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Development Finance Review Weekly - September 26, 2019

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Development Finance Review Weekly
September 26, 2019
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CDFA Development Finance Review Weekly

Feature

SC Ports Authority Issues $547M Revenue Bonds
The S.C. Ports Authority will receive $547 million from a bonds issuance, the largest in port history. The proceeds of the bonds issuance will enable the port to finish construction of phase one of the Hugh K. Leatherman Sr. Terminal in North Charleston. The proceeds for the Leatherman terminal, which total $422 million, will fund construction and delivery purchases.

PACE Equity Funds Hotel, the First New Construction and Largest PACE Project in MI
This new construction and partial redevelopment project will transform an underutilized building and contribute to the connectivity on the west side of Downtown Detroit's Central Business District. PACE Equity funded the project that is notably the first Cambria hotel to enter the Detroit market and the largest PACE project in the state of Michigan to date.

Public Banking in the Northeast and Midwest States
This report, authored by the Northeast-Midwest Institute, lays out the major models of public banking around the world and in the United States and examines their various advantages, obstacles, and feasibility of implementation. This report recommends that all NEMW states adopt a public bank and do so with close attention to their circumstances and needs.

EPA Superfund Task Force Releases Final Report
The Superfund Task Force is publishing its final report. The recommendations address: expediting cleanup and remediation process; reducing financial burden on all parties involved in the entire cleanup process; encouraging private investment; promoting redevelopment and community revitalization; and building and strengthening partnerships.

USDA Invests in Water and Wastewater Infrastructure Improvements in 25 States
The U.S. Department of Agriculture is investing $144 million to improve rural water infrastructure in 25 states. USDA is investing in 45 projects through the Water and Waste Disposal Loan and Grant program. Funds can be used for drinking water, stormwater drainage and waste disposal systems in rural communities with 10,000 or fewer residents.

Questions Still Loom on TIF for Lincoln Yards in Chicago, IL
A longtime scrap metal recycler next door to the proposed Lincoln Yards megadevelopment has confirmed that it's moving from its historic site in the old North Branch industrial corridor. But there's still no news about any plan to save the thousands of living wage jobs that remain in the area and are possibly threatened by encroaching residential development.

CA Statewide Rent Control Will Likely Have Little Impact on LIHTC, Bond Properties
California lawmakers passed A.B. 1482 that would impose a statewide limit on rent increases and require just cause for eviction or termination of tenancy on many rental properties. While this new law will likely have little to no impact on low-income housing tax credit and tax-exempt bond properties, it's still important to understand the mechanics and potential issues on market rate units.

Treasury Announces FY2019 CDFI Program and NACA Program Technical Assistance Awards
The U.S. Department of the Treasury's CDFI Fund awarded 73 organizations more than $9.16 million in awards. The FY2019 CDFI Program and Native American CDFI Assistance Program (NACA Program) Technical Assistance Awards will allow certified and emerging CDFIs to build their capacity to provide services to low-income and underserved people and communities.

Albuquerque, NM Approves LEDA Funds, Industrial Revenue Bonds, Additional Incentives
The Albuquerque City Council approved a package of incentives, including $250,000 in Local Economic Development Act money and the sale of $35 million in Industrial Revenue Bonds from the city for the expansion of Jabil Inc.'s Albuquerque location. The money and bonds are part a public-private partnership proposal.

Upcoming Events
CDFA National Development Finance Summit
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

CA Treasurer Puts a Call Out for Creative Finance Ideas
California Treasurer Fiona Ma asked public finance professionals to reach out to her office with creative financing ideas to help the state solve its social problems and build infrastructure. The state has a $21 billion housing surplus, but also substantial infrastructure needs and a housing crisis.

Federal Appeals Court Appears to Support Validity of PABs for Virgin Trains USA
A three-judge federal appeals panel appeared ready Tuesday to dismiss a lawsuit challenging the use of tax-exempt private activity bonds for highway grade safety improvements in connection with passenger rail service of up to 110 mph between Miami and Orlando.

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: Analysis of the 2018 CDFA Volume Cap Report and Capital Markets Review
Tuesday, October 15, 2019 - 1:00 PM Eastern
The annual CDFA Volume Cap report is an essential outline of national private activity bond issuance trends and is used by issuers, researchers, trade groups, and political offices to understand the private activity bond landscape. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will examine the recently released Volume Cap Report in fine detail as well as discuss the fourth-quarter outlook of the capital markets.

CDFA-Bricker PACE Webinar Series: PACE Program Design
October 16, 2019 - 11:00 AM - 1:00 PM Eastern
In this webinar, industry leaders from C-PACE Alliance, the Keystone Energy Alliance, Clean Fund, and Bricker & Eckler] will share their experience in drafting PACE statutes, advocating for legislative changes to existing PACE statutes, determining and correcting market flaws or deficiencies, and increasing market volume. Capital providers will share some insights on how they arrange capital for projects, and the importance of certain market-based principles underlying the development of C-PACE as an asset class in commercial lending.

This Week's Headlines

OR to Consider Expanding Energy District
The Press | Sep. 25 | Energy Finance | Special Assessment Districts

Mobile, AL Approves $36M Bond Issue for Tire Recycler Project
Birmingham Business Journal | Sep. 25 | Bond Finance | Green Finance

Los Angeles, CA City Council Approves $13.9M for Venice Community Housing Redevelopment
Yo! Venice | Sep. 24 | Bond Finance | Housing Finance

Travails of Three Southwest P3s Underscore Potential Pitfalls
Bond Buyer | Sep. 24 | Public-Private Partnership (P3) Financing

Cambria Hotel Project in Detroit, MI Receives $6.8M in PACE Funding
Crain's Detroit Business | Sep. 24 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

MoFi Invests in Grocery Supplier/Distributor in Caldwell, ID
MoFi | Sep. 24 | Food Systems Finance | Tax Credits

Logan County, CO Approves C-PACE Program
Journal-Advocate | Sep. 24 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

NMTC Expands American Steel Manufacturer to Increase Local Steel Production and Create Jobs
Finance Fund | Sep. 24 | Tax Credits

An Option to Help Pay for Energy-Efficient Appliances Might Soon Go Away. Here's Why.
Springfield News-Leader | Sep. 24 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Plans Underway for New $6.1M Facility in Billings, MO Thanks to NMTC
MoFi | Sep. 24 | Tax Credits

Orlando, FL International Airport Receives Four AA Ratings from Bond Agencies
Aviation Pros | Sep. 23 | Bond Finance

Small & Mid-Sized Firms Find Financing & Expertise in CT
Hartford Business Journal | Sep. 23 | Access to Capital | Food Systems Finance | Rural Development

Overland Park, KS Pushes Demolition with TIF
The Kansas City Star | Sep. 23 | Tax Increment Finance (TIF)

Kent Narrows TIF District Formed in MD
Bay Times and Record Observer | Sep. 23 | Tax Increment Finance (TIF)

Carrollton, IL Approves Modified TIF District
My Journal Courier | Sep. 23 | Community Development | Tax Increment Finance (TIF)

ULI Looks Into North Hills Development
Casper Courier | Sep. 21 | Tax Increment Finance (TIF)

Developers Plan $25M Apartments, Commercial Space, Townhouses on Former Brownfield
Indianapolis Business Journal | Sep. 20 | Brownfield Financing | Housing Finance | Redevelopment

Redevelopment Planned for Hotel in Downtown Missoula, MT
KPAX | Sep. 20 | Tax Increment Finance (TIF)

$25M in Bonds Issued for Austell, GA Senior Living Facility
Marietta Daily Journal | Sep. 19 | Bond Finance | Housing Finance

How Companies Can Subsidize Project Costs With the New Markets Tax Credit Program
Nashville Business Journal | Sep. 19 | Tax Credits

North Yellowstone TIF Closes Ahead of Schedule
Fox 5 | Sep. 19 | Tax Increment Finance (TIF)


National Sponsor Spotlight

KeyBanc Capital Markets KeyBanc Capital Markets
KeyBanc Capital Markets is an investment banking firm serving issuers of tax-exempt debt for over 40 years. Their team identifies opportunities, designs financing structures and develops an array of solutions that meet and exceed clients' financial...
Kutak Rock LLP Kutak Rock LLP
Kutak Rock LLP is a national law firm of more than 500 lawyers with offices from coast to coast. The firm's primary practice concentrations are business and corporate law, public finance, litigation and real estate law, with numerous areas of...
McCarter & English, LLP McCarter & English, LLP
McCarter & English, LLP is a firm of approximately 400 lawyers with offices in Boston, Hartford, Stamford, New York, Newark, East Brunswick, Philadelphia, Wilmington and Washington, DC. In continuous business for more than 170 years, they are among...

Partner Spotlight

informANALYTICS by Center for Governmental Research informANALYTICS by Center for Governmental Research
The Center for Governmental Research (CGR) is a nonprofit organized under section 501(c)(3) of the Internal Revenue Code. CGR brings expertise to issues spanning economics and public finance, government management, health and human services and...

CDFA Bookstore

Cover thumbnail Revolving Loan Fund Reference Guide
The Revolving Loan Fund Reference Guide offers an in-depth look at RLF program development, implementation and management. This guide demonstrates how a RLF program can compliment economic development strategies, encourage investment and assist traditionally underserved businesses.

New Members

Virgin Islands Public Finance Authority - St. Thomas, VI

Appalachian Regional Commission - Washington, DC

Cross Street Partners - Baltimore, MD

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
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor