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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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