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CDFA Brownfields Finance Update - June 5, 2018

Brownfields Financing Update
June 5, 2018
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Brownfields Finance Update


NYS 3rd Annual Redevelopment Summit: Keys to Successful Brownfield Redevelopment in 2018 and Beyond
Join friends and colleagues at the Center for Creative Land Recycling's NYS Redevelopment Summit: Keys to Successful Brownfield Redevelopment in 2018 and Beyond on June 13th/14th in Albany.

Greenhouse Crops Will Come From A Former Brownfields Site
The first worker cooperative commercial greenhouse in Massachusetts is about to begin production on what was once a badly contaminated industrial site in Springfield. Wellspring  raised $250,000 of the $1.5 million for the greenhouse project through a direct public offering to individual investors.

Louisville Soccer Stadium P3 Approved for $21.7M TIF
The soccer stadium will be the centerpiece of a $193 million public-private partnership (P3) supported by the TIF as well as Louisville Metro Government's contribution of property where the stadium will be built. Louisville Metro Council voted in November to approve a $30 million bond to purchase and remediate property, and to make infrastructure improvements.

MEDC Grants Developer $2.1B for Detroit Brownfields
The Michigan Economic Development Corp. has announced that it has authorized, through its Michigan Strategic Initiative, the redevelopment of brownfield sites in downtown Detroit. The approval will generate an expected $2.1 billion through the initiative's financing tools.

What's Happening with Snelling Yards in Minneapolis, MN
What was once a place for vehicle storage and hazardous waste drop-off may now be the home to affordable senior housing. The proposed $43M project will include funds from sales tax rebates, brownfield revitalization funds, tax exempt revenue bonds, to pair with $21M in conventional financing.

Feds to Award $25.8 Million in Grants for Transit Oriented Development
The Federal Transit Administration (FTA) has made $25.8 million in grant funds available for transit planning efforts under the FTA's Pilot Program for Transit-Oriented Development (TOD) Planning. Applications for the Pilot Program for TOD Planning are due July 23, 2018.

What You Need to Know About Cape Coral's Downtown High-Rise Development
Cape Coral City Council approved the $130 million Village Square project back in 2010. $66.5 million of the project comes through the federal government's EB-5 program.

Draft Plan for Woonasquatucket Corridor Includes Financing, Envisions Mixed Use in Providence, RI
The Providence Redevelopment Agency on Thursday approved a draft plan for the redevelopment of the 233-acre Woonasquatucket Corridor, including a tax increment financing plan to help pay for improvements to the city's "oldest industrial corridor." The plan estimates that over a 20-year period, the city will collect about $55M above current tax revenue in the corridor, and the proposal would take 40 percent of this increased tax, or $22 million, and transfer it to the PRA to implement the redevelopment plan.

MDEQ Awards $1.35M to Turn Contaminated Mill into Mixed-Use Taproom
Monday, the DEQ announced it will loan $1.25 million and grant $100,000 to mitigate contamination of a historic Vicksburg paper mill. Paper City Development, LLC. plans invest $50 million to redevelop the long-vacant mill complex into a mixed-use space.

How Trump Infrastructure Proposal Affects Superfund and Brownfields
The overall goal with the President's Infrastructure Plan as it relates to Brownfield and Superfund Sites is to incentivize contaminated property redevelopment and find ways to mitigate legal and financial risks for those seeking to do so. The plan would also amend the law to allow NPL Sites or portions of them to be eligible for Brownfield grants.

K&D Launches Work On Terminal Tower Remake in Cleveland, OH
K&D Group of Willoughby has launched the $112 million remake of more than 10 floors of Terminal Tower to apartments. The largest part of the money package is $74 million in taxable revenue bonds that PNC Bank acquired after the Cleveland-Cuyahoga County Port Authority authorized the issue.  Another $5 million is a brownfield remediation grant from the Ohio Water Development Authority.

Accelerating the Use of the Brownfields and Superfund Programs to Advance Redevelopment of Contaminated Sites
Despite slashing upfront funding for the federal brownfields program from the current US$25 million to US$16 million in 2019, the proposal suggests an offsetting increased access to funding for Superfund and brownfields sites through the Water Infrastructure Finance and Innovation Act lending program.

What Would $1B Do For Baltimore's Struggling Neighborhoods?
Baltimore Mayor wants to launch new neighborhood investment fund with $55M in bonds backed by grarage leases. Cities like Cincinnati and Detroit have had similar funds for decades, fostering the creation of affordable and market-rate housing, commercial development and small businesses.

Upcoming Events
Intro Public-Private Partnership (P3) Finance WebCourse

CDFA Brownfields Redevelopment Financing Webinar Series:Digging for Clean-up Funds: Insurance Archaeology
June 28, 2018 - 2:00 - 3:30 PM Eastern
Businesses often dissolve and leave contaminated properties behind. An effective but underutilized tool for dealing with abandoned and environmentally contaminated sites is known as Insurance Archeology or Insurance Cost Recovery. If contamination identified through environmental assessments was caused by a known polluter, a claim may be filed against the polluting business' comprehensive general liability insurance policies. Insurers have been found liable for the cleanup costs even in cases where the policies were decades old. Join CDFA, our technical partners, and experienced brownfield communities as we discuss how Insurance Archeology works, when it might be useful, and how some communities have used it as a way to raise capital to address the cleanup and redevelop needs of a property.

CDFA Brownfields Technical Assistance Program

CDFA Releases Redevelopment Financing Roadmap for City of Fresno
CDFA staff and technical assistance providers traveled to Fresno, California to provide financing suggestions for the Saint Rest Baptist Church (St. Rest) campus along the Elm Avenue Corridor in Southwest Fresno. Among desired campus amenities are green space, recreational facilities for youth, and housing for seniors within the community. The team also consulted with the City of Fresno to provide financing strategies for redevelopment of other sites throughout the Elm Avenue corridor.

Brownfields Financing Headlines

St, Louis, MO Developer Seeks $730K from EPA RLF
BizJournals | May. 29 | Brownfield Financing | Revolving Loan Funds (RLFs)

Ocoee, FL Considers Designating 725-Acre Area as Brownfields
West Orange Times | May. 25 | Brownfield Financing | Economic Development | U.S. Environmental Protection Agency (EPA)

Transformational Brownfield Plan Driving MSF Investments in Detroit, MI
MEDC | May. 23 | Brownfield Financing | Historic Preservation

Federal Reserve Bank Releases New Opportunity Zones Explorer
Federal Reserve Bank of St. Louis | May. 21 | Brownfield Financing | Opportunity Zones

$250K State Grant Supports Hotel Redevelopment in Beloit, WI
Channel 3000 | May. 17 | Brownfield Financing | Community Development | Economic Development

Logistics Center Planned for Former St. Louis Jamestown Mall
St. Louis Post Dispatch | May. 17 | Brownfield Financing | Redevelopment

'Brownfield' Agreements Could Mean Sizeable Tax Breaks for Charlotte Developers
Fox 46 Charlotte | May. 16 | Brownfield Financing

$4.7M Awarded to Transform Former Big Lots Property into Affordable Housing in Binghampton, NY
WBNG | May. 16 | Brownfield Financing

Highlights from the Online Resource Database

2018 Learn More About CDFA's Free Technical Assistance for Brownfields Recording
Brownfield Financing | Webcasts
The Council of Development Finance Agencies (CDFA) offers free technical assistance to State, Local, and Tribal brownfield financing efforts. CDFA and partners provide resources and expertise related to revolving loan funds, tax credits, tax increment finance and other effective financing tools.  Communities and organizations interested in learning more about CDFA's technical assistance opportunities are invited to view our informational webinar from May 10, 2018 to discuss how you can take advantage of free resources and expertise. 

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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