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CDFA Brownfields Finance Update - July 4, 2017

Brownfields Financing Update
July 4, 2017
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Brownfields Finance Update


Brownfields Bill Would Preserve 2002 Funding Levels
A bill that would preserve brownfields funding at 2002 levels was sent to a House subcommittee for review June 15 as the panel's chairman hopes to see legislation passed before Congress' August recess.

E-Commerce Boosts Demand for Brownfield Redevelopment
The e-commerce industry's appetite for warehouse space near major cities is boosting demand for Brownfield as well as environmental insurance.

Bethlehem, PA Extends Tax Incentive That is Credited with Creating 4K Jobs
Bethlehem City Council on Tuesday backed the expansion and extension of the South Side Local Economic Revitalization Tax Assistance program. The program has spurred $193 million of investment and brings in $9.4 million in annual tax revenue for the city, Northampton County, Bethlehem Area and Saucon Valley school districts.

How Taxpayers Will Finance the Downtown Kroger Store in Cincinnati, OH
The major public contributions in the financing plan are tax credits, a state loan, a city grant and a tax-increment financing agreement that allows property taxes to cover debt service and other expenses for the 550-car garage and eight-story apartment tower above the store.

Riddell Opens its Largest Football Helmet Plant in North Ridgeville, OH
A $5 million tax increment financing grant from the city of North Ridgeville assisted in the transformation of a strip mall, into a building that has the capacity to employ nearly 500 people during peak season, including seasonal workers.

City of Duluth First to Use New Tool in Revitalization Efforts
The City of Duluth is using the new Brownfield Health Indicator Tool to address the common challenges of transforming brownfields into productive community assets, including the complicated process of identifying and prioritizing redevelopment strategies that will best meet the long-term needs of the environment and community. 

FL Doubles Brownfield Cleanup and Redevelopment Tax Credits
Innovative Florida environmental site cleanup and brownfield programs received a boost as the 2017 regular session of the Florida Legislature concluded. New legislation will add flexibility and quicken the pace of petroleum and drycleaner site cleanup.

EPA Awards $300K from Brownfields RLF to Atlanta, GA
Atlanta, Georgia will receive a brownfields revolving loan fund grant totaling $300,000. This is in addition to the more than $1.7 million in grant funding for community-wide Brownfields assessment activities and cleanup planning that seven communities in Georgia were selected to receive.

Two ME RLFs Receive $1.1M to Support Brownfields
The U.S. Environmental Protection Agency (EPA) has selected 2 existing Brownfields Revolving Loan Fund recipients in Maine to receive a total of approximately $1.1 million in supplemental funding. The support will help the entities continue their work cleaning up contaminated brownfield properties.

MI Governor Signs Transformative Brownfield Legislation
The bills would allow the developers of brownfield projects that meet certain investment thresholds to keep an added portion of the new tax revenue generated by the development and thus close the last existing financing gap for projects, according to supporters.

Exploring the Impact of the Port of Greater Cincinnati
Over the past 15 years, the Port Authority has been involved in transformative projects throughout Downtown and Over-the-Rhine. These projects have reshaped the skyline, revived historic structures for a new century, and created new regional anchors and cultural institutions.

Grant Issued to Study Old Railroad Brownfield Sites in Lafayette, LA
Acadiana Planning Commission is one of 172 entities across the country selected to receive funding for brownfield site revitalization efforts. These initial steps towards redeveloping vacant and unused properties help transform the sites to productive reuse.

Environmental Issues Surround $1B Watts Redevelopment Project in Los Angeles, CA
Amid growing environmental concerns, a groundbreaking ceremony was held Monday afternoon for the first phase of a $1 billion redevelopment of the Jordan Downs public housing project in Watts.

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Brownfields Financing Headlines

Developer Seeks Tax Incentives for $146M Project Near Hospital in Ann Arbor, MI
MLive | Jun. 26 | Brownfield Financing | Tax Increment Finance (TIF)

Brownfield ‘Land Banks' A Step Closer in CT
Hartford Business | Jun. 19 | Brownfield Financing

Cliffs Invests $700M in First Midwest Plant in Toledo, OH
Commercial Property Executive | Jun. 16 | Brownfield Financing

Port of Portland Sells Acreage At Troutdale Reynolds Industrial Park
Patch | Jun. 16 | Brownfield Financing

How Tampa, FL Turned a Dead Zone Into a Downtown
Politico | Jun. 16 | Brownfield Financing | Tax Increment Finance (TIF)

Highlights from the Online Resource Database

2017 CDFA Brownfields Financing Webinar Series: Reviving Economic Activity on Former Manufacturing Sites
Brownfield Financing
Presentation slides from the Brownfields Financing Webinar Series: Reviving Economic Activity on Former Manufacturing Sites

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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