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Development Finance Review Weekly - May 13, 2021

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Development Finance Review Weekly
May 13, 2021
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CDFA Development Finance Review Weekly

Features

91% of Cities Say Insufficient Funding Delaying Critical Infrastructure Investments
As Congress and the Administration debate the details of a new comprehensive infrastructure package, new survey data released from the National League of Cities shows that 91% of cities, towns, and villages surveyed identified insufficient funding for infrastructure as a top priority.

CDFA Hosting Upcoming Webinar on Assembling Capital for Rural Development
Investing in rural communities to support redevelopment, infrastructure, and job creation requires a careful combination of several capital sources, including bonds, tax credits, loans, grants, Opportunity Zones, and more. During the second installment of the CDFA Rural Development Finance Webinar Series, learn about essential financing sources employed by rural communities to complete projects in today's economy.

Kutak Rock Represents Smithsonian Institution in CREBA Sales Transaction of the Year
Kutak Rock attorneys Seth Kirshenberg, Hans Ipson, and Sisera Daniel represented the Smithsonian Institution in a complex air rights real estate transaction and separate bond financing. Commercial Real Estate Brokerage Association (CREBA) recognized the transaction, a $254M deal for Smithsonian to acquire space for its Capital Gallery headquarters from Boston Properties, at the CREBA Awards as the "Sales Transaction of the Year" in 2020.

NavNet Kick-Off: Understanding the Community Navigator Program
Next Street is hosting a virtual event on Friday, May 14th at 12pm EST. Hear directly from SBA Administrator Isabel Guzman about the Community Navigator Program, what you can do to be a part of it, and how NavNet will bring together small business heroes to share and learn best practices, create new connections, and access resources and data.

Plant-Tech Firm Benson Hill Going Public in $2B SPAC Merger
Benson Hill Inc. is going public by merging with a special-purpose acquisition company in a deal that values the plant-growing technology firm at $2 billion, the companies said. The company received early-stage venture funds from SSBCI 1.0. The Missouri Technology Corporation made an initial investment of $175,000 in the company, with a follow-on investment of nearly $1 million.

States, Cities Begin to Order Workers Back to the Office
As more people are vaccinated and coronavirus infections drop, Missouri workers are among the state and local government employees being directed to disconnect from Zoom and return to in-person work. But across-the-board mandates create a conundrum for employees who have health concerns or may still lack access to child care, according to legal experts.

Illinois Lawmakers Consider Tax Credit to Spur Construction of Affordable Housing
Faced with a chronic shortage of safe, decent, and affordable housing for working-class residents and senior citizens, Illinois lawmakers are looking into creating a state-level tax credit for investors that would generate even more financing for developers and more rental units. The Build Illinois Homes Tax Credit is sponsored in the General Assembly by Rep. Delia Ramirez and Sen. Mattie Hunter, both Chicago Democrats, but it has bipartisan support.

Long-Awaited Gem City Market to Open in Dayton, OH
The grand opening is finally here for Gem City Market, a worker- and member-owned cooperative grocery store located in a Dayton, Ohio food desert. The overall investment in the project is about $7 million, including $1.5 million in New Market Tax Credits and about $500,000 from smaller investments. The market also received a grant worth nearly $1 million from Greater Dayton Premier Management, from leftover funds in the HUD program HOPE VI.

Upcoming Events
Advanced Tax Increment Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Chicago and Illinois to Push Back on Treasury's Aid Guidance
Chicago and Illinois will make their case with the Treasury Department to alter American Rescue Plan guidance that in its current form would scuttle plans to repay COVID-19 related borrowing with the aid. The Treasury's eagerly awaited guidance lays out in 151 pages how local and state and tribal governments can use their share of the $350 billion of ARP funds.

Munis Can't Avoid Knock-on UST Effects, Inflation Concerns
Municipal yields rose Wednesday on the back of a rising U.S. Treasury market, a sell-off in equities amid inflation concerns and push back from investors in the primary that led to higher yields on new-issues. Triple-A benchmark yields rose two to four basis points across the curve while municipal to UST ratios closed at 60% in 10 years and 66% in 30 years on Wednesday.

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: Preserving Local Economies with Energy & Water Finance
Tuesday, May 18, 2021 - 2:00 PM - 3:00 PM Eastern
Join CDFA for this next installment of the CDFA // BNY Mellon Development Finance Webcast Series for a discussion about how energy and water finance programs can be positioned to address various local challenges simultaneously.

CDFA SSBCI Briefing
Friday, May 21, 2021 - 1:00 PM - 2:00 PM Eastern

CDFA Rural Development Finance Webinar Series: Assembling Capital for Rural Development
Tuesday, June 1, 2021 - 2:00 PM - 3:00 PM Eastern
During the second installment of the CDFA Rural Development Finance Webinar Series, learn about essential financing sources employed by rural communities to complete projects in today's economy.

Job & RFP Postings

Invest Atlanta Hiring Staff Accountant
The Staff Accountant is responsible for applying accounting principles and procedures to analyze financial information, preparing accurate and timely reports and statements in accordance with GAAP, and ensuring appropriate accounting control procedures are being adhered to across the Invest Atlanta organization.

This Week's Headlines

Columbus, OH City Council Passes Downtown Public Restroom Proposal
Columbus Underground | May. 12 | Community Development | Disaster Recovery & Relief | COVID-19

City Council to Consider Tax Increment Financing in the 5th Ward
The Daily Northwestern | May. 11 | Economic Development | Tax Increment Finance (TIF)

Milken Institute Public Finance Note
Milken Institute | May. 10 | Bond Finance

Right to Start: States Getting $10B in Stimulus Funds to Boost Entrepreneurs
Startland News | May. 10 | Access to Capital | State Small Business Credit Initiative (SSBCI)

Sen. Tester Announces $56M in Pandemic Relief for Montana Small Businesses
Fallon County Extra | May. 10 | State Small Business Credit Initiative (SSBCI)

Why Did US Jobs Growth Slow in April?
Brookings Institute | May. 10 | Access to Capital | Disaster Recovery & Relief | Economic Development | State Small Business Credit Initiative (SSBCI) | COVID-19

For Farmers Surviving the Pandemic, Timely Federal Grants and CDFIs Made the Difference
Triple Pundit | May. 7 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | COVID-19

Historic Duluth School Sells for $3M
Star Tribune | May. 7 | Redevelopment | Tax Credits | Tax Increment Finance (TIF)

Vermont Lieutenant Governor Holds Panel Discussion on Tax Increment Financing
WAMC | May. 7 | Public-Private Partnership (P3) Financing | Tax Increment Finance (TIF)

WI Convent Project Awarded $1.4M
Stevens Point News | May. 7 | Housing Finance | Tax Credits | Tax Increment Finance (TIF)

Alabama Legislature Endorses Extension of Incentive to Restore Older Buildings
AL.com | May. 6 | Historic Preservation | Incentives | Rural Development | State Finance Program | Tax Credits

Capital Impact Partners Awarded $1M to Manage the New Nourish D.C. Fund
PR Newswire | May. 6 | Access to Capital | Economic Development | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | Social Finance

New Amazon Sorting Facility Coming Near Tulsa International Airport
2 News Oklahoma | May. 6 | Economic Development | Tax Increment Finance (TIF)

Restaurants Get $28.6B in Relief as They Struggle to Hire, Open Doors
Fox 17 | May. 6 | Disaster Recovery & Relief | Federal | Food Systems Finance | COVID-19


New Additions to the Online Resource Database

OZ Prospectus - City of San Bernardino, California
Community Development | Opportunity Zones | Urban Development
This is an Opportunity Zone Prospectus for the City of San Bernardino, California. It was produced through collaboration between the City, San Bernardino County, and Local Equity LLC.

OZ Prospectus - County of San Bernardino, California
Community Development | Economic Development | Opportunity Zones | Rural Development | Urban Development
This is an Opportunity Zone Prospectus for the County of San Bernardino, California. It was produced through collaboration between San Bernardino County and Local Equity LLC.

Economic Development Grant Opportunities within the American Rescue Plan
Community Development | Disaster Recovery & Relief | Economic Development | Infrastructure Finance
The American Rescue Plan Act of 2021 (ARP) provides local governments with an unprecedented opportunity to access federal funding to support community priorities. The ARP includes direct funding (known as Fiscal Recovery Funds) to state and local governments as well as additional competitive grant programs flowing through various federal agencies.


National Sponsor Spotlight

Frost Brown Todd LLC Frost Brown Todd LLC
With over 500 lawyers across their eight-state footprint, Frost Brown Todd LLC offers a deep, talented roster of legal professionals. Committed to their clients, the firm leverages technical, industry, and legal knowledge and hands-on experience to...
Hawkins Delafield & Wood LLP Hawkins Delafield & Wood LLP
Hawkins Delafield & Wood LLP is the only national law firm in the United States whose practice is devoted primarily to public finance and public projects. Each of their specialty areas supports and complements our municipal transactions practice....
Ice Miller LLP Ice Miller LLP
Ice Miller is nationally recognized for its public-private partnerships (P3s), municipal bond and economic development experience. Ice Miller is a full service law firm dedicated to helping our clients stay ahead of a changing world. With over 340...

Partner Spotlight

The Bond Buyer The Bond Buyer
The Bond Buyer is the only independent information resource serving the municipal finance community. Every day and throughout the day, through its web site, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

CDFA Bookstore

Cover thumbnail Innovation Finance Reference Guide
The Innovation Finance Reference Guide explores the growing seed, venture capital, and angel investment industry, and gives development finance agencies a roadmap for building an innovation finance initiative that supports entrepreneurship, business investment, and job creation.

New Members

City of Wadsworth - Wadsworth, OH

Kentucky Science and Technology Corporation - Lexington, KY

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