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Food and Agriculture Finance Update - November 13, 2018

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CDFA Food and Agriculture Finance Update
November 13, 2018
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CDFA Food & Agriculture Finance Update

Features

AL Power Looks into Economic Feasibility of Indoor Agriculture
Alabama Power, an electric utility company, has taken on a research project that is virtually unprecedented among utility companies. The power company is looking into the use of LED lighting to grow crops. A refurbished Freight Farm shipping container outside the Technology Applications Center at the General Services Complex in Calera is the location of the project.

St. Paul, MN Food Processer Looks to Relocate to Little Canada
St. Paul-based Bix Produce Co. is planning to move its 400 employees to Little Canada in an expansion that would triple the size of its current food-processing facility. The company, long a North End institution, would create 129 new jobs over the next four years and spend $15 million renovating a warehouse.

Perdue to Invest $30M in Tradepoint Atlantic Organic Grain Facility
A division of poultry giant Perdue Farms plans to redevelop the former Sparrows Point steel mill site in eastern Baltimore County. The Maryland Department of Commerce is extending a $350,000 grant through its Advantage Maryland fund and the Baltimore County Council is considering another loan for the move. In addition Salisbury-based Perdue is eligible for state tax credits.

Fergus Falls, MN Port Authority Moves to Purchase Dairy Property
During a meeting of the Fergus Falls Port Authority, commissioners unanimously approved a request to authorize city staff to seek an appraisal of the former Mid-Am Dairy site. A purchase agreement for $175,000 is already in place, and the city is expected to close on the property at an as-yet undetermined date in December.

U.P.-Based CDFI Expands to Fund Businesses Statewide
Since its founding, Northern Initiatives has financed more than $60 million through 1,100 loans, creating nearly 5,000 jobs. NI's funders include the Kellogg Foundation, the U.S. Small Business Administration and the U.S. Department of Agriculture.

PepsiCo Launches Accelerator in the US with 10 Startups
After helping multiple startups in Europe increase their combined sales fourfold throughout the duration of it six-month Nutrition Greenhouse accelerator program, PepsiCo is now offering entrepreneurs in the US a helping hand and a shot at $100,000 in funding and a long-term partnership with the industry giant.

Project Spotlight: Food 21 - Controlled Environment Agriculture
Wendy West Hickey with Peoples Energy, Glenn Ford with Praxis Foods/InCity Farms and Joe Bute with Hollymead Capital present on the Food 21 Controlled Environment Agriculture project. This highly replicable project represents an innovative approach to local food systems finance.

SC Community Loan Fund Highlights Hub City Farmers Market
The South Carolina Community Loan Fund provided a $350,000 loan to help fund the completion of the farmers market on Howard Street. According to CEO Michelle Mapp, the project was the first to be financed with funding provided by the U.S. Treasury under its healthy food financing program in 2011.

ProducePay Raises $14M to Help Farmers
This Los Angeles startup pays for produce by advancing produce farmers financing on their crops — up to 10 percent before harvest begins, 50 percent at the pick-and-pack phase, and 80 percent when they ship. That way farmers don't have to wait to get paid until their fruits and vegetables are sold, and distributors can free up their cash flow.

Upcoming Events
Intro Property Assessed Clean Energy (PACE) WebCourse

Financing Economic Recovery in the Wake of Disaster
November 14, 2018 - 2:00 - 4:00 PM Eastern
In this CDFA webinar, you'll learn from experienced development finance practitioners on how to finance the recovery and redevelopment of communities following a disaster, as well as the types of finance tools available to communities on the federal, state, and local level.

Food & Agriculture Finance News

Proposed ME Credit Union to Focus on Farmers
The American Banker | Nov. 12 | Economic Development | Food Systems Finance

Garver Feed Mill Given New Purpose and New Life
Milwaukee Business News | Nov. 12 | Economic Development | Food Systems Finance

State Grant Helps Wolf Ridge Farm Create Agro-calendar
Lake County News Chronicle | Nov. 12 | Agriculture Finance | Food Systems Finance

Good Food Access Program Equipment Grants Available in MN
The Green Sheet Farm Forum | Oct. 31 | Food Systems Finance



The Council of Development Finance Agencies (CDFA) 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, visit www.CDFA.net or email 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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