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Development Finance Review Weekly - January 24, 2019

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Development Finance Review Weekly
January 24, 2019
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CDFA Development Finance Review Weekly

Feature

OR Approves $150M in Bonds for Water Treatment Project
A state board approved $120 million in publicly issued industrial development bonds last week to help finance a $600 million water treatment project at Intel, and the state's business development department plans to supplement that with $30 million from its own bonding authority.

Amazon HQ2 Tax Incentives Package Approved by VA Senate
The Virginia Senate easily approved state tax incentives of up to $750 million over the next 15 years for Amazon to build a headquarters facility in Arlington. The Amazon package would provide cash grants to the online retail giant on condition that the company create tens of thousands of jobs with average pay of at least $150,000 a year.

USDA Broadband Initiative Provides Hope, Ignores Major Barrier
While the $600 million offered by USDA for rural broadband development is a step in the right direction, according to the Center for Rural Affairs, current broadband reporting methods required by the FCC will undercut the efforts of the USDA to service rural broadband needs.

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.

PA Turnpike Considers P3 to Upgrade 5 Tunnels
Over the next six weeks, the Pennsylvania Turnpike will try to decide whether to rehabilitate its five sets of tunnels one at a time over 10 to 15 years or enter into a public-private partnership with one firm that would do all of the work in five to six years and be responsible for maintenance for about 30 years.

$650K USDA Grant Supports AR Food Systems Project
The $650K project, part of a multi-state partnership sponsored by the USDA, aims to investigate efforts supporting food system development and look for opportunities to provide greater resources and technical assistance.

Opportunity Zones Should Help the Poor, Not Drive Them Out
The best outcome for residents and investors alike is a project that appreciates with the surrounding neighborhood, delivering solid, tax-advantaged returns over a long-term holding period. That will motivate investors to seek out the next Park Slope or Fort Green.

Upcoming Events
CDFA Federal Policy Conference
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Mayors Welcome Water Infrastructure Improvement Act
The passage of the Water Infrastructure Improvement Act came in the nick of time for U.S. mayors as they battle to shore up aging water infrastructure. According to panelists at the U.S. Conference of Mayors, the bipartisan bill gives municipalities more flexibility to meet federal standards under the Environmental Protection Agency's Clean Water Act.

Move America Act Reintroduced in U.S. Senate
The Move America Act (S. 146), a bipartisan proposal to expand PABs for infrastructure projects and establish a new federal infrastructure tax credit to encourage P3s, has been reintroduced after languishing in the last Congress.

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: Analyzing Public-Private Partnership Legislation
Tuesday, January 29, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, expert speakers will highlight various successful P3 state statutes across the U.S. and generally what they allow for. 

This Week's Headlines

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

P3 Approach for Census Bureau
Governing | Jan. 24 | Public-Private Partnership (P3) Financing

How Charlotte, NC Is Getting More Strategic about Housing Dollars
Next City | Jan. 23 | Community Development

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

Cadillac, MI Officials Seek $1M to Clean Up Destroyed Factory
Cadillac News | Jan. 23 | Brownfield Financing | Redevelopment

Mayors Express Support for Incentives
Smart Incentives | Jan. 23 | Incentives

Citi Announces Green Bond Issuance
Financial Post | Jan. 22 | Bond Finance | Energy Finance | Water Finance

Atlanta Community Foundation Invests $1M in Reinvestment Fund
Reinvestment Fund | Jan. 22 | Community Development | Economic Development | Food Systems Finance

Freddie Mac RBC LIHTC Fund Finances Affordable Housing Across America
NASDAQ | Jan. 22 | Community Development | Federal | Tax Credits

Robert Wood Johnson Foundation: Health and Climate Solutions Grants
Robert Wood Johnson Foundation | Jan. 22 | Community Development | Food Systems Finance | Water Finance

RESEED Recovery Fund Now Available
Natural Capital Investment Fund | Jan. 22 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance

Milwaukee, WI Downtown Business Improvement District Moves to Spur New Development
Journal Sentinel | Jan. 22 | Special Assessment Districts | Tax Increment Finance (TIF)

Hayward, WI Developers Agree on TIFs for $6M Project
Sawyer County Record | Jan. 22 | Community Development | Tax Increment Finance (TIF)

Kalispell, MT Investigates TIF District for Rehabilitation, Infrastructure Projects
Daily Inter Lake | Jan. 22 | Tax Increment Finance (TIF)

New Albany, OH International Business Park to Receive TIF Funding
GateHouse Media | Jan. 22 | Tax Increment Finance (TIF)

SC College Uses $60M in JEDA Bonds to Finance, Refinance and Renovate
SC JEDA | Jan. 21 | Bond Finance

TIF Districts in Chicago Area - Explained
The Chicago Tribune | Jan. 21 | Tax Increment Finance (TIF)

Columbus, IN Street Revitalization Project Granted TIF Funding
The Republic | Jan. 18 | Tax Increment Finance (TIF)


National Sponsor Spotlight

Baker Tilly Virchow Krause Baker Tilly Virchow Krause
More than 2,800 talented and passionate individuals strong, Baker Tilly is a top 15* full-service accounting and advisory firm with specialized professionals who connect with you and your business through refreshing candor and clear industry...
Ballard Spahr LLP Ballard Spahr LLP
Ballard Spahr is a national firm with more than 500 lawyers in 14 offices in the United States. They provide results-driven counsel and exceptional service in Litigation, Business and Finance, Real Estate, Intellectual Property, and Public Finance.
BNY Mellon BNY Mellon
BNY Mellon is the world's leading provider of corporate trust and agency services, administering $28.5 trillion in outstanding debt from 69 locations in 39 countries.

Partner Spotlight

Institute of Economic Development (IED) - United Kingdom Institute of Economic Development (IED) - United Kingdom
The Institute of Economic Development (IED) is the UK's leading independent professional body representing economic development and regeneration practitioners. Established over 30 years ago, the IED's key objective is to represent the interests of...

CDFA Bookstore

Cover thumbnail Development Bond Finance Reference Guide
The Development Bond Finance Reference Guide provides practitioners with a solid foundation for understanding the use of tax-exempt bonds, with an emphasis on small issue industrial development bonds and 501(C)(3) bonds.

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
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