Public Finance and Economic Development

Taft’s public finance attorneys have extensive experience in the major areas of tax-exempt and taxable financing. Members of the group have served as bond counsel, underwriter counsel, purchaser counsel, issuer counsel, credit enhancer counsel and borrower’s counsel in virtually all types of tax-exempt and taxable public finance transactions, from traditional governmental general obligation and revenue bonds to third-party conduit bonds. In addition, Taft’s public finance attorneys have experience with federal tax, federal securities and state laws as they relate to tax-exempt financing.

Our attorneys also have significant experience in the public law area and with tax incentives available to promote economic development. We currently serve as special counsel relating to tax increment financing and economic development on projects throughout the Midwest. Taft attorneys also represent and have represented numerous private clients with accessing available local, state and federal tax incentives to promote development.

The firm has been listed in The Bond Buyer’s Municipal Market Place (the “Redbook”) for over 30 years. Our legal opinions have been accepted and respected by issuers of bonds and underwriters of bonds in every case.

• Bond counsel to public school in connection with issuance of voter approved $150 million bond issuance. Representation included capital and operating referenda counseling during ballot campaign and delivery of approving opinion on issuance to finance construction of new elementary school and comprehensive capital improvements.
• Bond counsel to public school in connection with issuance of voter approved $160 million bond issuance. Representation included capital referenda counseling during ballot campaign and bond counsel on issuance to finance facility construction and comprehensive capital improvements.
• Bond counsel to public school in connection with issuance of voter approved $110 million bond issuance. Representation included capital and operating referenda counseling during ballot campaign and delivery of approving opinion on issuance to finance construction of new high school and renovations of other school facilities.
• Bond counsel to public school in connection with issuance of voter approved $42 million bond issuance. Representation included capital referenda counseling during ballot campaign and delivery of approving opinion on issuance to finance construction comprehensive system facility improvements.
• Underwriter’s counsel in connection with $21,345,000 private activity bond issuance. Representation included drafting offering document and due diligence responsibilities in connection with an issuance by state finance authority for the benefit of a 501(c)(3) borrower to restructure existing debt and to finance construction of new facility.
• Bond counsel for municipality on multifamily housing and hotel projects in utilizing tax increment (TIF) bond financing.
• Negotiated and structured $62 million in economic development tax and financing incentives for a $240 million biodiesel facility.
• Developed strategy and negotiated $57.5 million for a $490 million alternative energy facility.
• Underwriter’s counsel for $95 million school building corporation refunding bonds.
• Structured 100% bond financing as bank counsel for $30 million hotel project.

Tax Increment Financing (TIF)

• Establishment of new TIF districts on behalf of municipalities located in Cook, Lake, and Kane Counties in Illinois.
• Restructuring of distressed TIF districts on behalf of municipalities in Cook County, Illinois.
• Acquisition of TIF and economic development income tax revenue bonds on behalf of a Howard County, Indiana municipality.
• Developed a TIF economic development strategies for a number of unique situations including:
  • leveraging private development into public infrastructure projects.
  • financing a wind turbine for an industrial development area.
  • attracting a manufacturing company to the district.
• Utilized a TIF strategy for a multimillion-dollar mixed-use development and adaptive reuse of a building.