CDFA Brownfields Finance Update - October 1, 2019

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Features

EPA Superfund Task Force Releases Final Report

The Superfund Task Force is publishing its final report. The recommendations address: expediting cleanup and remediation process; reducing financial burden on all parties involved in the entire cleanup process; encouraging private investment; promoting redevelopment and community revitalization; and building and strengthening partnerships.

EPA Can Help Convert Brownfields into Useful Sites

EPA's Brownfields Program collaborates with other EPA programs, federal partners and state agencies to identify available resources for brownfield activities, from assessment and cleanup to training and research. EPA has more information on the following grants on its website.

WV to Receive $26M in EPA Funds

West Virginia will receive more than $26 million from the U.S. Environmental Protection Agency for use in various environmental cleaning projects. The funding will support projects for hazardous waste assessment and cleanup of brownfields properties, improving water quality in various bodies of water, developing drinking water systems and implementing air pollution control programs.

$6.6M Mixed-Use Development in Woodbridge, MI

Two Detroiters—one a gallery owner and another who cut his teeth in New York City finance—are planning a $6.6 million mixed-use development on Grand River Avenue. The developers are seeking just over $360,000 in public financing to remove contaminated soil, demolish the old building foundation, and otherwise prepare the site.

St. Louis, MO Post-Dispatch Building Revamped

The developers planning to turn the Post-Dispatch's longtime home into offices for San Francisco payment processing company Square. The developers are also seeking $3 million in Missouri Brownfield remediation tax credits, $12.1 million in state historic tax credits and $8.5 million in federal historic tax credits.

Graphic Packaging Approved to Use TIF for Expansion

Graphic Packaging International was recently approved to receive TIF for the expansion project. Funds would be awarded based on the demolition work that has already been done and continues to be done on the site, as well as the cleanup of contamination in soil and groundwater that GPI is doing, which includes taking care of asbestos issues.

Cleanup Work Begins on Former Madison Heights School

The Virginia Brownfields Restoration Assistance Fund was established to help local governments promote restoration or redevelopment of brownfield sites. Amherst County was awarded a Virginia Brownfields Remediation Grant of $295,000 from the commonwealth to support the redevelopment.

Packard Showroom Redevelopment May Start Soon

Plans call for 38 lofts of mostly one-bedroom units and 8 units are affordable for those making 60 percent of the area median income ($32,100). The Michigan Strategic Fund approved a $1.4 million loan through its Michigan Community Revitalization Program and the project recently got around $562,000 in brownfield financing.

Upcoming Events

CDFA National Development Finance Summit

Georgia Opportunity Zones: Driving Peach State Investment (2019)
October 10, 2019 - Atlanta, GA

Join the Georgia Opportunity Zones: Driving Peach State Investment conference, in partnership with GEDA, on October 10, 2019 for a special one-day conference hosted at the offices of Seyfarth Shaw LLP in Atlanta. This event will feature a number of economic development finance experts from around the state discussing Opportunity Zones and the development finance tools, authorities, resources and approaches, and how these can affect the Georgia economy going forward.

CDFA // BNY Mellon Development Finance Webcast Series: Analysis of the 2018 CDFA Volume Cap Report and Capital Markets Review
Tuesday, October 15, 2019 - 1:00 PM Eastern

The annual CDFA Volume Cap report is an essential outline of national private activity bond issuance trends and is used by issuers, researchers, trade groups, and political offices to understand the private activity bond landscape. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will examine the recently released Volume Cap Report in fine detail as well as discuss the fourth-quarter outlook of the capital markets.

CDFA Brownfields Technical Assistance Program

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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.

Disclaimer: This publication was developed under Assistance Agreement No. TR-83576801-0 awarded by the U.S. Environmental Protection Agency. It has not been formally reviewed by EPA. The views expressed in this document are solely those of Council of Development Finance Agencies and EPA does not endorse any products or commercial services mentioned in this publication.

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