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CDFA Brownfields Finance Update - February 5, 2019

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Brownfields Financing Update
February 5, 2019
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Brownfields Finance Update


EPA Letter to IRS on Opportunity Zones Merits Attention
In a letter to the IRS submitted on December 18, the Office of Brownfields and Land Revitalization requested clarification of the substantial improvement and original use tests, primarily in the context of brownfields remediation. The purpose of the OBLR request is to spur redevelopment of brownfield and other underutilized sites by expanding the breadth and impact of the OZ program.

CDFA Provides Financing Strategies for Riverwalk in Oregon City, OR
CDFA is pleased to release a Roadmap to Redevelopment report prepared for the Willamette Falls Legacy Project. The report provides financing strategies for the future Riverwalk that allows public access and viewing of the Willamette Falls and the redevelopment of the Blue Heron Paper Company currently on the site.

Remediation Completed on 90 Acres of Former Brownfields in Stamford, CT
A developer in Stamford, CT has now finished the active remediation of approximately 90 acres of formerly environmentally impacted land in the South End and Waterside neighborhoods of Stamford. All of these sites have been transformed from empty brownfields into productive, modern, tax-generating uses.

Cadillac, MI Officials Seek $1M to Cleanup Destroyed Factory
Cadillac, MI officials hope to secure $1 million in grants and loans to cover cleanup costs for a massive pile of rubble. The brownfield site was formerly a factory, but it burned to the ground in 2013. The city is also examining a proposal to create a solar array on the site, and is seeking a $650K grant and a $350K loan to do so.

Huntington, WV Buys Land to Cleanup Brownfield Sites
The Huntington, WV Municipal Development Authority approved funding for the purchase of 77.46 acres of property, known as the Highlawn brownfields, for up to $4.5M. Vacant, closed-down factories currently fill the large space in the brownfield, which the city describes as "prime real estate."

MN DEED Awards $5.7M for Contamination Cleanup
The funding was awarded by DEED under the Contamination Cleanup and Investigation Grants Program. These projects will create or retain 3,575 jobs and attract $763.9 million in private investment. The local tax bases are expected to increase by $10.58 million because of these projects.

Upcoming Events

CDFA Brownfields Webinar Series: Brownfields to Brightfields - Redevelopment for a Brighter Future
Thursday, March 7, 2019 - 2:00 PM Eastern
Join CDFA, in partnership with Brownfield Listings, as we host experienced Brownfield redevelopment professionals to examine where Brownfields and Brightfields collide!

CDFA Brownfields Technical Assistance Program

Brownfields Financing Headlines

Huntington, IN Makes Use of $900K to Clean Up Factory
Huntington County TAB | Feb. 5 | Brownfield Financing

Girard, OH Will Seek EPA Grant to Turn Brownfield Into Bike Path
The Tribune Chronicle | Feb. 4 | Brownfield Financing | Rural Development

MI Provides Funding to Redevelop Brownfield
The News Tribune | Feb. 4 | Brownfield Financing | Redevelopment

Columbus County, NC Wins $300K EPA Brownfield Grant
WECT | Feb. 1 | Brownfield Financing | U.S. Environmental Protection Agency (EPA)

Greenfield, IN to Apply for EPA Brownfield Grant
Greenfield Daily Reporter | Jan. 31 | Brownfield Financing

Albany, GA Gets $300K Brownfield Assessment Grant
Albany Herald | Jan. 24 | Brownfield Financing

MI Housing Development Seeks Funds Through Brownfield Plan
Holland Sentinel | Jan. 23 | Brownfield Financing

Factory in Shelton, CT to Get Cleanup Through Brownfield Grant
Connecticut Post | Jan. 2 | Brownfield Financing | Redevelopment

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

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