For Immediate Release October 25, 2007 Contact:
Ramona DeNies Communications Director Development Capital Networks Phone: (503) 234-0558 rdenies@dcnteam.com

CDFA/ICSC Launch Tax Increment Finance Guide

Publication a "How to" for local governments engaging in TIF projects

October 25, 2007 | Cleveland, Ohio -- Over the last three decades, local governments have increasingly used Tax Increment Financing (TIF) to finance diverse infrastructure projects for their communities. Today, 49 states and the District of Columbia have TIF enabling statutes to finance projects including retail, mixed-use, housing, transportation, brownfield remediation and community amenity development.

To help economic developers understand and appropriately implement TIF, on November 1 the Council of Development Finance Agencies (CDFA) and the International Council of Shopping Centers (ICSC) will release the Tax Increment Finance Best Practices Reference Guide.

It is anticipated that the new Guide - the first of its kind - will serve a variety of public and private sector needs as a reference manual for public officials, financiers and real estate developers looking to fully understand this powerful tool.

"ICSC welcomed the opportunity to partner with CDFA on the Tax Increment Finance Guide", said ICSC President Michael P. Kercheval. "Its guiding principles and case studies will help local communities and developers better understand this important yet complicated redevelopment tool."

According to CDFA Executive Director Toby Rittner, TIF can be seen as a transformational tool that resurrects blighted and abandoned communities and encourages new private sector investment.

"TIF is an extremely valuable economic development tool, but it is important that the financing vehicle be used responsibly and structured as effectively as possible," said Frances Walton, CDFA Board President and CFO of the Empire State Development Corporation.

The Guide lays out a path for local governments to use TIF in the best possible way, said Marc Hughes, CDFA TIF Committee Chair and Director for DEPFA First Albany Securities LLC. "As we regularly update the Guide it will continue to be timely and relevant," he said.

The four-chapter Guide presents best practices in TIF throughout the country to direct communities in the transparent and deliberate actions required for appropriate TIF use. The final chapter compiles 26 case studies to highlight a variety of TIF uses and applications. The publication will be officially released on Thursday, November 1 at 8:15 am prior to the start of CDFA's Tax Increment Finance Course. Media and industry insiders are welcome to attend the launch, which will take place at the DoubleTree Washington, DC located at 1515 Rhode Island Avenue, NW.

The Tax Increment Finance Best Practices Reference Guide, available on CDFA and ICSC websites at www.cdfa.net and www.icsc.org, is free to CDFA and ICSC members and $25 for non-members.

ABOUT CDFA
CDFA is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing more than 235 public, private and non-profit development organizations. CDFA is development finance at its finest!

ABOUT ICSC
Founded in 1957, ICSC is the premiere global trade association of the shopping center industry. Its more than 42,000 members in 77 other countries include shopping center owners, developers, managers, marketing specialists, investors, retailers and brokers, as well as academics and public officials. Headquartered in New York City, ICSC has over 150 staff members and offices in Washington, D.C., Toronto, London and Singapore.

Contacts:
Toby Rittner
Executive Director
CDFA
(216) 920-3072
trittner@cdfa.net

Cynthia E. Stewart
Director, Community Relations
ICSC
(864) 968-9324
cstewart@icsc.org