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CDFA Brownfields Finance Update - May 1, 2018

Brownfields Financing Update
May 1, 2018
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Brownfields Finance Update


Administrator Pruitt Announces $54.3M in Brownfield Grants to Assess and Clean Up Contaminated Properties and Promote Economic Redevelopment Nationwide
EPA has selected 144 communities for brownfields environmental Assessment, Revolving Loan Fund, and Cleanup grants. The 221 grants totaling $54.3 million will provide communities with funding to assess, clean up and redevelop underutilized properties while protecting public health and the environment.

Small Business Development & Impact Investing White Paper
CDFA's new Small Business Development & Impact Investing White Paper documents the potential of a collaboration between Impact Investors and high performing Development Finance Agencies (DFAs) to fill the capital gaps facing small businesses and to accelerate DFAs as a major source of capital to enable small businesses to grow, create jobs and spur economic and community development.

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.

Developer Transforming Riverfront Warehouse in Pittsburgh, PA
McKnight Realty Partners is planning to convert a historic South Shore warehouse into a $110 million office and retail complex with an elevated green space. McKnight received $15 million in federal tax credits and a $2.5 million state grant to help fund the project.

Commissioners Approve $25M in Bonds in Spokane, WA
The Sportsplex will be funded through a combination of $11 million in bond reserve funds from the facilities district, $5 million from the city of Spokane and $2 million from a state capital budget request – in addition to $25 million in bonds from the county.

Boardman Lake Trail Project in Traverse City, MI in "Final Stretch"
Project partners for the trail have now secured $5.2 million in funding for the project. The single largest funding source is the Grand Traverse County Brownfield Redevelopment Authority (BRA), which is ponying up $3.6 million in funds designated for public infrastructure projects. More than $1.2 million is also committed in public grant.

Spectra Developers Will Add Apartments On Prominent Corner in Hartford, CT
The $50 million conversion of the two buildings is the latest in a push to add housing downtown to boost vibrancy in a city that has struggled to build foot traffic in the evenings and on weekends. The Developers are investing $6.3 million of equity into the overall project. State taxpayers also are taking a major stake in the venture, with CRDA loans totaling $15.5 million and $4 million in state brownfield — or pollution cleanup — loans. There also are $3 million in historic credits.

Omnibus Bill Proposes More Flexibility for Brownfields Funds
The government spending bill, released March 21, includes provisions of a Senate bill that adds flexibility to the Environmental Protection Agency's Brownfields Program. The legislation creates larger Brownfields Program grants, lets local governments off the hook for cleanup liability at certain sites, and allows nonprofits to be eligible for grants.

Cobalt Partners Unveils Plans for $87M West Allis Development in Milwaukee
The developer has also asked First-Ring Industrial Redevelopment Enterprise Inc. for a $10 million allocation of New Market Tax Credits which will allow for about $2.3 million in low interest and interest-only loan payments for seven years. Phase two the Cobalt Partners project will include to new parking structures for which the developer has indicated there will be a request for an additional $10 million to $15 million in tax incremental financing.

Newly Revitalized Sites Spur Capital Investment and Create Jobs in OH
Most communities have them. Prime locations for commercial or industrial development that sit idle, waiting for someone to redevelop them. These underutilized properties, both land and buildings, sometimes remain unoccupied for years because the cost to remediate and redevelop them often exceeds their post-development market value, scaring away potential investors.

Upcoming Events
Intro EB-5 Finance WebCourse

Learn More About CDFA's Free Technical Assistance for Brownfields
May 10, 2018 - 1:00 PM Eastern
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. 

CDFA Brownfields Technical Assistance Program

Brownfields Financing Headlines

EPA Awards $300K to Revitalize Blighted Properties in Hawai‘i
Maui Now | Apr. 26 | Access to Capital | Brownfield Financing | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

Pittsburg, KS Votes to Use RLF on Dilapidated Building
CBS 7 KOAM | Apr. 26 | Brownfield Financing | Revolving Loan Funds (RLFs)

Housing Authority of Pittsburgh Uses LIHTC to Create Housing
Tribune-Review | Apr. 26 | Brownfield Financing | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD)

Monarch Private Capital Closes $14.4M HTC Transaction
Business Wire | Apr. 24 | Access to Capital | Brownfield Financing | Historic Preservation | Tax Credits

Affordability is Job No. 1 for New BeltLine Executive
BizJournals | Apr. 20 | Brownfield Financing | Tax Increment Finance (TIF)

Ground Breaks on General Time Athens, a 35-Acre 'Work, Shop, Eat, Play District
What Now Atlanta | Apr. 17 | Brownfield Financing

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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