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Development Finance Review Weekly - June 15, 2023

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Development Finance Review Weekly
June 15, 2023
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CDFA Development Finance Review Weekly

Features

Next in the Equitable Lending Learning Series: Fund Capitalization
The CDFA Equitable Lending Learning Series provides in-depth instruction to small business lenders on loan fund policies, lending processes, and other practices that remove barriers to capital and proactively advance economic justice. Register now to join CDFA, Lendistry, and The Center by Lendistry on Tuesday, June 27 at 1-4 PM Eastern for a discussion on key considerations and best practices for identifying, securing, and managing funds that can establish and grow equitable lending programs.

American Resources Closes Biggest Bond Financing for Wyoming County Coal Complex
American Resources Corporation closed the book on its largest financing to date, a $45 million revenue bond for its Wyoming County Coal complex in West Virginia. The bond, issued by the West Virginia Development Authority Solid Waste Disposal Facility Revenue Bonds, Series 2023, carries an interest rate of 9 percent and matures on June 8, 2038.

Join CDFA for Our Upcoming Targeted Tools & Food Systems Webinar!
Interested in learning more about targeted tools for financing food-related projects? Register for CDFA's Food Systems Finance Webinar: Targeted Tools & Food Systems on June 27 from 2:00 - 3:30 PM Eastern. Speakers will discuss how tools, such as PACE and TIF, can be used to drive food systems investment in communities, as well as provide case studies that have successfully utilized these financing tools.

Ogden, UT Leaders OK Airport Community Reinvestment Area to Spur Development
With the creation of a community reinvestment area encompassing Ogden-Hinckley Airport largely a done deal, the city has more leverage to redevelop the facility. Creation of the reinvestment area will allow the body to tap into as much as $119.32 million in tax-increment finance, or TIF, funding over 25 years to aid with development in partnership with the private sector.

Third Installment of the SSBCI Learning Series Coming Up on June 22
Join CDFA on June 22 from 2:00 - 4:00 PM Eastern for the latest installment of the SSBCI Learning Series: Emerging Models and Best Practices for Delivering Technical Assistance. With SSBCI technical assistance grant applicant approval imminent, now is the time to gain valuable insights on best practices for delivering those funds to micro-enterprises and SEDI businesses and discuss current efforts to deploy additional funding made available by the U.S. Department of the Treasury.

Alaska to Receive Additional $100M for Broadband
The U.S. Department of Agriculture (USDA) is awarding $100.5 million to facilitate and improve access to high-speed internet for Alaskans in rural communities. These awards are possible thanks to the bipartisan Infrastructure Investment and Jobs Act (IIJA)—and specifically through USDA's ReConnect Program, which aims to ensure high-speed internet for all communities across the United States. To date, Alaska has received more than $3.9 billion in infrastructure investments thanks to the IIJA.

Deputy Treasury Secretary Highlights SSBCI's Impact on Minority Entrepreneurs
Deputy Secretary of the Treasury Wally Adeyemo participated in a roundtable on expanding access to capital for minority entrepreneurs and small business owners with representatives from the U.S. Department of Commerce and the Office of the Vice President. During the roundtable, he discussed the Treasury Department's State Small Business Credit Initiative and strategies for using public-private partnerships as force multipliers for investments in underserved businesses and entrepreneurs.

Greater Commercial Lending Completes $36.7M for Poultry Processing Plant in Iowa
Greater Commercial Lending, which provides government-guaranteed loans to businesses and organizations in under-served and rural communities, has completed $36.7 million in financing for Pure Prairie Poultry in Charles City, Iowa. The loan package, guaranteed by the U.S. Department of Agriculture (USDA) through the Food Supply Chain Guaranteed Loan Program, will help renovate and expand the existing poultry processing plant and purchase additional equipment to ramp up operations to full capacity.

Pennsylvania to Receive $400M from Infrastructure Law to Plug Abandoned Wells
Under the Bipartisan Infrastructure Law, Congress set aside $4.7 billion in 2021 to plug abandoned wells. That money started flowing to states last year. Pennsylvania has received $25 million and is on track to get another $375 million. Estimates for how many there are vary wildly, but the state thinks that 250,000 is a more likely total. So far, it has identified 27,449 orphaned wells—wells that have no owners—and has plugged another 3,346 of them, at a cost of $10,000 to $200,000 each.  

Upcoming Events
CDFA Virtual Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

North Carolina Commission Approves Bonds for Wilmington Building Buy
The North Carolina Local Government Commission gave approval for Wilmington officials to sell $70 million of bonds to buy a 12-story downtown building as it consolidates city agencies into one place.

S&P Cuts Baltimore, MD Mayor, Council Water Bonds Due to EPA Order
S&P Global Ratings cut the ratings on the Baltimore Mayor and City Council, Maryland's outstanding water bonds to A-plus from AA-minus, and lowered the ratings on the city's subordinate water obligations to A from A-plus.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. The Bond Buyer offers CDFA State and Local Members a 55% discount off of the Issuer Rate. Contact CDFA for more information.

Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Advancing Equitable Economic Development with Affordable Housing
June 20, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will demonstrate how investment in affordable housing advances equitable economic development with a discussion of innovative financing approaches that can help these projects succeed.

CDFA-Bricker Webinar Series: National Updates for C-PACE Financing
June 21, 2023 - 2:00 PM - 4:00 PM Eastern
This installment of the CDFA-Bricker Webinar Series will provide insights on the recent advancements in C-PACE financing such as recent state legislative activity, along with innovative market-based solutions throughout all segments of the C-PACE market.

SSBCI Learning Series - Emerging Models and Best Practices for Delivering Technical Assistance
June 22, 2023 - 2:00 PM - 4:00 PM Eastern
To date, Treasury has allocated $200 million in potential funding to states, U.S. Territories, and Tribal Governments, and another $100 million to the Minority Business Development Agency for its Capital Readiness Program. During the third module of the 2023 SSBCI Learning Series, speakers will provide insights on best practices for delivering TA to micro-enterprises and SEDI businesses and discuss current efforts to deploy funding made available through Treasury's SSBCI Technical Assistance Grant Program.

This Week's Headlines

Alabama Agricultural Development Authority Accepting Applications for Meat and Poultry Processing
WEIS Radio | Jun. 15 | Access to Capital | Food Systems Finance | State Finance Program | U.S. Dept. of Agriculture (USDA)

Cold Storage Facility in Lebanon, OH will Receive TIF Assistance
Tribune-Star | Jun. 13 | Bond Finance | Economic Development | Food Systems Finance | Redevelopment | Tax Increment Finance (TIF)

Evansville, IN City Council Approves TIF for Fifth and Main Project
The Gleaner | Jun. 13 | Bond Finance | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Water Reclamation District to Issue $100M in Bonds for Improvements in Bloomington-Normal, IL
WGLT | Jun. 13 | Bond Finance | Infrastructure Finance | Water Finance | Water Finance

Bipartisan Bill to Enhance Affordable Housing Bonds
The Ripon Advance | Jun. 12 | Bond Finance | Housing Finance

Genesee County, MI Considers $150M Bond for Countywide Water Project
The Daily News | Jun. 12 | Bond Finance | Infrastructure Finance | Water Finance

Gov. DeSantis Awarded $15M to Five Rural Areas in Florida for Infrastructure Boost
News-Press | Jun. 12 | Community Development | Economic Development | Infrastructure Finance

How Bond Issuance and Ratings Can Impact Your Household
The Hamilton County Reporter | Jun. 12 | Bond Finance

Illinois Congressman Pushes to Modernize Financing for Small Manufacturers, Family Farmers
KHQA | Jun. 12 | Agriculture Finance | Bond Finance

Reps. Cammack, Case Introduce AQUAA Act in Support of Domestic Aquaculture
Congresswoman Kat Cammack | Jun. 12 | Access to Capital | Federal | Food Systems Finance | Legislative

Tulare County, CA Approves $40M Bond for Four Countywide Projects
The Sun Gazette | Jun. 12 | Bond Finance

USDA Announces $714M in Grants and Loans for Rural Broadband
USDA | Jun. 12 | Access to Capital | Infrastructure Finance | Legislative | Rural Development | U.S. Dept. of Agriculture (USDA) | Broadband | Legislative Activities

Ohio Port Board Approves $32M in Bond Financing for New Roundstone Headquarters
Port News | Jun. 11 | Bond Finance

Digital Hub and Spoke of Food and Beverage Manufacturing Raises $4M
Cision | Jun. 9 | Access to Capital | Food Systems Finance | Seed Capital | Venture Capital

Kentucky Agricultural Finance Corporation Approves $3.1M in Loans
The Lane Report | Jun. 9 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

Pittsburgh, PA to Receive $52M WIFIA Loan for Drinking Water Infrastructure
U.S. EPA | Jun. 9 | Access to Capital | Development Finance Toolbox | Federal | Infrastructure Finance | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance | Revolving Loan Funds (RLFs) | Water Finance | Water Infrastructure Finance and Innovation Act (WIFIA)

Wisconsin Ag Coalition Praises Road Improvement Program
Morning AgClips | Jun. 9 | Access to Capital | Agriculture Finance | State Finance Program

$43M Investment to Advance Innovation in Wood Products, Wood Energy Economies
USDA | Jun. 9 | Access to Capital | Agriculture Finance | Federal | U.S. Dept. of Agriculture (USDA)


National Sponsor Spotlight

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,...
National Development Council National Development Council
NDC's work focuses on HOMES, JOBS and COMMUNITY. Founded as a national nonprofit in 1969, NDC has worked for over 50 years fulfilling its mission to increase the flow of capital for investment in low-income communities. NDC directs capital to...
NW Financial Group, LLC NW Financial Group, LLC
NW Financial Group LLC is the premier Financial Advisory / Municipal Underwriting firm in the Northeast whose experienced professionals provide unparalleled expert advice to States, Local Governments, and Authorities. The professionals that make up...

Partner Spotlight

The Bond Buyer The Bond Buyer
The Bond Buyer is the only independent information resource serving the municipal finance community. Every day and throughout the day, through its website, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

CDFA Bookstore

Cover thumbnail DFCP Study Pack
The DFCP Complete Book Package contains all of the reference guides to study for the DFCP final exam at a 10% discount.

New Members

Butler Snow LLP - Macon, GA

City of New Port Richey, FL - New Port Richey, FL

LLS Tax Solutions Inc. - Pensacola, FL

Ponca Economic Development Corporation (PEDCO) - Lincoln, NE

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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon 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
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
Become a Sponsor