment Revenue Bonds, Series 2015 (Solana Public Improvement District) TX $26,175,000 2/5/2015 City of Celina, Texas, Special Assessment Revenue Bonds, Series 2015 (The Lakes at Mustang Ranch Public Improvement District Phases #2-9 Project) TX $13,150,000 1/29/2015 City of Celina, Texas, Special Assessment Revenue Bonds, Series 2015 (The Lakes at Mustang Ranch Public Improvement District Phase 1 Project) TX $9,000,000 1/29/2015 City of Aubrey, Texas, Special Assessment Revenue Bonds, Series 2015 (Jackson Ridge Public Improvement District Phase #2-3 Major Improvement District) TX $10,255,000 12/8/2015 City of Aubrey, Texas, Special Assessment Revenue Bonds, Series 2015 (Jackson Ridge Public Improvement District Phase #1 Project) TX $13,460,000 12/8/2015 Michigan Strategic Fund Limited Obligation Revenue Bonds, Series 2014A (Events Center Project) MI $250,000,000 12/3/2014 Frederick County, Maryland, Special Tax A Limited Obligation Bonds (Oakdale-Lake Linganore Project) Series 2014A (Taxable) MD $15,750,000 11/14/2014 Frederick County, Maryland, Tax Increment and Special Tax B Limited Obligation Bonds (Oakdale-Lake Linganore Project) Series 2014B (Taxable) MD $7,750,000 11/14/2014 Anne Arundel County, Maryland, Special Taxing District Bonds (The Villages at Two Rivers Project) Series 2014 MD $30,000,000 9/4/2014 Anne Arundel County, Maryland, Special Obligation Bonds (Arundel Gateway Project) Series 2014 (Taxable) MD $22,500,000 8/8/2014 City of Hackberry (Texas) Special Assessment Revenue Bonds (Hackberry Public Improvement District No. 3 Phase #13 Project) Series 2014 TX $2,450,000 7/29/2014 City of Hackberry (Texas) Special Assessment Revenue Bonds (Hackberry Public Improvement District No. 3 Phases #14-16 Project) Series 2014 TX $2,400,000 7/29/2014 City of Celina, Texas, Special Assessment Revenue Bonds (Creeks of Legacy Public Improvement District Phase #1 Project) Series 2014 TX $8,750,000 7/1/2014 City of Celina, Texas, Special Assessment Revenue Bonds (Creeks of Legacy Public Improvement District Phases #2-3 Major Improvement Project) Series 2014 TX $6,575,000 7/1/2014 Prince George's County Town Center at Camp Springs Special Obligation 2014A Developer Note, Series 2014A MD $4,900,000 6/30/2014 Town of Flower Mound, Texas, Special Assessment Revenue Bonds (River Walk Public Improvement District No. 1) Series 2014 TX $16,000,000 5/29/2014 City of Fate, Texas, Special Assessment Revenue Bonds (Williamsburg Public Improvement District No. 1 Phase 1A) Series 2014 TX $4,625,000 4/30/2014 City of Fate, Texas, Special Assessment Revenue Bonds (Williamsburg Public Improvement District No. 1 Phase 1B) Series 2014 TX $2,250,000 4/30/2014 City of Fate, Texas, Special Assessment Revenue Bonds (Williamsburg Public Improvement District No. 1 Phase 1C) Series 2014 TX $1,200,000 4/30/2014 Maryland Economic Development Corporation Special Obligation Bonds (Metro Centre at Owings Mills) Series 2014 (Taxable) MD $33,050,000 4/30/2014 Monroe County Industrial Development Authority Special Obligation Revenue Bonds (Tobyhanna Township Project) Series 2014 PA $24,040,000 4/24/2014 Mayor and City Council of Baltimore, Special Obligation Bonds (Harbor Point Project) Series 2014 MD $26,000,000 3/6/2014 Howard County, Maryland Special Obligation Bonds (Annapolis Junction Town Center Project) Series 2014 MD $17,000,000 3/11/2014 Town of Little Elm, Texas, Special Assessment Revenue Bonds (Valencia Public Improvement District Phase #1 Project) Series 2014 TX $4,000,000 2/27/2014 Town of Little Elm, Texas, Special Assessment Revenue Bonds (Valencia Public Improvement District Phases #2-5 Major Improvement Project) Series 2014 TX $12,240,000 2/27/2014 City of Atlanta, Georgia Tax Allocation Bonds (Perry Bolton Project) Series 2014 GA $21,000,000 2/18/2014 Lehigh County Industrial Development Authority Special Obligation Revenue Bonds (West Hills Business Center Project) Series 2014 PA $5,880,000 1/27/2014 Mayor and City Council of Laurel (Maryland) Tax Increment Financing Special Obligation Bonds (Town Centre at Laurel Project) Series 2013 (Taxable) MD $9,297,000 12/20/2013 Northampton County Industrial Development Authority Tax Increment Financing Revenue Bonds (Route 33 Project) Series of 2013 PA $24,040,000 11/21/2013
A.4 MuniCap's TIF and Special Tax/Special Assessment Bond Issues Date of State Par Value Issuance City of Lavon, Texas, Special Assessment Revenue Bonds (Heritage Public Improvement District No. 1 (Residential)) Series 2013 TX $8,065,000 10/30/2013 City of Annapolis, General Obligation Refunding Revenue Bonds (Park Place Project) Series 2013A, Series 2013B, and Series 2013C (Taxable) MD $20,035,000 10/16/2013 City of Norwood, Ohio, Special Obligation Development Revenue Bonds Series 2013 (University Station Project) OH $7,050,000 9/16/2013 Frederick County, Maryland, Tax Increment and Special Tax B Limited Obligation Bonds (Jefferson Technology Park Project) Series 2013B MD $33,360,000 8/6/2013 Frederick County, Maryland, Special Tax A Limited Obligation Bonds (Jefferson Technology Park Project) Series 2013A MD $6,640,000 8/6/2013 Embrey Mill Community Development Authority (Stafford County, Virginia) Special Assessment Revenue Bonds VA $21,000,000 7/24/2013 City of Asbury Park, New Jersey, Redevelopment Area Bonds (Waterfront Redevelopment Area Infrastructure Project) NJ $1,055,000 7/19/2013 Anne Arundel County, Maryland, Special Obligation Bonds (The Preserve at Two Rivers Project) MD $2,000,000 5/30/2013 Anne Arundel County, Maryland, Consolidated Special Taxing District Refunding Bonds (The Villages of Dorchester and Farmington Village Projects) MD $18,165,000 4/9/2013 South Peak Community Development Authority (Roanoke County, Virginia) Special Assessment Revenue Note VA $7,000,000 12/21/2012 Virginia Gateway Community Development Authority (Prince William County, Virginia) Special Assessment Refunding Bonds VA $11,740,000 12/20/2012 Dulles Town Center Community Development Authority (Loudoun County, Virginia) Special Assessment Refunding Bonds - Dulles Town Center Project VA $29,480,000 12/20/2012 City of Williamsburg, Virginia, Quarterpath Community Development Authority Special Assessment Revenue Bonds VA $15,000,000 11/22/2011 Town of Johnston, Rhode Island, Johnston Town Center Special Obligation Tax Increment Bonds RI $8,400,000 11/4/2011 Fairfax County, Virginia, Mosaic District Community Development Authority Revenue Bonds VA $65,650,000 6/9/2011 Harford County, Maryland Special Obligation Bonds (Beechtree Estates Project) MD $14,000,000 3/28/2011 City of Waxahachie, Texas Special Assessment Bonds TX $1,340,000 1/20/2011 City of East Providence, Rhode Island Special Obligation Tax Increment Bonds (Village on the Waterfront Project) RI $17,694,000 11/30/2010 Anne Arundel County, Maryland Special Obligation Bonds - Village South at Waugh Chapel Project MD $16,000,000 11/17/2010 Lansing, Ingham County, Michigan Downtown Development Bonds (Eastwood Phase II Project) MI $22,000,000 11/12/2010 Frederick County, Maryland Special Obligation Bonds and Subordinate Obligation Bonds - Urbana Development Authority MD $97,695,000 9/23/2010 Development Authority of Rabun County, Georgia (Rabun County Business Park Project) GA $15,975,000 9/8/2010 Village of Johnsburg, Special Service Area Number 27 Special Tax Bonds IL $630,000 8/19/2010 South Shore Tri-Town Corporation Infrastructure Development Revenue Bonds MA $15,275,000 8/12/2010 Anne Arundel County, Maryland Special Obligation Bonds (National Business Park - North Project) MD $30,000,000 8/10/2010 City of Stamford (Connecticut) Special Revenue Bonds and Special Obligation Revenue Bonds - Harbor Point Infrastructure Impr. District CT $145,000,000 2/4/2010 Town of LaPlata Water Quality Bond - American Recovery and Reinvestment Act - (Heritage Green Project) MD $3,751,600 12/23/2009 City of Atlanta, Georgia Tax Allocation Bonds (Beltline Project) GA $78,120,000 12/2/2009 City of Bayonne Redevelopment Agency - Special Obligation PILOT Revenue Bonds - Bayonne Crossing Project NJ $18,726,295 12/1/2009 East San Luis Community Facilities District Special Assessment Lien Refunding Bonds - Assessment Area Two AZ $4,512,000 11/30/2009 City of Rock Hill, South Carolina Tax Increment Financing Revenue Bonds SC $10,500,000 10/20/2009 Berkeley County, South Carolina Special Assessment Borrowing SC $6,401,000 10/20/2009 City of Hackberry (Texas) Special Assessment and Contract Revenue Road Bonds - Hackberry Hidden Cove Impr. Dist. No. 2 Project TX $6,020,000 10/1/2009 County of Greene, Ohio - Greene Town Center Improvement Revenue Bonds OH $6,260,000 9/15/2009 Village of Huntley McHenry and Kane Counties, Illinois Tax Increment Allocation Revenue Refunding Bonds - Huntley Redev. Project IL $14,300,000 5/20/2009 Mayor and City Council of Baltimore Private Placement Bonds - East Baltimore Research Park Project MD $23,595,000 2/1/2009 Prince George's County, Maryland Taxable Special Obligation Bonds - National Harbor Project MD $35,000,000 1/27/2009 City of Atlanta, Georgia Subordinate Lien Tax Allocation Variable Rate Bonds (Westside Project), Series 2008 GA $63,760,000 12/10/2008 Escondido Public Improvement District City of Horseshoe Bay, Texas Special Assessment Revenue Bonds TX $5,475,000 9/30/2008 Redevelopment Authority of the County of Fayette, PA Redevelopment Bonds - Fayette Crossing Project PA $5,585,000 9/23/2008 County of Buncombe, North Carolina Project Development Financing Revenue Bonds - Woodfin Downtown Corridor Development NC $12,960,000 8/19/2008 Mayor and City Council of Baltimore Special Obligation Bonds - East Baltimore Research Park Project MD $54,705,000 5/22/2008
A.5 MuniCap's TIF and Special Tax/Special Assessment Bond Issues Date of State Par Value Issuance Vintage Township Public Facilities Corporation Special Revenue Bonds - Vintage Township Public Impr. District Project TX $3,472,000 5/13/2008 Hickory Chase Community Authority Infrastructure Improvement Revenue Bonds - Hickory Chase Project OH $25,760,000 4/29/2008 City of Hardeeville, South Carolina - Anderson Tract Municipal Improvement District SC $15,470,000 4/10/2008 Prince George's County, Maryland Taxable Subordinate Special Obligation Bonds - National Harbor Convention Project MD $50,000,000 4/2/2008 The County of Commission of Harrison County, WV Tax Increment Revenue Bonds - Charles Pointe Project No. 2 WV $33,585,000 3/5/2008 The Village at Gulfstream Park Community Development District City of Hallandale Beach, FL Special Assessment Revenue Bonds FL $60,285,000 1/31/2008 Mayor and City Council of Baltimore, Special Obligation Bonds (Taxable), (Mondawmin Mall Project) Series 2008B MD $200,000 01/31/208 Mayor and City Council of Baltimore, Special Obligation Bonds (Taxable), (Mondawmin Mall Project) Series 2008A MD $12,000,000 1/31/2008 Port of Greater Cincinnati Development Authority Special Obligation Dev. Revenue Bonds - Sycamore Township Kenwood Public Parking Project OH $20,430,000 1/28/2008 City of Charleston, South Carolina Tax Increment Bonds - Charleston Neck Redevelopment Project Area SC $10,000,000 12/28/2007 Town of Trophy Club Public Improvement District No.1 Special Assessment Revenue Bonds - The Highlands at Trophy Club Project TX $27,500,000 12/20/2007 East San Luis Community Facilities District Special Assessment Lien Bonds - Assessment Area One AZ $16,435,000 12/18/2007 The Marquis Community Development Authority (Virginia) Revenue Bonds VA $32,860,000 11/30/2007 Lancaster County, South Carolina Edgewater II Improvement District Assessment Revenue Bonds SC $28,880,000 11/19/2007 Watkins Centre Community Development Authority (Virginia) Revenue Bonds VA $20,000,000 11/6/2007 Lewistown Commerce Center Community Development Authority (Virginia) Revenue Bonds VA $37,675,000 10/23/2007 The Shops at White Oak Village Development Authority (Virginia) Special Assessment Revenue Bonds VA $23,870,000 10/17/2007 The City of Morgantown Tax Increment Revenue Bonds - Falling Run Project No. 1 WV $3,000,000 10/5/2007 Frederick County, Maryland Special Obligation Bonds - Villages of Lake Linganore Community Development Authority MD $6,346,142 9/20/2007 Peninsula Town Center Community Development Authority Special Obligation Bonds VA $92,850,000 9/6/2007 Russell 150 CDA Community Development Authority (Virginia) Special Assessment Bonds VA $21,155,000 7/30/2007 Village of Huntley McHenry and Kane Counties, Illinois Special Service Area Number Six Special Tax Refunding Bonds IL $4,460,000 6/28/2007 Village of Huntley McHenry and Kane Counties, Illinois Special Service Area Number Seven Special Tax Refunding Bonds IL $3,990,000 6/28/2007 Village of Huntley McHenry and Kane Counties, Illinois Special Service Area Number Eight Special Tax Refunding Bonds IL $4,905,000 6/28/2007 Village of Huntley McHenry and Kane Counties, Illinois Special Service Area Number Nine Special Tax Refunding Bonds IL $12,500,000 6/28/2007 Village of Huntley McHenry and Kane Counties, Illinois Special Service Area Number Ten Special Tax Refunding Bonds IL $7,040,000 6/28/2007 Reynolds Crossings Community Development Authority (Virginia) Special Assessment Revenue Bonds - Reynolds Crossing Project VA $14,594,000 6/19/2007 Town of Millsboro, Delaware Special Obligation Bonds - Plantation Lakes Special Development District DE $17,849,000 6/12/2007 H2O Community Development Authority Special Assessment Bonds VA $9,440,000 5/16/2007 Park Center Community Development Authority (Virginia) Special Assessment Revenue Bonds VA $12,350,000 5/14/2007 City of Salisbury (Maryland) Special Obligation Bonds - The Villages at Aydelotte Farm Project MD $9,775,000 4/16/2007 Town of Cortland, DeKalb County, Illinois Special Service Area Number 1 Special Tax Refunding Bonds, Series 2007 IL $5,730,000 4/10/2007 Village of Salisbury Lake Special Obligation Bonds - Village at Salisbury Lake Project MD $15,000,000 4/1/2007 South Carolina Jobs-Economic Development Authority - Burroughs & Chapin Multi-County Business Park Project SC $19,210,000 2/2/2007 Mount Joy Township, Pennsylvania Neighborhood Improvement District Bonds (The Links at Gettysburg Project) PA $712,000 1/30/2007 Village of Montgomery Kane and Kendall Counties, Illinois Special Assessment Improvement Ref. Bonds - Lakewood Creek Project IL $14,270,000 1/4/2007 Village of Hampshire Kane County, Illinois Special Service Area Number 9 Special Tax Refunding Bonds IL $2,890,000 12/28/2006 Village of Hawthorn Woods, Lake County, Illinois Special Service Area Number Four Special Tax Bonds IL $3,950,000 12/28/2006 Redevelopment Authority of the County of Washington Redevelopment Bonds -Victory Centre Project - Tanger Outlet Development PA $23,585,000 12/21/2006 City of Morgantown (West Virginia) Tax Increment Revenue Bonds (Parking Garage Project No. 1) WV $6,180,000 12/14/2006 City of Overland Park, Kansas Transportation Development Authority Special Assessment. Bonds - Tallgrass Creek Project KS $14,950,000 12/12/2006 Prince George's County Maryland Special Obligation Refunding Bonds - Woodview Village Phase II Infrastructure Improvements MD $8,205,000 11/20/2006
A.6 MuniCap's TIF and Special Tax/Special Assessment Bond Issues Date of State Par Value Issuance Prince George's County Maryland Special Obligation Reoffering Bonds - Woodview Village Infrastructure Improvement MD $7,450,000 10/25/2006 Port of Greater Cincinnati Dev. Authority Special Obligation Development Revenue Bonds - Pictoria Corp. Center Development & Springdale Project OH $10,000,000 10/25/2006 City of Myrtle Beach, South Carolina Tax Increment Bonds - Myrtle Beach Air Force Bas Redevelopment Project Area SC $30,795,000 10/19/2006 City of Brunswick, Maryland Special Obligation Bonds - Brunswick Crossing Special Taxing District MD $36,310,000 9/22/2006 The Farms of New Kent Community Development Authority VA $85,666,000 9/19/2006 Village of Malta, Dekalb County, Illinois, Tax Increment Revenue Bonds, Series 2006 (Prairie Springs Project) IL $6,250,000 9/13/2006 City of Peoria, Illinois Special Tax Refunding Bonds - Weaverridge Special Service Area IL $4,575,000 8/8/2006 Village of Cary, McHenry, Illinois Special Service Area Number One Refunding IL $8,945,000 7/20/2006 Village of Cary, McHenry, Illinois Special Service Area Number Two Refunding IL $11,595,000 7/20/2006 Village of Lakemoor McHenry and Lake Counties, Illinois Special Service Area Number 97-1 Special Tax Refunding Bonds IL $9,000,000 6/28/2006 Celebrate Virginia South CDA Special Assessment Revenue Bonds - Celebrate Virginia South Project VA $25,000,000 6/21/2006 The County of DuPage, Illinois Special Service Area Number 31 Special Tax Bonds - Monarch Landing Project IL $15,000,000 6/15/2006 Lancaster County, South Carolina Edenmoor Improvement District Assessment Revenue Bonds SC $35,615,000 6/15/2006 Newport Community Development Authority Special Assessment Bonds VA $16,240,000 5/24/2006 Village of Harwood Heights, Illinois Special Tax Bonds IL $3,000,000 5/15/2006 Town of Cortland DeKalb County, Illinois Special Tax Revenue Bonds - Sheaffer System Project IL $23,845,000 5/5/2006 City of Atlanta, Georgia Tax Allocation Bonds -Princeton Lakes Project GA $21,000,000 3/15/2006 Lancaster County, South Carolina Special Source Revenue Bonds - Bailes Ridge Project SC $2,973,658 3/3/2006 Lancaster County, Sun City South Carolina Lakes Improvement District SC $20,000,000 3/2/2006 City of Portage, Indiana Special Improvement District - Marina Shores Project IN $7,620,000 11/2/2005 City of Wheeling (West Virginia) Tax Increment Revenue Bonds - Stone Building Renovation Project WV $4,115,000 9/22/2005 Prince George's County, Maryland Special Tax District Bonds - Victoria Falls Project MD $12,000,000 9/8/2005 Mayor and City Council of Baltimore Special Obligation Bonds - North Locust Point Project MD $2,977,000 8/25/2005 City of Atlanta, Georgia Tax Allocation Bonds - Eastside Project GA $47,480,000 8/2/2005 Town of Bridgeville, Delaware Special Obligation Bonds - Heritage Shores Special Development District DE $28,447,000 7/28/2005 Prince George's County, Maryland Taxable Special Obligation Bonds - National Harbor Convention Project MD $95,000,000 5/11/2005 City of Annapolis, Maryland Special Obligation Bonds - Park Place Project MD $25,000,000 2/18/2005 Mount Joy Township, Pennsylvania Neighborhood Improvement District Bonds - The Links at Gettysburg Project PA $574,000 1/28/2005 Redevelopment Authority of Allegheny County, Redevelopment Bonds - Pittsburgh Mills Project PA $50,000,000 12/15/2004 Village of Lincolnshire, Illinois Special Service Area Number 1 Special Tax Bonds - Sedgebrook Project IL $15,000,000 11/16/2004 Cleveland-Cuyahoga County Port Authority Development Revenue Bonds - City of Garfield Heights Project OH $8,850,000 9/30/2004 Prince George's County (Maryland) Special Obligation Bonds - National Harbor Project MD $65,000,000 9/21/2004 City of Hyattsville, Maryland Special Obligation Bonds - University Town Center MD $18,000,000 8/24/2004 Pinnacle Community Infrastructure Financing Authority (Grove City, Ohio) Community Facility Bonds OH $14,815,000 8/10/2004 Anne Arundel County, Maryland Special Obligation Refunding Bonds - National Business Project MD $15,655,000 5/11/2004 Anne Arundel County, Maryland Special Obligation Refunding Bonds - Arundel Mills Project MD $30,350,000 5/11/2004 Frederick County, Maryland Special Obligation Bonds (Urbana Community Development Authority) MD $32,974,000 4/22/2004 Mayor and City Council of Baltimore (City of Baltimore Maryland) Special Obligation Bonds - Clipper Mill Project MD $7,877,000 4/14/2004 Richland County, South Carolina Village at Sandhill Improvement District Assessment Revenue Bonds SC $25,000,000 3/31/2004 Port of Greater Cincinnati Development Authority Special Obligation Dev. Revenue Bonds - Cooperative Parking Garage and Infer. Project OH $18,000,000 2/18/2004 Virginia Gateway Community Development Authority (Prince William County, Virginia) Special Assessment Bonds VA $7,040,000 12/16/2003 Celebrate Virginia North Community Development Authority (Stafford County, Virginia) Special Assessment Bonds - Celebrate VA North Project VA $31,000,000 12/11/2003
A.7 MuniCap's TIF and Special Tax/Special Assessment Bond Issues Date of State Par Value Issuance Short Pump Town Center Community Development Authority (Virginia) Taxable Special Assessment Revenue Bonds VA $25,495,000 10/8/2003 Mayor and City Council of Baltimore (City of Baltimore, Maryland) Special Obligation Bonds (Taxable) - Belvedere Square Project MD $2,000,000 9/4/2003 Mayor and City Council of Baltimore (City of Baltimore, Maryland) Special Obligation Bonds - Strathdale Manor Project MD $5,968,000 8/20/2003 Broad Street Community Development Authority (Richmond, Virginia) Revenue Bonds VA $66,740,000 5/29/2003 Mayor and City Council of Baltimore (City of Baltimore, Maryland) Special Obligation Bonds - Harborview Lot #2 Project MD $7,479,000 5/14/2003 Anne Arundel County, Maryland Special Tax District Bonds - The Villages of Dorchester Project MD $15,999,835 3/15/2003 Bell Creek Community Development Authority (Virginia) Special Assessment Bonds VA $15,980,000 2/5/2003 370/Missouri Bottom Road/Taussig Road Transportation Development Authority (Hazelwood, St. Louis County) Transp. Revenue Bonds MO $39,470,000 11/5/2002 Town of Tiverton, Rhode Island Special Obligation Tax Increment Bonds - Village of Mount Hope Bay RI $8,295,000 10/24/2002 Prince George's County (Maryland) Special Obligation Bonds - Woodview Village Phase II Subdistrict MD $7,250,000 7/30/2002 Cleveland-Cuyahoga County Port Authority Senior Special Assessment/Tax Increment Revenue Bonds - University Heights, OH - Parking Garage OH $40,500,000 12/28/2001 Elk Valley Public Improvement Corporation Public Improvement Fee Revenue Bonds CO $43,605,000 11/13/2001 Frederick County, Maryland Special Obligation Bonds (Villages of Lake Linganore Community Development Authority) MD $6,730,000 1/18/2001 Washington County, Maryland Special Obligation Bonds - Barkdoll Tract Special Taxing District MD $2,454,000 4/20/2000 Heritage Hunt Commercial Community Development Authority (Prince William County, Virginia) Special Assessment Bonds VA $10,715,000 12/9/1999 City of Frederick, Maryland Special Obligation Bonds - Monocacy Boulevard Special Taxing District MD $2,500,000 12/1/1999 Virginia Gateway Community Development Authority (Prince William County, Virginia) Special Assessment Bonds VA $6,630,000 2/1/1999 Washington County, Maryland Special Obligation Bonds - Barkdoll Tract Special Taxing District MD $1,517,000 11/24/1998 Frederick County, Maryland Special Obligation Bonds (Urbana Community Development Authority) MD $30,000,000 11/6/1998 Anne Arundel County, Maryland Special Tax District Bonds - Farmington Village Project MD $6,222,000 10/20/1998 Dulles Town Center Community Development Authority (Loudoun County, Virginia) Special Assessment Bonds - Dulles Town Center Project VA $36,560,000 5/6/1998 Prince George's County, Maryland Special Tax District Bonds - Woodview Village Infrastructure Improvements MD $7,450,000 2/13/1997 Total MuniCap, Inc. Assisted Financings $6,946,684,299
A.8
MuniCap, Inc. Project Case Studies
Harbor Point Stamford, Connecticut
• 66-acre mixed-use development: o Located on the Long Island Sound. o Less than one hour from New York City. o On the New Haven line of Metro-North commuter railroad and receives service from Shoreline East, Amtrak and Conrail. o Interstate 95 (Connecticut Turnpike), U.S Route One and CT Route 15 traverse the city. • Development District: o Located on 323-acre peninsula and has twenty-seven separate building sites. o Designed to be pedestrian friendly and transit oriented. o Proposed to include 11.4 acres of parks and open space. o Upon completion, anticipated to include approximately 4,000 residential units, 400,000 square feet of retail space, 300,000 square feet of office space, and 200,000 square feet of hotel space. o Consists of four distinct neighborhoods each featuring a central park, creating an open design conducive to public gatherings. o Upon completion, it is estimated that approximately $814 million will be invested in the Harbor Point Project.
• Project shows development potential from previous manufacturing and industrial users to current evolving mixed-use commercial, retail and residential spaces.
• Tax increment financing functioned as a redevelopment tool: o Facilitated the transformation of an existing brownfield in a strategic location. o Financed extraordinary development costs caused by the necessary remediation for the site, the preservation of historic property located on site, and the alleviation of existing wetland issues.
• Special obligation revenue bonds issued in 2010: o Aggregate amount of $145,000,000 with multiple terms. o 2010A Tax-Exempt Special Obligation Revenue Bonds and 2010B Federally Taxable-Issuer Subsidy-Recovery Zone Economic Development Bonds issued.
• Special obligation revenue refunding bonds issued in 2017: o Aggregate amount of $145,805,000 with multiple terms. o Bonds were issued to finance public infrastructure, including roads, stormwater, sanitary sewer, sidewalk, landscaping, street lighting, traffic signals, wetlands filling, environmental capping, parks, and land acquisition. o Bonds secured by tax increment payments and special assessment revenues.
Atlanta BeltLine Atlanta, Georgia
• 22-mile transit loop providing connectivity: o Encircles central Atlanta and includes or affects fifty of the City’s in-town neighborhoods. o Comprised of multi-use trails, modern streetcar, and parks- all based on railroad corridors that formerly encircled the City. o Will provide first and last mile connectivity for regional transportation initiatives. • Development District: o Sustainable redevelopment project that will provide a network of public parks, multi-use trails and transit along an historic 22-mile railroad corridor. o At 6,545 acres, it is the City’s largest tax allocation district (TAD) comprising 8% of the City’s land area. o Planned thirty-three miles of multi-use trail and anticipated 2,000 acres of parks. o To be implemented over three periods. Will open in phases through the anticipated completion in 2030. o Planned efforts include the environmental clean-up of 1,100 acres brownfields.
• Sets a national standard for transformative investment, sustainable growth, and equitable development. o Designed as an integrated approach to transportation, land use, greenspace and maintainable growth. o Purpose was to stimulate, attract and organize a significant portion of the City’s future growth around parks, transit and trails located in and around the former Rail Corridor, thereby changing the pattern of regional sprawl to create a more livable city with an enhanced quality of life for its residents. o Estimated $10 to $20 billion of economic development.
• Tax increment financing functioned as a partnership tool: o Redevelopment efforts of this scale require ongoing partnerships between the various levels of government, non-profit organizations, the private investment community, and members of the affected neighborhoods. o In addition, over $35 million in private contributions were made towards the BeltLine redevelopment efforts before the issuance of TAD bonds.
• Tax allocation bonds issued in 2008, 2009; Refunding bonds issued in 2016: • In 2008, the City issued $64.5 million in Series 2008 Bonds. Subsequently, in 2009, the City reoffered the Series 2008 A, B, and C Bonds and issued $13.62 million in Series 2009 Bonds for a total bond issuance of $78.12 million. • In 2016, refunding bonds were issued in an aggregate amount of $144.855 million. • Bonds are secured solely by real property tax increment revenues generated within the BeltLine TAD.
The Conservancy Project Kane County, Illinois
• Village of Gilberts community: o Located approximately 45 miles northwest of downtown Chicago. o Situated 31 miles from O’Hare Airport. o Served by the Northwestern line of the Union Pacific Railroad which is approximately 2 ½ miles east of the project and provides commuter service to downtown Chicago. • Special Service Area: o Encompasses approximately ten square miles. o Area consists of approximately 920 acres of land on which 796 detached single- family homes are anticipated to be built. o Proposed development to include 874 single family homes and 26 acres of commercial area.
• Public and private partnership was essential in the redevelopment and refunding. Goals include: o Rehabilitation of existing properties or construction of private buildings and site improvements within the Area. o Public improvements and support activities that will be used to induce and complement private investment. Examples include street and sidewalk improvements, streetscape enhancements, extension and upgrades to public utilities and marketing of properties. o Land assembly by the Village and eventual conveyance to private entities may be necessary in order to attract private development interest.
• Special tax financing was instrumental in finding a solution to keep the development moving forward by utilizing a combination of refunding of past obligations and issuance of new money.
• SSA No. 24 was established as part of the restructuring of the Series 2006 Bonds: o Series 2014 Bonds were issued. o Aggregate principal amount of $9,750,000.
• SSA No. 25 Bonds issued in 2018: o $11,325,654 issued with a thirty-year term. o Issued to refund SSA No. 24 bonds and as new money for The Conservancy Project. o Security for the bonds include special tax on real property within the area. o Additional project financing is being secured by the developer and from funds generated from the sale of finished lot inventory.
Rock Row Westbrook, Maine
• 66-acre mixed-use development: o Located in the southeastern section of the County of Cumberland, in the southern coastal section of Maine. o Contiguous with the City of Portland. o Access to Interstate 95 (The Maine Turnpike), nearby Portland International Jetport, two bus terminals in Portland and AMTRAK. • Development District: o Mix of uses totaling 2.5 million square feet to be developed in multiple phases. o Phase I developed with 154,000 square feet of commercial retail spaces anchored by an 80,000 square foot grocery store on approximately twenty-five acres. o Phase IIA developed with 200,000 square feet of commercial, retail, entertainment and restaurant space on eight acres. o Phase IIB to encompass two acres and designed to include 100,000 square feet of multi-family apartments. Student housing for a local university is also expected to be provided. o The Quarry will serve as a design feature and recreational element. Planned to be encircled with pedestrian and bike trails. Once the Quarry is filled with water, aquatic recreational uses are also envisioned on its twenty-six acres. o 25,000 square foot brewplex and food hall, 8,200-person capacity concert venue and twelve screen movie theater are also planned.
• Project benefits from creative financing and collaborative partnership with the city: o Tax increment financing will provide a financing vehicle equivalent of twelve million dollars in public infrastructure costs in the initial phase. o Fifty percent of the tax generated over a twenty-five-year period within the district will go directly to the city, helping to accelerate economic growth.
• Convertible capital appreciation revenue obligation bonds issued in 2019: o Aggregate amount of $14,729,547 with a term of twenty-five years. o A portion of the proceeds will be used to finance public improvements including roads, streets, water and sewer utilities, public parking facilities and Quarry stabilization and recreational elements. o Security for the bonds include tax increment revenues generated by the project and development special assessments. o Other sources of financing for the project include equity capital investment by the Developer and third-party bank debt. o Represents the first tax increment financing transaction closed in Maine to include a back-up special assessment.
Downtown Columbia Howard County, Maryland
• 391-acre mixed-use development area: o Located twenty-two miles southwest of downtown Baltimore and twenty-five miles northeast of Washington, D.C. o Considered part of the Baltimore-Washington Metropolitan Area. o Ready access to interstates 95, 70 and is also proximate to three major airports and the Port of Baltimore. • Development District: o 146 acres within Downtown and encompasses all or a portion of the six neighborhoods. Special taxing district consists of an approximately sixty-five-acre parcel which was subsequently subdivided. o Anticipated to be developed in multiple phases over fifteen to twenty years. o Phase one development will consist of office buildings, retail and restaurant uses and a multifamily residential building. o Additional future phases will consist of office, multifamily, retail, restaurant uses and a hotel. o Merriweather district to be comprised of 2.3 million square feet of office, 320,000 square feet of retail, 1,900 residential units, 250 hotel rooms, sixty acres protected open space, and an enhanced Merriweather Post Pavilion.
• Primary goal was to bring the vision of Columbia’s founder, Jim Rouse, to fruition and “To provide a real City ‒ not just a better suburb, but a comprehensively balanced community.”
• Tax increment financing functioned as a redevelopment and revitalization tool: o Security for the bonds include one-hundred percent of the real property tax increment revenues generated by the project and backup special taxes. o By initially limiting the tax increment revenues, the County can “set aside” certain revenues to apply to County expenses such as the cost of public facilities planned for Downtown Columbia.
• Special obligation revenues bonds issued in 2017: o Aggregate amount of $48,225,000 with multiple terms. o Issued to finance public infrastructure such as construction of roads and intersections and related water, sewer and stormwater improvements. o Security for the bonds include one-hundred percent of the real property tax increment revenues generated by the project and backup special tax revenues.
National Harbor Prince George's County, Maryland
• 540-acre mixed-used development: o Located in the Oxon Hill area of Prince George’s County, Maryland. o Located at the intersection of Interstate 495 (the Capital Beltway) and Interstate 295. o Features approximately 1.25 miles of river frontage along the Potomac River and is linked by interchanges to the Interstate system. • Development District: o Includes 7.3 million square feet including approximately 1,286,625 square feet of retail and restaurant space, approximately 995,000 square feet of office space, a convention center containing approximately 400,000 square feet of meeting space and approximately 5,745 hotel rooms and/or timeshare units. o 2,500 residential units compromised of a mix of apartments, condominiums, and townhomes. o Upon completion, National Harbor is projected to be valued at more than $2 billion. o The Waterfront Parcel is situated on the Potomac River with 1.25 miles of waterfront development with views of the D.C. skyline.
• Tax increment financing was instrumental in making a major economic and tourist development project a reality at National Harbor.
• Prince George’s County issued $65,000,000 special obligations bonds in 2004 as a limited public offering: o Issued to finance public infrastructure including roads, stormwater, sanitary sewer and water. o Security for the bonds include tax increment revenues, hotel tax revenues, and backup special tax revenues.
• Prince George’s County issued $95,000,000 in taxable special obligation bonds in 2005, followed by an additional $50,000,000 in taxable subordinate special obligation bonds in 2008: o Issued to finance a convention center. o Security for the bonds include tax increment revenues, hotel tax revenues, and special hotel rental tax revenues.
• Prince George’s County issued $35,000,000 in taxable special obligation bonds in 2009: o Issued to finance parking facilities. o Security for the bonds include special hotel rental tax revenues.
Garvies Point Glen Cove, New York
• 56-acre mixed-use development: o Located in the City of Glen Cove on the North Shore of Long Island, New York. o Direct ferry boat access to Manhattan, providing waterfront housing for commuters to New York City. o Within 30 miles of John F. Kennedy International Airport.
• Development District: o Includes 1.72 million gross square feet of development,1.65 million square feet of residential space, and 75,000 square feet of retail, restaurant, cultural and related spaces. o Anticipated to be $1 billion in economic redevelopment. o Project expected to be constructed in three phases over five years. o First phase of development is proposed to include 385 rental apartment units, 167 for-sale market rate housing units, and 3,055 square feet of retail. o Second phase will include 101 rental apartment units, 346 for-sale market-rate units, 111 rental and for-sale workforce housing units, and up to 69,000 gross square feet of retail, restaurant, cultural, and related space. o Third and final phase will include a restaurant of approximately 3,000 gross square feet.
• Special assessment financing functioned as a redevelopment tool: o Provided for the construction of road improvements for access to the site and for a multitude of public amenities that provide residents and visitors recreational use of the City’s waterfront. o National model of sustainable development with its forward-thinking plan to revive the waterfront.
• Special obligation revenue bonds issued by Glen Cove Local Economic Assistance Corporation in 2016: o Aggregate amount of $124,562,833 in four separate series. o Proceeds of the bonds will be used to finance public infrastructure improvements consisting of parks, playgrounds, an esplanade, underground utilities, wetlands restoration, marine bulkheads, marinas, boardwalks, and walkways. o Security for the bonds include a pledge of tax agreement revenues. o Remaining costs of the necessary infrastructure and private development is expected to be paid from a combination of Federal and State grant monies, equity and land sales revenues.
Adelaar Infrastructure Project Sullivan County, New York
• 1,675-acre resort project: o Situated in the heart of the Catskill Mountains in the Town of Thompson. o Located 90 miles northwest of Manhattan. o Access to 40 million guests within a 4-hour drive. o Designed and thoughtfully planned out to accommodate visitors for every season, year- round. • Development Districts: o Proposed to be an integrated lifestyle resort anchored by a new 19-story hotel and entertainment complex. o Development to feature: o a 90,000 square foot casino, 332 luxury rooms designed to meet the 5- star and 5-diamond standards, multiple dining and entertainment options and meeting space. o 325,000 square foot Waterpark Lodge with 300 family-style units, 75,000 square foot indoor waterpark, 25,000 square foot conference and banquet center, 25,000 square foot arcade and two restaurants. o A pedestrian friendly, Entertainment Village with multiple dining opportunities and specialty retail shops. o Redevelopment of existing golf course. o Required $869 million in developer investment for the first phase of development.
• Proposed development is comprised of mainly wooded, vacant land; however, components of the site include areas in which both above ground and below ground fuel tanks existed. Similarly, portions of the existing golf course soil contain abnormally high mercury levels. These existing conditions require remediation through a brownfield cleanup agreement.
• Special assessment financing functioned as an economic development tool by providing necessary infrastructure. o Essential to attract the casino, a major jobs and tax use for the county. o Utilized for the mixed-use development that will accompany the casino.
• Revenues bonds issued in 2016 as a limited public offering: o Five series with aggregate amount of $110,075,000 and multiple maturities. o Proceeds of the bonds used to finance public sewer lines, sanitary manholes, five sewage pump stations, upgrades to the Town’s sewer treatment plant, water utility piping, fire hydrants, a water storage tank, storm water facilities, lighting fixtures and systems, construction of a new four-lane entry roadway and the reconstruction of Thompsonville Road, along with curbs, sidewalks, and boardwalks. o Security for the bonds include a pledge of special assessments levied and collected from the distinct districts.
Woodlands at Greystone Chester County, Pennsylvania
• 441-acre mixed-use assessable property: o Positioned in the Township of West Goshen, and Chester County, a Philadelphia suburb. o Located aside U.S. Route 322 to the south, Pottstown Pike to the west, Greenhill Road to the North and Phoenixville Pike to the east. o Property is located west of the intersection of U.S. Route 202 and PA Highway 100, which provides direct access to the Pennsylvania Turnpike (I-79). • Neighborhood Improvement District (NID): o Two primary components: (i) Residential development, and (ii) Recreational development. o Includes a total of 598 residential homes within the District and 202.53 acres of passive recreational space dedicated to the Township of Goshen. o Residential development includes 48 townhomes, 110 twin homes, 252 active adult homes, 151 single family homes and 28 estates in the District. o Recreational development includes a 7,500 square foot community center, a clubhouse, 6.8 miles of public walking trails, two lakes and 1.2 miles of private trails in the active adult portion of the development. o Financed open space and trail system, dam repairs, road improvements and a water system. o Historic mansion preserved as part of the original land comprising the project.
• Special assessment financing: o Utilized to provide quality public infrastructure and amenities for the project. o Improved problematic existing intersections and traffic flow with the construction of the arterial route for the project. o Developer contributed an $1 million endowment for purposes of establishing and operating and maintenance fund for the equipment needed to operate and maintain the park system.
• Special Obligation Revenue Bonds issued in 2018: o Aggregate amount of $32,020,000. o Single series of bonds issued to provide the infrastructure for the full development. o Secured solely from special assessments levied and collected on the property within the NID for a thirty-year period. o First Pennsylvania bond issuance secured solely by special assessment revenues levied on residential property.
Graceland Project Memphis, Tennessee
• 120-acre mix use industrial and commercial property: o Positioned in the City of Memphis. o Located on the Mississippi River and the convergence of several major railroads. o Within a day’s driving distance from over 20 major metropolitan areas. o located next to U.S. Route 51 with access to Interstate 55, Interstate 240 and Interstate 69. • Development District: o A three phase, $137 million project consisting of: (i) Graceland archive studio/theater consisting of 200-seat theater presentation of Graceland archives (ii) The Guest House at Graceland Hotel consisting of 450-room full-service hotel;18,000 square feet of meeting and ballroom space; 464 seat, 6,000 square foot theater; two full-service restaurants; grab and go food station; lobby lounge; resort pool and pool bar; and outdoor event lawn. (iii) Retail and attraction upgrades to 220,000 square feet space o Additional future development consists of approximately 50,000-70,000 square foot multi-purpose facility and additional retail, warehouse and exhibition space. o Predicted to have an estimated economic impact of nearly $1 billion.
• Tax increment financing was used to revitalize a national historic and culturally iconic site by providing take-out financing for the construction loan originally obtained for the Guest House at Graceland Hotel, as well as improving and expanding the existing access roads from Interstate 55 to the site located along U.S. Route 51.
• Revenue Obligations: o Tourism surcharge revenues: An additional five percent surcharge on all sales made within a portion of the development area by the City. o Tax increment revenues: A pledge of fifty percent of all City incremental real and personal property taxes generated by the area encompassing the Graceland Development. o Tourism development zone revenues: A portion of all state sales taxes collected within the development area.
• Special Obligation Revenue Bonds issued in 2017: o Aggregate amount of $40,490,000 as Series 2017A Tax-Exempt Bonds. o Aggregate amount of $24,430,000 as Series 2017B Taxable Bonds. o Aggregate amount of $24,375,000 as Series 2017C Taxable Bonds. o Security for the bonds include (i) tax increment revenues, (ii) tourism development zone revenues and (iii) tourism surcharge revenues.
Fifth and Broadway Nashville, Tennessee
• 5.96-acre mix use development property: o Positioned within the City of Nashville’s central business district. o Located on the corner of Fifth Avenue and Broadway, directly across from the Bridgestone Arena. o Development area receives approximately twelve to thirteen million in annual foot traffic. o Easy access to all major roadways. • Development District: o Located on the site of the former Nashville Convention Center. Project will feature an urban live-work-play-shop environment. o Total of 1,246,835 square feet of mixed-use development. o To include approximately 381 rental multifamily units in a 34-story contemporary residential tower. o To include approximately 372,000 square feet of net leasable office space in a 26- story tower. o To include approximately 200,000 square feet of net leasable retail, restaurant, and entertainment space. o To include approximately 56,000 square feet for the National Museum of African American Music; o To include a parking garage with approximately 831 stalls, owned by the Convention Center Authority, an entity of the Metropolitan Government, and leased back by the Developer for retail and public use. o To include approximately 932 additional parking stalls in various configurations servicing office and residential uses. o Expected to be completed by third quarter 2020.
• Tax increment financing was used to revitalize a focal block of the downtown Nashville entertainment and cultural area. o Provides additional public parking for the National Museum of African American Music directly across from the Bridgestone Arena which is the world’s number six venue for ticket sales. o Ideally located one block from the County Music Hall of Fame, and along Broadway amidst the multitude of existing bars, honky-tonks, and live music venues.
• Special Obligation Revenue Bonds issued in 2018: o Aggregate amount of $25,000,000 in tax-exempt bonds. o Bonds secured solely by seventy-five percent of the annual incremental ad valorem real property taxes levied upon property located within the redevelopment area. o Financed a parking garage for the development that serves the project and the greater public.
Statler Development Dallas, Texas
• 269-acre mixed-use development: o Located in the core of Downtown Dallas and portions of Uptown, the area of the City immediately north of the central business district. o City comprises approximately 386 square miles and is the largest economic center of the 12-county Dallas-Fort Worth-Arlington metropolitan area. o Statler Development construction began in 2014. • Downtown Dallas Tax Increment Financing (TIF) District: o TIF to expire December 2035 or when $231.6 million budget is collected. o Includes 483,221 square feet of office space and 229,143 square feet of retail space utilizing TIF financing. Projects within the TIF district not utilizing TIF financing includes 3,211,980 square feet of office space and 399,791 square feet of retail space. o Project to have a total of 1,917 TIF funded units which includes 1,204 hotel rooms. o Statler Hotel redevelopment includes: o 219 residential apartments o 161 hotel rooms o 60,000 square feet of ground level retail, restaurant and entertainment venues o The former public library building which will be converted to 88,000 square feet of office and event space
• TIF was used to revitalize the former 1,000-room Statler Hilton Hotel and 88,000 square foot Dallas Central Library that had sat vacant for over fifteen years in the area north of the central business district by providing the funding mechanism to rehabilitate the functionally obsolete public parking garage that is included as part of the original structure and serves the greater area.
• Monetization of Statler and Dallas Central Library TIF revenues functioned to: o Provide a direct funding mechanism for upfront funds related to the project located within the greater Downtown Dallas TIF District. o Allow for the issuance of $26,533,299 in Series 2016 Bonds that were privately placed and secured only by the incremental revenues generated by the Statler and Dallas Central Library. o Receive available tax increment revenues only after the payment of other City issued debt related to the Downtown Dallas TIF District, as well as any other priority projects that were senior to the Statler and Dallas Central Library project, while also ensuring all other projects junior to the Statler and Dallas Central Library project were fully paid. o Finance rehabilitation of the public parking garage.
River Walk at Central Park Flower Mound, Texas • 158-acre mixed-use development: o Located in southern Denton and northeastern Tarrant Counties, Texas, adjacent to Lake Grapevine. o Located 8 miles south of the City of Denton and 28 miles northwest of the City of Dallas.
• Development District: o At full buildout it will include a 26-acre commercial district inclusive of an entertainment area, restaurants, a hotel, and retail. o At completion, the District is expected to contain approximately 97 villas, 110 townhomes/row homes, 72 brownstones, 358 apartment units, 250 units for independent and assisted living for seniors and 55 units for memory care. o Contains 46.5 acres of parks and open spaces in or adjacent to the property. o Development plan also includes a commercial district that will feature a farmer’s market and restaurants, office, retail and commercial space. o Incorporates a 40-foot-wide water channel that traverses the site from south to north for a length just over one-half mile with a newly-improved public park.
• Special assessment financing functioned as a redevelopment tool: o By providing the necessary infrastructure required for integrating the surrounding development into the redevelopment of the downtown area. o Acted as a source of financing for extraordinary public infrastructure required for the development to progress.
• Special assessment revenue bonds issued in 2014: o Aggregate amount of $16,000,000 with multiple terms. o Proceeds of the bonds will be used primarily to finance a portion of the costs of the authorized improvements, which consist of the costs of certain roadway improvements, water distribution system improvements, sanitary sewer collection system improvements, and storm sewer collection system improvements that will benefit the entire District. o Secured by special assessments revenues levied on the property within the River Walk Public Improvement District Number One. o Developer utilizes its own funds to commence with the construction of the public improvements and amenities. Valencia on the Lake Little Elm, Texas
• 448-acre project: o Located in the Town of Little Elm, Denton County, Texas and on the shores of Lake Lewisville. o Part of the Dallas-Fort Worth Metroplex. o Dallas North Tollway is a five-minute drive east of Little Elm.
• Public Improvement District (PID): o Proposed development to include 1,236 residential for sale units constructed. o Will include a variety of parks, trails, amenity centers, and open space areas . o A portion of the development will be dedicated by the developer to the Little Elm Independent School District for use as a school for K-8 grade students.
• Special assessment financing acted as a source of financing for extraordinary public infrastructure required for the development to progress and facilitated high quality amenities for the development. Economic development is also provided by providing for the construction of a community with access to Lake Lewisville and a nearby school.
• PID special assessment and tax increment reinvestment zone (TIRZ) financing approved in 2014: o Aggregate amount of $19,575,000 through special assessment revenue bonds and reimbursement agreements. o Approved for the purposes of financing phase one improvements and major improvements for the entire Valencia PID, inclusive of construction, acquisition or purchase of certain water, wastewater, roadway and drainage improvements located both outside and inside the District. o Secured by special assessments revenues levied on the property within the District. o Incremental Town real property tax revenues utilized as a credit to reduce the special assessment obligation of property owners within the PID and increase the amount of public improvements funded by the PID debt.
• Special assessment revenue refunding and improvement bonds: o Issued in 2018 with an Aggregate amount of $26,074,922 with multiple terms. o Issued for improvement district phase one, phase two and major improvement area. o Secured by special assessments revenues levied on the property within the District. Ballston Quarter Arlington County, Virginia
• 4.99-acre mixed-use commercial development: o Situated in Northern Virginia. o Located four miles from Washington D.C. o Ballston-MU Metro station provides access to Orange and Silver Metro line service. o Recognized as an example of excellent urban planning with transit-oriented development.
• Development District: o Two primary components: (i) the renovation of Ballston Common Mall and (ii) the construction of a new twenty-two story residential building. o Includes a total of 359,000 square feet of retail space, providing space for ninety retail, restaurant, service and entertainment providers. o Approximately 406 apartment units. o Includes façade and interior improvements, addition of an open-air plaza and outdoor pedestrian shopping street and improvements to the existing garage. o New residential building will consist of two retail levels with approximately 52,700 square feet of retail space and twenty residential levels. o Redevelopment plan also includes significant streetscape and landscape improvements and the construction of a new pedestrian footbridge.
• Major redevelopment and transformation were needed for Ballston Common: o Existing inward-looking, fully-enclosed retail space will be reconfigured to include significant open-air, pedestrian friendly retail and dining component. o New residential building will include rental units and additional retail space.
• Tax increment financing functioned as a redevelopment and revitalization tool: o Assisted with needed expansion associated with high population density and vertical development. o Financed desired public improvements, retail locations, infrastructure and open space to keep pace with other popular Northern Virginia retail centers.
• Revenues bonds issued in 2016: o Aggregate amount of $59,870,000 with non-taxable and taxable series. o Security for the bonds include real property tax increment revenues generated by the project, incremental sales and meals tax revenues and backup special assessment revenues. o Other sources of financing for the project include a cash contribution from the County, equity contributions from the Developer and a construction loan. The Mosaic Fairfax County, Virginia
• 31-acre mixed-use development: o Located in Fairfax County, Virginia. o Located approximately twelve miles west of Washington, D.C. o Nearby access to the Merrifield metro station, Capital Beltway and Route 66. o Lively walkable town center.
• Development District: o Planned development to include 853 Class-A multifamily rental units. o Additional 114 Class-A townhomes to be built. o Two hotels with a total of 300 rooms. o 65,000 square feet of Class-A office space. o Development to have 504,100 square feet of retail spaced anchored by an approximately 168,900 square foot Target store. o Providing access to almost two acres of park and open space.
• Implementation of the County’s long-term strategic plan to revitalize the Merrifield community was stagnated by high infrastructure costs necessary for high density development.
• Tax increment financing functioned as a redevelopment and revitalization tool: o Source of financing for the extraordinary infrastructure development costs. o Financed structured parking, park improvements, and major road and pedestrian infrastructure improvements.
• Special obligation revenues bonds issued in 2011: o Aggregate amount of $65,650,000 with term of 25 years. o Two separate series: (i) $46,980,000 Revenue Bonds, Series 2011A (Tax-Exempt), and (ii) $18,670,000 Revenue Bonds, Series 2011A-T (Federally Taxable). o Issued to finance public infrastructure needs. o Security for both series of bonds include one-hundred percent of the real property tax increment revenues generated by the project and backup special assessment revenues. o Other sources of financing for the project include developer equity and proceeds from parcel sales. Cherry Hill Prince William County, Virginia
• 1,920-acre mixed-use development area: o Located in the southeastern portion of the County approximately 30 miles south of Washington, D.C. o Proximate to existing residential communities and overlooking and partially fronting the Potomac River. o Project also known as “Potomac Shores”.
• Development District: o Phase one of development consists of approximately 1,234 residential units, 7,284 square foot golf clubhouse and related infrastructure improvements on approximately 295 acres. o Future phases are expected to include approximately 1,218 single family detached homes, 958 single family attached townhomes and 912 multi-family units. o Future phases also include a mixed-use component known as the “Town Center” including approximately 350,000 square feet of resort, conference and golf clubhouse space, 3,040,000 square feet of office space, 225,000 square feet of retail and commercial space, and a marina. o Landscaping and trails, parks and fields, school sites and a library site are also anticipated to be built. Twelve miles of community trails will run throughout the woodland areas.
• Special assessment financing served to bolster economic activity and revitalize the area for the present and future: o Developer plans to develop on approximately 345 acres an additional 1,854 builder-ready residential lots and over 3.6 million square feet of mixed-use Town Center space, including additional public improvements in the District. o Estimated future improvement costs of $94.3 million are expected to be financed with additional bonds and other designated funds of the Developer.
• Special obligation revenue bonds issued in 2015: o Aggregate amount of $30,000,000 with ten, twenty and thirty-year terms. o Issued to fund the purchase of the completed portion of the initial public improvements and to fund the design of two major infrastructure projects that will serve the district: the Potomac Shores Virginia Railway Express Station and the extension of Potomac Shores Parkway. o Security for the bonds include special assessments levied and collected on all taxable real property within the District. o Additional financing provided by designated funds of the Developer. Southwest Waterfront/The Wharf Washington, D.C.
• 2.4 million square feet of mixed-use development: o Located on a mile-long stretch of waterfront at the convergence of the Potomac and Anacostia Rivers. o Located directly south of the National Mall. o Includes 27 acres of land and 49 acres of riparian rights. • Development District: o Includes a below-grade parking garage. o Planned to have ten acres of parks, open space, and promenades. o Will have approximately 500 marina slips, 1,350 residential units, and three hotels. o Will also include 975,000 square feet of Class-A office development, 340,000 square feet of retail and restaurant space and a 150,000 square foot concert and convention hall. o Developed be the first LEED-Silver certified mixed-use project in the District of Columbia. o Total investment of The Wharf is approximately $2.2 billion.
• Project benefits from creative financing and collaboration with public participation: o In 2000, the District launched the Anacostia Waterfront Initiative, which brought together more than twenty different Federal and District agencies that hold land or jurisdiction along the Anacostia River. o Resolving title and air rights issues required federal legislation signed by the President.
• Tax increment financing (TIF) and payment in lieu of taxes (PILOT) taxable bonds were issued in 2015: o Aggregate amount of $145,445,000 in multiple series. The net proceeds amounted to $113,000,000 available for the project. o TIF/PILOT bonds in an amount not to exceed $198 million will be issued to finance public infrastructure improvements, including parking, roads, piers, and parks. o Funded by sources of debt and equity, including private construction loans, collateralized land loans, and funding from Hoffman-Madison and institutional partners. o The TIF/PILOT bonds were issued with the highest ratings in the District’s history for a comparable bond rating. University Town Centre Monongalia County, West Virginia
• 300-acre mixed-use development: o Located in north-central West Virginia, approximately 4 miles northwest of Morgantown. o Within a one day’s drive from 6 of the 8 largest U.S. metropolitan areas. o Located 75 miles south of Pittsburgh. o West Virginia University, the state’s flagship school, situated within the County. • Economic Opportunity Development District: o Part of larger super-regional shopping center. o Consists of three phases and includes over 800,000 square feet of retail in addition to multifamily housing, restaurant and hotel components. o Part of a larger excise district which includes: o The Gateway: Consists of 250,000 square feet of retail, restaurant and hotel development. o WestRidge Crossing: Anticipated to feature 185,000 square feet of transit- oriented retail, restaurant, hotel and other businesses. o WestRidge Commons: To consist of approximately 350,000 square feet of retail stores and restaurants. o $1 billion economic impact on the region annually is predicted.
• Use of the excise tax increment financing within the District provided creative financing and will serve to continue development and cohesion among the area as standard construction projects have been tremendously difficult and costly due to the terrain and former uses. o Located on former mining sites situated on rolling hills fronting Interstate 79 that substantially increased the cost to develop the strategically located property. o Similarly, the project is near the West Virginia Black Bears minor league baseball team stadium that is shared with West Virginia University.
• Cohesion is being created between the various components of the development, the District and surrounding growing area: o Additional plans expected to include infrastructure improvements and complementary businesses in and around the District. o New public roadways will enhance access to and further integrate the area.
• Special district excise tax revenue, refunding and improvement bonds issued: o Issued in 2017 with an aggregate amount of $76,360,000 with multiple terms. o Security for the bonds include net excise tax revenues generated within the excise tax district equal to revenues generated utilizing the state excise tax rate. o Real property tax increment financing is also being utilized to provide additional funding sources for the project. GENERAL DISCLOSURES AND DISCLAIMERS (NON-ADVISORY) MuniCap, Inc. (“MuniCap”) is not advising or recommending any action be taken by any persons with respect to any prospective, new or existing municipal financial products or issuance of municipal securities (including with respect to the structure, timing, terms and other similar matters concerning such financial products or issues).
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