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CDFA Brownfields Finance Update - March 2, 2021

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Brownfields Financing Update
March 2, 2021
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Brownfields Finance Update

Features

Michigan Strategic Fund Approves $173.6M in Projects Across State
The Michigan Strategic Fund of the Michigan Economic Development Corp. approved projects and initiatives that are expected to generate a total capital investment of $173.6 million and create 473 jobs. This includes community revitalization brownfields projects in Detroit and Holland.

$6.9M TIF District Created for Kingsway Elevation District in St. Louis, MO
The St. Louis Board of Alderman unanimously passed two bills to create a TIF district for the Kingsway Elevation District, which requested $6.9 million of the $78.4 million development cost. They plan to utilize Missouri Brownfield Tax Credits, Federal and Missouri Historic Tax Credits, Federal New Markets Tax Credits, and MSD Project Clear grant funds.

EPA Announces $220M for Uranium Mine Site Clean-Up on the Navajo Nation
The U.S. EPA announced three contract awards for the clean-up of more than 50 abandoned uranium mine sites on the Navajo Nation on Thursday, worth up to $220 million over the next five years. Work is scheduled to begin later this year following the completion of assessments in coordination with the Navajo Nation Environmental Protection Agency.

‘Consequences of Neglect': Why This Fresno, CA Neighborhood's Toxic Sites Still Aren't Clean
Half of the estimated 115-130 brownfield parcels in the city of Fresno are located in southwest Fresno where the population is largely minority. Brownfields are intricately connected to Fresno's history — redlining, forced segregation, and construction of highways that wiped out businesses which once occupied now-vacant lots. Today, these sites remain a significant challenge for the area despite remediation efforts from the EPA, the city, and community groups.

$11M in Rebuild Illinois Money to Help Fund Development Projects Throughout the State
Gov. J.B. Pritzker announced $11 million in Rebuild Illinois funding for 11 projects around the state through the Shovel Ready Infrastructure Capital Program. Along with major projects in Alsip and Calumet Park, this award is also contributing $1.5 million for construction of a charter school on a nearly seven-acre brownfield site in Chicago's Austin community.

How Innovation Districts Can Lead Inclusive Recovery
President Joe Biden made investments in innovation a focal point of his Build Back Better agenda during the campaign. Opportunity Zones, Brownfield Tax Credits, Historic Tax Credits, New Markets Tax Credits, and Low-Income Housing Tax Credits can be used to provide a boost for developments located within innovation districts.

New Jersey Entices Developers with Loans, Tax Credits to Remake Brownfield Sites
New Jersey has stepped up its efforts to revive and reuse brownfield sites with new loans and tax credits to encourage developers to clean up sites, especially in "environmental justice" areas where the sites have hurt public health and hindered economic growth. The state is providing a total of $15 million in low-interest loans that will help developers remove industrial contaminants that may deter the reuse of sites that have economic potential.

Gov. Scott Pushes $2M Effort to Rehab Brownfield Sites in Vermont
Vermont lawmakers are reviewing over $200 million in one-time investments in Gov. Scott's budget proposal, including an initiative to rehab dilapidated properties and brownfield sites. There are hundreds of blighted properties across Vermont and Scott wants to use one-time funding to convert these into new projects.

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA-Bricker PACE Webinar Series: How PACE Gets Utilized Across All Market Segments
Tuesday, March 30, 2021 - 2:00 PM - 4:00 PM Eastern
PACE can be used for new construction, existing building renovations, or refinancing. Each market segment has its own view of why PACE is valuable and this workshop will provide insights and details into each.

Advanced Tax Increment Finance WebCourse
May 26-27, 2021 - Daily: 12:00 - 5:00 PM Eastern
This course will focus on structuring TIF deals and developing short- and long-term policies. Attendees will also learn about performance monitoring, feasibility analysis, and using TIF in conjunction with other development finance tools.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

Northwest Indiana Forum Celebrates Job Creation, Brownfields Strategies, and More in 2020
Building Indiana | Feb. 28 | Brownfield Financing

Firm Behind Jefferson Arms Redevelopment in St. Louis, MO Clears Tax Issue
St. Louis Business Journal | Feb. 26 | Brownfield Financing

Flint, MI City Council Considers Waiving Fee for Brownfield Assessment, Discussed Other Brownfields Projects
East Village Magazine | Feb. 26 | Brownfield Financing

HR Green Assists Waterloo, IA in Transitioning Declining Properties into Teen Center
Yahoo Finance | Feb. 25 | Brownfield Financing

Peoria, IL Getting $950K Grant to Clean Up Eyesore on South Side
Week | Feb. 25 | Brownfield Financing | U.S. Environmental Protection Agency (EPA) | EPA Clean-Up Grants

New York Dept. of Environmental Conservation Agreement Takes Niagara County Off the Hook
Niagara Gazette | Feb. 24 | Brownfield Financing

Holland, MI Condo Project Approved for $2.2M in Brownfield Incentives
MiBiz | Feb. 24 | Brownfield Financing | Housing Finance

Brownfield Redevelopment: Tennessee Department of Environment and Conservation Executes Voluntary Agreement Addressing Nashville Site
JD Supra | Feb. 23 | Brownfield Financing

Deerfield, WI Pays Final Bill for Brownfield Assistance
Cambridge News & Deerfield Independent | Feb. 23 | Brownfield Financing

Hundreds of Apartments Proposed at Former Sprague Factory Near Concord, NH Airport
Concord Monitor | Feb. 22 | Brownfield Financing

Toxic Sites Mapped to Promote Reuse on Chicago's Southeast Side
Chicago Sun Times | Feb. 22 | Brownfield Financing

Redevelopment of Brownfields to Revitalize New Jersey Communities with Modern Business Space
TAPinto | Feb. 8 | Brownfield Financing | Member News

Sierra Club: New Jersey's Brownfield Incentive Program is a Good Step, Needs More Funding
Insider NJ | Feb. 8 | Brownfield Financing

Lyon Falls, NY Paper Mill Brownfield Site Gets Marketed for Development
NNY360 | Feb. 7 | Brownfield Financing

CDFA Releases Policy Priorities for the Biden-Harris Administration
CDFA | Feb. 5 | Access to Capital | Agriculture Finance | Bond Finance | Brownfield Financing | CDFA Press Releases | Disaster Recovery & Relief | Economic Development | Energy Finance | Federal | Green Finance | Housing Finance | Infrastructure Finance | Innovation Finance | Legislative | Opportunity Zones | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | Tax Increment Finance (TIF) | COVID-19 | Legislative Front



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

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