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CDFA Brownfields Finance Update - July 3, 2018

Brownfields Financing Update
July 3, 2018
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Brownfields Finance Update


CDFA Releases Redevelopment Financing Roadmap for 127 Corridor Ponce, PR
Once home to the second largest petrochemical complex in the world, the coastal landscape is now a collection of mostly abandoned industrial sites including tank farms and oil refining plants. CDFA staff and technical assistance providers traveled to Puerto Rico to provide financing suggestions for the cleanup and redevelopment of the Corridor as a future Eco-Industrial Zone. Specifically, the team focused on financing strategies for electric, water/sewer, and roadway infrastructure.

CDFA Releases Redevelopment Financing Roadmap for West Florissant Avenue in Dellwood, MO
West Florissant Avenue is a highly used connector road that runs through the cities of Jennings, Dellwood and Ferguson in St. Louis County. Several properties along the Corridor, including the former AutoZone property, were burned down during the civil unrest following the death of Michael Brown, Jr. in 2014. CDFA staff and technical assistance providers traveled to Dellwood, Missouri to provide financing suggestions for the Redevelopment of the West Florissant Avenue Corridor.

Port Washington, WI Council OKs $330,000 in TIF Funds for Aapartments
Port Washington aldermen agreed to pay Ansay Development as much as $330,000 to help pay for remediation and demolition on the former Victor's property near the city's lakefront. If the actual cost is less than the $330,000, that's all the money the city will pay, he added.

Florida Doubles Brownfield Cleanup and Redevelopment Tax Credits & Adds Innovative Tools for Site Cleanups
Innovative Florida environmental site cleanup and Brownfield programs received a boost as the 2017 regular session of the Florida Legislature concluded. Yesterday, Governor Scott signed into law a measure designed to add flexibility and to quicken the pace of petroleum and drycleaner site cleanup using creative Florida Department of Environmental Protection (FDEP) programs.

Accident Fund's Power Plant Headquarters Parallels Ford's Train Station Bid
About one-quarter of the $182 million cost was subsidized through tax incentives ranging from brownfield redevelopment tax increment financing and job-creation tax credits to state and federal historic rehabilitation tax credits. The $42 million in tax incentives made the cost of renovating the power plant about 6 percent higher than new construction on a greenfield site.

28 Historic Rehabilitation Projects Receive State Tax Credits in OH
The Ohio Development Services Agency awarded $30,228,955 in Ohio Historic Preservation Tax Credits for the rehabilitation of 31 historic buildings. Together, the projects are expected to leverage approximately $348 million in private investment in 13 communities.

EPA Soliciting Comments on BUILD Act Provisions
The EPA is soliciting comment on three provisions in the BUILD Act: 1.)The authority to increase the per-site cleanup grant amounts to $500,000; 2.)The new multi-purpose grant authority; and 3.)The new small community assistance grant authority.

NYSERDA Expands Solar Incentives to Brownfields and Affordable Housing
NYSERDA announced improvements to NY-Sun's highly successful Megawatt Block incentive program for non-residential and large commercial and industrial solar projects. The redesign includes expanding incentives, supporting larger solar projects and encouraging development in a greater variety of locations. 

New Downtown Stillwater Hotel Utilized TIF
The Stillwater City Council approved $1.15 million in tax-increment financing for the project in June 2014. The TIF money was key to saving the buildings, in the $13.5 million hotel project in downtown Stillwater.

EPA Announces $5.3M in Supplemental Funds for New England Brownfields
The EPA is announcing approximately $5.3 million in supplemental funding to New England communities to assist them in cleaning up contaminated brownfield properties. EPA plans to provide supplemental funding to 11 successful, existing Revolving Loan Fund (RLF) grantees in the region, helping communities carry out cleanup and redevelopment projects.

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.

Upcoming Events
CDFA Summer School

CDFA Brownfields Redevelopment Financing Webinar Series:The Developer's Perspective in Financing Brownfield Projects
September 6, 2018 - 2:00 - 3:30 PM Eastern
The developer of a brownfields redevelopment brings important resources to the project, including private capital and managing risks. However, because brownfields projects are often very complex, the developer will often need support from the public sector in order to see a project to completion. During this webinar, hear the developer's perspective in the deal, including how they assemble their capital stack and negotiate with the public sector to maximize investment in the site and as well as surrounding properties. Join CDFA, our technical partners, and experienced brownfield communities as we discuss how to negotiate with developers and involve them in a broader brownfields strategy.

CDFA Brownfields Technical Assistance Program

New Riffs on TIFs: Lessons in Innovative Financing from Detroit on Jul 11, 2018 11:00 AM PDT
Detroit, Michigan has been using Tax Increment Financing (TIF) for 40 years to finance the redevelopment of a variety of properties and spur economic development across the city. Despite the use of this powerful tool and a local economy on the rebound, the redevelopment of many iconic buildings and properties in Detroit has not been economically viable. Learn how the City of Detroit and Bedrock Detroit/Quicken Loans have addressed these barriers by working to "supercharge" TIF and maintain a robust public process to create transformational redevelopment projects for the City of Detroit and the State of Michigan.

Brownfields Financing Headlines

Council Agrees to Begin Process to Bring 100-Acre Technology Park to Pittsburg, CA
East County Today | Jun. 24 | Brownfield Financing | Tax Increment Finance (TIF)

DCED Supports Transformation of Brownfield into Business Ready Site
PA DCED | Jun. 22 | Brownfield Financing

Detroit, Wayne Co. Port Receives $500K from EPA
San Francisco Chronicle | Jun. 13 | Brownfield Financing | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

EPA Grants $500k to Windham, VT Regional Commission
The Brattleboro Reformer | Jun. 12 | Brownfield Financing | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

Sidestepping the Pitfalls of Brownfield Development
Multi-Housing News | Jun. 11 | Brownfield Financing

Highlights from the Online Resource Database

Digging for Cleanup Funds: Insurance Archeology
Brownfield Financing | Webcasts
In this webinar, our experts focus on an effective but underutilized tool for dealing with abandoned and environmentally contaminated sites is known as Insurance Archeology or Insurance Cost Recovery.

State Brownfields and Voluntary Response Programs
Brownfield Financing
The State Brownfields and Voluntary Response Programs Report explores the evolving landscape of state environmental, financial and technical programs designed to promote brownfields cleanup and reuse. This report provides a concise, user-friendly synopsis of the programs and tools that are available through state programs. The information contained in this report was gathered from state response program contacts and state response program websites.

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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