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CDFA Michigan Financing Roundtable Newsletter - October 2016

CDFA Michigan Financing Roundtable Newsletter - October 2016
October 12, 2016
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CDFA Michigan Financing Roundtable Newsletter

Feature

$44M Investment to Improve Area Around Old Tiger Stadium
The Checker Cab building across the former Tiger Stadium site in Corktown is set to undergo a major transformation thanks to a $21 million Comerica Bank loan, $1 million contribution from the city, and $2.9 million in historic tax credits.

Prospects Dim for Proposed MI Angel Investor Tax Credit
The restoration of an angel tax credit in Michigan looks doubtful before the present legislative term expires at the end of the year. Leadership in the House has told Farrington that the bills are not a priority, especially with the low level of support coming out of committee.

MSF Approves $150M in Private Activity Bond for St. Marys Cement
Michigan Strategic Fund (MSF) approved St. Marys Cement company's inducement resolution on Wednesday, awarding approximately $150 million in private activity bonds to the company.

Lansing Red Cedar Project Seeks $35M in Bonds
Developers of a $380 million project proposed at the former Red Cedar Golf Course say they want help from Ingham County to finance their project, although they have yet to present county officials with details that could sell them on the proposal. 

MEDC Releases Bi-Annual Entrepreneur Report
This summary highlights the recent impact of MEDC's Entrepreneur & Innovation initiative as well as notable growth throughout Michigan's entrepreneurial ecosystem over the past several months.

Umbaugh Raises Its Ranking in Top 200 CPA Firms in the Nation
Umbaugh is the most active firm of municipal financial advisors in the nation that pairs the ethics, structure, quality control and business discipline of a CPA firm with the skills and knowledge of a municipal financial advisor.

MI Bills Could Create $3B Investment in Detroit
A state Senate committee is scheduled to consider a package of five bills that could help redirect state tax revenues to fuel redevelopment projects on brownfields. Projects would receive state money by "capturing" a portion of the sales or use tax within the property and income taxes paid by residents who live there.

MI County Lists Demands in Return for $35M in Loan Guarantees
Developers of the $380 million Red Cedar Renaissance project said that they will agree to a bundle of pointed legal, environmental, and tax provisions in exchange for Ingham County taxpayer help to finance some of the massive infrastructure needed to avoid flooding at the site.

Crowdfund to Partially Fund New Kalamazoo Bike Path
If the online campaign raises $50,000 by Nov. 7 donations will be matched by a grant from the Michigan Economic Development Corporation and Michigan State Housing Development Authority to develop a downtown connection to the Kalamazoo River Valley Trail.

La-Z-Boy to Anchor New Brownfield Development in Taylor
The entire retail 3.4-acre site is an $8.4M investment including construction of a 23,200-square-foot commercial building, anchored by a La-Z-Boy store (15,600-square-feet). The remaining space will be occupied by retail and restaurant tenants.

Upcoming Events

CDFA's 30th National Development Finance Summit
November 2-4, 2016 - New Orleans, LA
Join CDFA in New Orleans, Louisiana for the 2016 National Development Finance Summit! Hosted by the Louisiana Public Facilities Authority (LPFA), the CDFA National Summit brings together the leaders and dealmakers in the development finance industry to discuss best practices, trends, and project financing solutions.

Michigan News

New Board To Assist With Redevelopment Of Hoskins Site In Hamburg Township
Krol Communications | Oct. 7 | Brownfield Financing | U.S. Environmental Protection Agency (EPA)

Michigan State Chemist Receives DOE Grant for Renewable Energy Work
MSU Today | Oct. 7 | Energy Finance | Green Finance | U.S. Dept. of Energy (DOE)

Federal EDA Grants Support Economic Development in Flint
Kettering University | Oct. 5 | Brownfield Financing | Infrastructure Finance | U.S. Economic Development Administration (EDA)

Major Developments Could Get Funding Boost Under Proposed Incentives
MiBiz | Oct. 5 | Brownfield Financing | Infrastructure Finance

New Farmers Market Will Support Saginaw Economic Growth
MEDC | Sep. 29 | Community Development

City Funds Parking Lot With Bonds to Support Housing Development
mlive | Sep. 29 | Bond Finance

MI Approves $3.5M Loan For Flint Test Pipeline
The Detroit News | Sep. 29 | Infrastructure Finance

Detroit School Bonds Get Refunded
The Bond Buyer | Sep. 29 | Bond Finance

Brownfield Proposal Stirs Old Debate on Tax Incentives
Detroit Free Press | Sep. 28 | Brownfield Financing | Incentives | Tax Credits

Caspian Holds Hearing on Assessment District
Iron County Reporter | Sep. 28 | Special Assessment Districts

MI Arts Grants Support Community Cultural Development
MEDC | Sep. 26 | Community Development

Transformational Brownfield Bills Hit Status Quo
The Detroit News | Sep. 23 | Brownfield Financing | Tax Credits | Tax Increment Finance (TIF)

MI Considering Tax Incentives for Large-Scale Brownfield Development
Industry Dive | Sep. 23 | Brownfield Financing | Tax Credits | Tax Increment Finance (TIF)

New Brownfield Program Seeking Approval in MI
Crain's Detroit Business | Sep. 19 | Brownfield Financing | Redevelopment

Grand Traverse County Receives Environmental Redevelopment Funds
The Peninsula | Sep. 16 | Brownfield Financing

Progress Continues on Flo's Brownfield Grant Application
Stafford Media Solutions | Sep. 16 | Brownfield Financing | Tax Increment Finance (TIF)

Delayed $380M Red Cedar Project Seeks Ingham County's Help
Lansing State Journal | Sep. 16 | Bond Finance | Brownfield Financing

$14.5M Investment Will Add 100 Jobs in Muskegon
MLive | Sep. 15 | Economic Development | Incentives

Water Bill Providing Flint Aid, WIFIA Funds Finally Clears Senate
The Bond Buyer | Sep. 15 | Federal | Infrastructure Finance | Legislative

Traverse City Commissioners to Talk TIF, Neighborhood Redesign
Record Eagle | Sep. 14 | Infrastructure Finance | Tax Increment Finance (TIF)


Sponsors

Venue Sponsor

City of Grand Rapids, MI

For information about sponsoring the CDFA Michigan Financing Roundtable, review the sponsor prospectus and complete our sponsorship agreement or contact CDFA.


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

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