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Development Finance Review Weekly - March 12, 2020

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Development Finance Review Weekly
March 12, 2020
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CDFA Development Finance Review Weekly

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Columbus, OH Poised to Take Bold Steps to Cut Greenhouse Gas Emissions
The City of Columbus, Ohio could soon ask its building owners to track and report how much energy and water is used at their properties as part of a new benchmarking and transparency ordinance. Building owners interested in reducing energy use can tap into Columbus' C-PACE program, and relatedly, Columbus is now exploring the adoption of R-PACE financing.

World Bank Group Announces Up to $12B in Immediate Support for COVID-19 Response
As COVID-19 reaches over 60 countries, the World Bank Group is making available an initial package of up to $12 billion in immediate support. The funds will help developing countries strengthen health systems, including better access to health services to safeguard people from the epidemic, strengthen disease surveillance, bolster public health interventions, and work with the private sector to reduce the impact on economies.

Diverse Green Bonds Will Build the Future Faster
Investors are increasingly looking for bonds secured against the sustainable economy. Outstanding green bonds are now worth more than $600 billion globally, with issuance in 2020 expected to reach $250 billion. Amid this acceleration, different shades of green are emerging. Such diversity of green bonds has tangible benefits - to both investors and the planet.

Bipartisan REHAB Act Introduced to Incentivize Equitable Transit-Oriented Development
Representative Earl Blumenauer (OR-03), Mike Kelly (PA-16), Darin LaHood (IL-18), and Dan Kildee (MI-05) today introduced the Revitalizing Economies, Housing, And Businesses (REHAB) Act of 2019, which would reinstate and improve a tax credit ("REHAB credit") for buildings that are more than 50 years old and within one-half of a mile of a public transportation center.

Construction Begins on $200M Mixed-Use Project in Chicago, IL Opportunity Zone
The Habitat Company has announced construction is underway at Ogden Commons, the $200 million mixed-use project in Chicago's North Lawndale neighborhood being developed in a public-private partnership. Located in a Qualified Opportunity Zone, the 10-acre development will offer 120,000 square feet of commercial and retail space and over 350 mixed-income housing units.

CA to Issue $2.2B in General Obligation Bonds
The State of California is expected to issue $2.2 billion in General Obligation Bonds this week. The negotiated sale is scheduled for March 10th with an amortization schedule between 2021 and 2050 and Citigroup and RBC and joint senior managers. Proceeds from the sale of the Bonds will be used to finance voter-approved capital projects in the State and refund certain outstanding general obligation debt of the State.

Connecticut Green Bank Surpasses 300 Closed C-PACE Projects at the End of 2019
According to the Connecticut Green Bank, the state's Commercial Property Assessed Clean Energy (C-PACE) program surpassed 300 closed projects at the end of 2019, reaching a total of more than $163 million in clean energy financing investment in local businesses.

Over $100M Invested in Cincinnati, OH P3 for Economic Development
The newly-announced Cincinnati Innovation District - a public-private partnership designed to build, retain, and attract talent to Ohio - will be catalyzed with a $100 million investment from JobsOhio and additional investments from the University of Cincinnati and Cincinnati Children's Hospital Medical Center.

Upcoming Events
Intro Tax Credit Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Muni Yields Skyrocket, New Issues Pulled Amid COVID-19 Fears
The municipal market was hammered Wednesday by the rapidly spreading COVID-19 global pandemic with a more than quarter point correction in AAA benchmarks, issuers pulling deals off the shelves and more reports of pricing and evaluation confusion in an already complicated market.

COVID-19 a Challenge for Muni Advocacy
Some muni market advocates have growing concerns that COVID-19 is limiting their ability to push important muni bond initiatives on Capitol Hill and elsewhere. Congress is still open with staffers and lawmakers present, but those offices could decide to minimize or ban face-to-face meetings as virus concerns grow.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. Read more about this partnership and all of its benefits here.

Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: To TIF or Not to TIF?
Tuesday, March 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series experts will examine the best strategies local governments and analysts are using to determine appropriate TIF assistance levels.

CDFA // BNY Mellon Development Finance Webcast Series: The Performance of Social Impact Bonds
Tuesday, April 21, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore if the performance of Social Impact Bonds (SIBs) is living up to the hype and how SIBs can be used as a powerful tool for community development.

This Week's Headlines

IL Announces $80M Offered in Economic Development Grants
The Telegraph | Mar. 10 | Economic Development | Infrastructure Finance | Opportunity Zones | State Finance Program

City of Morro Bay Receives $62M EPA Water Infrastructure Loan
EPA | Mar. 10 | Water Finance

$1.8M Awarded to Disaster-Impacted Butte, Glenn, and Tehama Counties
Corning Observer | Mar. 10 | Revolving Loan Funds (RLFs)

3CORE Receives $1.8M Loan Fund from U.S. Commerce Department
The Enterprise-Record | Mar. 10 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs)

Businesses Aren't Taking Advantage of Local RLF
The McDonough County Voice | Mar. 10 | Community Development | Revolving Loan Funds (RLFs)

Amherst, VA Considering Revolving Loan Fund to Grow Business
WDBJ7 | Mar. 10 | Revolving Loan Funds (RLFs)

Philadelphia, PA Unveils Sweeping Poverty Plan
Route Fifty | Mar. 10 | Community Development | Public-Private Partnership (P3) Financing | Social Finance

SEC Adopts Amendments to Rules 3-10 and 3-16 of Regulation S-X in Certain Registered Debt Offerings
JDSupra | Mar. 10 | Bond Finance | Municipal Securities Rulemaking Board (MSRB)

FY2020 Supplemental Funding for Brownfields Revolving Loan Fund (RLF) Grantees
EPA | Mar. 9 | Federal | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

MN Dairy Farms Back in Business After Barns Collapse
Ag Week | Mar. 9 | Access to Capital | Agriculture Finance | Legislative

Batavia Working to Keep One Washington Place Project Alive
Daily Herald | Mar. 9 | Tax Increment Finance (TIF)

County Letting East Butte Tax District Fade Away Next Year
The Montana Standard | Mar. 8 | Revolving Loan Funds (RLFs) | Tax Increment Finance (TIF)

St. Pete Preservationists Get Grant to Save Historic Properties
Tampa Bay Times | Mar. 7 | Historic Preservation | Revolving Loan Funds (RLFs)

SD Farmers May Be Eligible for USDA Emergency Loans
Aberdeen News | Mar. 7 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | U.S. Dept. of Agriculture (USDA)

P3 to Ease Traffic with Major Road Expansion in CA
ABC 7 | Mar. 7 | Infrastructure Finance | Public-Private Partnership (P3) Financing

Home Savings Donation Gives MVEDC an ‘Edge'
The Business Journal | Mar. 6 | Access to Capital | Revolving Loan Funds (RLFs)

MN Expected to Approve $50M in Loan Assistance for Farmers
KFGO | Mar. 6 | Access to Capital | Agriculture Finance | Bond Finance | Legislative | Revolving Loan Funds (RLFs)


National Sponsor Spotlight

McCarter & English, LLP McCarter & English, LLP
McCarter & English, LLP is a firm of approximately 400 lawyers with offices in Boston, Hartford, Stamford, New York, Newark, East Brunswick, Philadelphia, Wilmington and Washington, DC. In continuous business for more than 170 years, they are among...
McGuireWoods McGuireWoods
With 1000 lawyers and 21 strategically located offices worldwide, McGuireWoods LLP, uses client-focused teams to serve public, private, government and nonprofit clients from virtually every area of the law.
MuniCap, Inc. MuniCap, Inc.
MuniCap, Inc. is a public finance consulting firm based in Columbia, Maryland that specializes in the public finance aspects of redevelopment. MuniCap is headquartered in Columbia, Maryland, with additional offices located in Dallas, Texas,...

Partner Spotlight

informANALYTICS by Center for Governmental Research informANALYTICS by Center for Governmental Research
The Center for Governmental Research (CGR) is a nonprofit organized under section 501(c)(3) of the Internal Revenue Code. CGR brings expertise to issues spanning economics and public finance, government management, health and human services and...

CDFA Bookstore

Cover thumbnail Revolving Loan Fund Reference Guide
The Revolving Loan Fund Reference Guide offers an in-depth look at RLF program development, implementation and management. This guide demonstrates how a RLF program can compliment economic development strategies, encourage investment and assist traditionally underserved businesses.

The Council of Development Finance Agencies 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 public, private and non-profit entities alike. For more information about CDFA, visit www.cdfa.net or e-mail info@cdfa.net.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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CDFA National Sponsors

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor