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Capabilities / Development Incentives & Tax Credits

Development Incentives & Tax Credits

Boosting redevelopment.

Husch Blackwell guides developers in accessing federal, state, and local incentives to help fund commercially and culturally significant projects, including office buildings and parks, industrial developments, mall and shopping center redevelopment, mixed-use development, and hotels, among others. Our early and ongoing leadership in the complex field of development incentives translates into a wealth of experience that benefits clients throughout our firm’s geographic footprint. 

Our guidance to clients on development incentives includes:

  • Brownfield tax credits 
  • Community improvement districts (CID)
  • Historic tax credits (HTC)
  • Low income housing tax credits (LIHTC)
  • New Markets Tax Credits (NMTC)
  • Opportunity Zones
  • Tax abatement
  • Tax increment financing (TIF)
  • Transportation development districts (TDD)

Our team is particularly adept at identifying multiple incentives for eligible projects, as well as providing comprehensive legal advice regarding the debt and equity components of a project’s capital stack. Clients rely on our team’s can-do approach and creative lawyering to overcome obstacles and get projects to the finish line.

Husch Blackwell has been involved with New Markets Tax Credits (NMTC) since the first allocations were made in the early 2000s. In fact, Husch Blackwell was involved in the first three NMTC transactions to close in Missouri.

Since then, we have represented community development entities (CDEs), lenders, investors, and not-for-profit and for-profit developers and businesses in NMTC transactions. Our lawyers have worked on structured NMTC transactions involving equity investments and loans, leveraged and non-leveraged transactions, and transactions combining other state and federal tax credits, local grants, TIFs and tax-exempt bond financing.

Representative Experience:

  • Represented developer in a five-building historic restoration project in downtown St. Louis that included the first use of NMTC in Missouri. Our representation included acquisitions, securing other public and private financing sources and capitalization of four new businesses in these buildings.
  • Represented client in a comprehensive 165-acre redevelopment project near St. Louis that required $16 million in NMTC, the closing of a $14 million Chapter 100 tax abatement bond issuance and Chapter 353 real property tax abatement. Because our client began its redevelopment after the unsuccessful development attempts of the previous owner, our efforts for the client also included rezoning and replatting the property, unwinding the previous public financing incentives, and negotiating and obtaining city approval.
  • Advised developer in the restoration and redevelopment of the St. Louis Union Station, which included securing $5 million in NMTC, tax abatement and a sales tax rebate agreement with the city of St. Louis. 
  • Represented Koman Group in obtaining NMTC and Historic Tax Credits for redevelopment of the historic Cupples 9 building in St. Louis, turning it into office and retail/restaurant space. We assisted our client with obtaining NMTCs and Historic Tax Credits for the project, which was later awarded LEED Silver certification and recognized as one of St. Louis’ “Developments of the Year.” 
  • Counseled developer in securing significant federal, state and local incentives, including NMTC, in a $106 million multiphase project involving the acquisition, demolition and rehabilitation of a vacant mall in North St. Louis.
  • Represented joint venture client in the rehabilitation of a 17-story downtown St. Louis building into a mix of retail space, affordable housing and parking. A variety of public and private sources of financing were accessed, including NMTC, federal and state Historic Tax Credits, federal and state Low-Income Housing Tax Credits, TIF, CID and multiple tranches of private debt and equity capital.
  • Advised developer and investor in rehabilitation of mixed-use building in St. Louis’ Loft District using $20 million NMTC allocation. The project also developed two new businesses, each of which utilized $10 million in Missouri NMTC allocations.
  • Assisted property owner in acquisition and rehabilitation of a building to retain and renovate downtown department store, financed with $12.5 million federal NMTC allocation and $10 million Missouri NMTC allocation.
  • Represented CDE and investor in $11 million federal NMTC allocation used to finance the construction of a new headquarters facility for a lighting company.
  • Advised CDE and investor on $8 million Missouri NMTC allocation for expansion of paper supply company.
  • Advised CDE on a $10 million NMTC allocation for the equipping of retail grocery’s new distribution facility in Missouri. 
  • Represented CDE on an $8.5 million NMTC allocation for the construction of new manufacturing, distribution and storage facilities in Illinois. 
  • Counseled investor in the $164 million rehabilitation of a historic building into retail, hotel and loft apartments using state and federal NMTC.
  • Represented bookstore in $5 million federal NMTC allocation to open downtown location.
  • Advised grain operator on $10 million Illinois NMTC allocation for new loading facility.
  • Represented investor and lender in $12 million federal NMTC allocation for redevelopment of downtown office tower.
  • Represented not-for-profit as leverage lender and tenant in $12 million federal NMTC allocation for development of headquarters building.

TDDs are special-purpose taxing districts formed to finance improvements in municipal infrastructure, primarily roads and other thoroughfares. Missouri was one of the first states to enact TDD legislation.

Our work on behalf of developers in structuring and negotiating TDDs is extensive. Husch Blackwell created some of the first TDDs in the region, primarily in St. Louis and Kansas City, and has since created two dozen more in Missouri. Our TDD work includes large projects such as streetcars and trolleys and market-dominant mixed-use projects, as well as projects for hotels, restaurants and residential housing.

Representative Experience:

  • Represented the city of Kansas City in the financing and governance of a $101 million, 2.2-mile downtown starter streetcar line, as well as a $514 million, 7.5-mile expansion. Successfully established the Kansas City Downtown Streetcar TDD through a judicial process (including appeals by opponents) and requisite districtwide elections. 
  • Represented the Loop Trolley Transportation Development District, the first cross-jurisdictional TDD in St. Louis, in successful implementation and passage of the TDD. Successfully lobbied for an earlier TIF to assist in the initial funding.
  • Represented retail developer in the creation and passage of a development plan that included TDD, CID and Chapter 353 tax abatement incentives for a St. Louis mixed-use project.
  • Advised developer in acquiring a 350,000-square-foot shopping center in north St. Louis, including creation of a TDD and a TIF to help fund the development. 
  • Represented developer in the negotiation and creation of a TDD for a significant retail project in Manchester, Missouri, situated along a major thoroughfare.
  • Represented hotel developer/management company in formation of a TDD for a hotel that included a conference center and restaurant in downtown St. Joseph, Missouri.

Other experience includes the Country Club Plaza TDD in Kansas City and the City Hospital Laundry, Broadway Hotel, Fenton Crossing, Arnold Triangle, Railway Exchange Building and Cheshire Hotel TDDs in St. Louis.

Case Study
Microsoft Corporation

Our team assisted Microsoft in the construction of a $1 billion data center on a 315-acre parcel of land in Wisconsin.

Case Study
Netrality Properties, LP

Our team ensured the issuance of $56 million in bonds for the development and renovation of an important client site.

Representative Experience

  • Coordinated sale of a tenants in common (TIC) interest and secured tax increment financing (TIF) from the city for a commercial real estate company to close on 100,000 square feet of office space in a new development in Wisconsin.
  • Advised bank seeking to provide $13.72 million in construction financing for redevelopment of a historic building into a hotel. Advised bank on transaction structure, how to ensure that the federal and state historic tax credits coming into the deal would be secured collateral, and establishment of the bank’s rights vis-a-vis the hotel franchisor. Also navigated title and survey matters.
  • Advised both developer and bank providing financing for a $40 million redevelopment project adding a RiverWalk segment and public access to the river in downtown Milwaukee. Our team facilitated the short-term construction financing, New Markets Tax Credits, development agreements with the city for the RiverWalk portion of the project, lease work, and structuring of ownership interests.
  • Advised the School Sisters of St. Joseph on all phases of project to install 375 KW of solar panels at their retirement and healthcare facility, which involved a bond purchase, a power-purchase agreement, and a rooftop lease.
  • Structured complex $14 million deal for the rehabilitation of Milwaukee’s iconic 55,000-square-foot Mackie Building, listed on the National Register of Historic Places. Deal included 10 separate sources of financing, including federal and state historic tax credits, a loan from Milwaukee Economic Development Corporation, and PACE financing.
  • Structured, managed, and closed $15.7 million deal to transform 51 undeveloped acres in Middleton, Wisconsin into a market-rate residential living complex. Work included securing project approvals, structuring the project as a commercial condominium, resolving title issues, and assisting with multiple rounds of financing, including construction and tax increment financing (TIF).
  • Secured a Chapter 353 property tax abatement from the City of Kansas City, Missouri and tax-exempt bond financings from the U.S. Department of Housing and Urban Development for the construction of a $62 million Passive House-certified affordable residential development.
  • Helped Frisco Lofts LP obtain tax abatement, close its tax-exempt bond financing, and complete syndication of federal and state low-income housing and historic tax credits to convert the historic Landmark Building in downtown Springfield, Missouri, into new affordable housing for the physically disabled.
  • Represented financial institution in financing a multimillion-dollar healthcare center and affordable housing complex in Denver. We developed solutions to allow our client to provide NMTC financing concurrently with, but separately from, LIHTC financing.
  • Assisted with acquisition and financing, including securing $5 million in New Markets Tax Credit funds, of $50 million restoration of St. Louis Union Station and its hotel.
  • Represented Dairy Farmers of America to secure 10-year, 75 percent tax abatement; $1 million in STAR bonds; and sales tax exemptions on construction materials for their new corporate headquarters.
  • Represented the developer in the financing and acquisition of West Allis, Wisconsin properties. Involved negotiations with one private seller and one school district, relocating multiple tenants, entering into new leases, negotiations with the city over a public park, Opportunity Zones, and New Market Tax Credit Financing. Also involved negotiating multiple mixed-use components including a hotel, event space, and retail, in addition to new tenant leasing.
  • Represented the Nelson Gallery Foundation, one of largest art museums in the U.S., with its long-term “master plan” for the city’s museum district. This included the disposition of property and the development of other tracts, along with land use, redevelopment of historical properties, zoning, and construction issues.
  • Represented client in the redevelopment of a building for a high-speed data center for companies that rely on high-speed data transmission. Worked with the state and city to successfully requalify the site for public financing.
  • Represented client in the redevelopment of an industrial site into a multifamily development in an energy-efficient building in the River Market area of Kansas City, Missouri.
  • Represented a privately owned cleaning products company with its redevelopment and expansion of a corporate headquarters, including a manufacturing and distribution complex, in St. Joseph, Missouri. Worked with the client and the state of Missouri to develop an environmental risk remediation plan and secure Brownfields Tax Incentives to help with the expense.
  • Represented client in the development of an $8.2 billion multifacility data center and technology campus. Handled land use and public approvals as well as negotiated incentives package.
  • Represented European investment and asset manager in the development, construction lender financing, tax equity financing, and hedge financing of a 336 MW TG East wind project in Texas.
  • Represented European infrastructure fund as developer’s counsel for the purchase, development, hedge equity investment, and tax equity financing of 848 GW of wind and solar projects in Texas.
  • Represented developer in the development, construction lender financing, tax equity financing, and hedge financing of 872 MW of solar projects in Texas, with projects totaling more than $1.1 billion.
  • Represented developer of 440 MW of solar projects. Provided development, real estate, environmental, electric regulatory, and state tax expertise on all matters.
  • Represented leading solar and energy storage project development company as project counsel in the sale, construction, and tax equity financing of 200 MW solar project in Texas.
  • Advised St. Louis-based developer on negotiation and adoption of public financing incentives such as tax increment financing (TIF), brownfield tax credits, and other state tax credits for redevelopment of former automobile manufacturing site into more than 2 million square feet of retail, office, and industrial uses.
  • Represented a historic theater in attracting and closing on financing using historic tax credits to restore a 1929 art deco masterpiece.
  • Served as investor’s counsel to community development entity placing $55 million of NMTC allocation for projects in Wisconsin, Illinois, and Indiana, including a recycled plastic pallet manufacturing facility, downtown retail/commercial development, and a manufactured home production facility.
  • Served as developer’s counsel for the financing of a hotel in a catalytic redevelopment area of Wisconsin worth $21 million, including Opportunity Zone financing and municipal involvement.
  • Represented developer in a $32 million NMTC transaction that also included PACE financing and state and federal historic tax credits in a catalytic project for the city.
  • Represented nonprofit affordable housing owner in the acquisition of six multifamily low-income housing tax credit (LIHTC) properties with an aggregate purchase price of approximately $47 million.
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Smitha Chintamaneni Joins Husch Blackwell's Milwaukee Office

Husch Blackwell is pleased to announce that Smitha Chintamaneni has joined the firm’s Financial Services & Capital Markets industry group as a partner in the firm’s Milwaukee office.

News Releases | May 16, 2022
David Lemkemeier Joins Husch Blackwell's St. Louis Office

Husch Blackwell is pleased to announce that David Lemkemeier has joined the firm’s St. Louis office as a partner in its Real Estate, Development & Construction industry group.

News Releases | September 10, 2019
Husch Blackwell's Scott and Eckelkamp Named 2019 Up & Coming Lawyers

The annual Up & Coming awards “celebrate outstanding legal professionals who are 40 or younger or who are within their first 10 years of practice.

The practice has a deep bench, advising leading developers and investors on a comprehensive range of high-profile projects. Regularly sought after for its expertise in matters pertaining to tax increment incentives and tax-abated investment projects.

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