Public Finance and Economic Development

Practice Contacts

Public Finance and Economic Development

Taft’s public finance attorneys have a long history of delivering innovative financing solutions and aiding clients with complex, legally novel issues in the major areas of tax-exempt and taxable financing. Our professionals are regularly sought after and retained as bond, issuer’s, tax, borrower’s, disclosure, and underwriter’s counsel on a wide variety of public and nonprofit sector financings. We regularly assist in development and infrastructure financings to fund the improvement and expansion of existing municipalities, as well as engage in financings for large-scale projects. We have been pivotal in the growth of numerous cities and towns throughout the Midwest and the Mountain West.

With significant experience in the public law area and tax incentives available to promote economic development, Taft attorneys currently serve as special counsel relating to tax increment financing and economic development on projects throughout the United States. We collaborate with special districts, educational institutions, healthcare centers, infrastructure banks, housing authorities, transportation agencies, airports, and various other organizations. Our attorneys work in unison to devise innovative financing structures and solutions that fulfill our client’s requirements while adhering to tax, securities, and state regulations.

Comprehensive, Forward-Looking Capabilities & Resources

Our experienced team adopts a proactive stance, foreseeing potential legal challenges and opportunities, and aids our clients with bond financings, economic development instruments, tax incentive programs, and novel financing methods like “Cinderella Bonds.” We counsel clients through all phases of a project, from conceptualization and structural assessment to finalization and ongoing compliance after issuance. Our experience includes arbitrage and rebate advice, proceeds utilization issues, continuous disclosure reporting requirements, adherence to IRS and SEC regulations, as well as audits, inquiries, and industry best practices.

We help clients with:

Derivative and other hedge products
Economic development
Election law and Fair Campaign Practices Act compliance
Federal and state income tax analysis
Federal and state securities law compliance
Governmental general obligation and revenue bonds
Higher education
Industrial development and nonprofit corporation issues
Interest rate swaps
IRS audits and participation in the Voluntary Closing Agreement Program (VCAP)
Lease purchases and certificates of participation
Legislative drafting and advocacy
New markets tax credits
Post-issuance compliance
Private activity bonds
Qualified 501(c)(3) and other nonprofits’ financings
Securities and disclosure law issues and compliance
Special taxing districts
State and local government laws and compliance issues
Tax credit bonds
Tax increment financing/urban renewal
Traditional public and charter schools

Recognized Counsel Regionally & Nationally

Taft is ranked first in Nevada, second in Colorado and New Mexico in varying aspects of municipal publicly offered bond sales, and 15th nationally as disclosure counsel by The Bond Buyer, the leading publication for the municipal bond industry.

2023 Bond Buyer rankings:

15 in National Disclosure Counsel
3 in Colorado Bond Counsel
3 in Colorado Disclosure Counsel
2 in Colorado Underwriters Counsel
1 in Nevada Bond Counsel
1 in Nevada Disclosure Counsel
5 in New Mexico Bond Counsel
2 in New Mexico Disclosure Counsel

Our Public Finance team is also ranked nationally by Best Lawyers/Best Law Firms and received metropolitan rankings for Public Finance Law in Colorado and New Mexico.

Related Practices

Notable Matters

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.