Shopping Centers Today

DEC 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Page 66 of 99

D E C E M B E R 2 0 1 8 / S C T 67 2 0 1 8 / S C T 67 SIX TIFS CAN MAKE GREAT THINGS HAPPEN CORALVILLE, IOWA The Coral Ridge Mall TIF district, created in 1997 along Interstate 80 in Coralville, Iowa, has proved to be one of the most successful TIFs in the state, if not in the country. Completed on 120 acres in 1998, the mall and its TIF have transformed the town, attracting a half dozen smaller shopping cen- ters, nine hotels and a research park. The TIF helped boost retail sales from $166.5 million in 1997 to about $807.6 million two decades later, creating some 2,000 new jobs along the way, according to the city. The TIF also did things a bit differently: About $700 million of the city's $1.6 billion in property value was tied up in TIF districts in fiscal 2016, resulting in a lowered credit rating. The city did not retire the TIF when costs were recovered, as is customarily done. Instead, it funneled the funds into infrastructure and a convention center, and then into the 180-acre, mixed-use Iowa River Landing complex, built over an old industrial site a few miles away. The mall TIF is set to expire late this year. ARLINGTON, TEXAS As fast-growing Arlington, Texas, developed, near the turn of the centu- ry, one 320-acre parcel on Interstate 20 sat fallow. It lacked access, a bridge and other infrastructure, factors that helped kill any potential deals. So in 2005 the city created a TIF-like tax-increment reinvestment zone, and a lively, 80-acre Arlington (Texas) Highlands Coral Ridge Mall, Coralville, Iowa

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