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Development Finance Review Weekly - November 2, 2017

Development Finance Review Weekly
November 2, 2017
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CDFA Development Finance Review Weekly

Feature

CDFA Disaster Bond Proposal Introduced in U.S. House
The Give A HAND Act, an extensive disaster relief bill, would codify the CDFA proposal to create a new category of tax-exempt private-activity bonds to finance the reconstruction and rehabilitation of property following natural disasters.

WEDC & Invest in WI Offer $1M to Support Entrepreneurs
The Wisconsin Economic Development Corp. (WEDC) is teaming with Invest in Wisconsin to offer $1 million in grants and loans as well as training, technical assistance and mentorship to young technology businesses across the state over the next 18 months.

Columbia, MO Rejects Request for Hotel TIF
The Columbia, MO TIF Commission has rejected a request for a $2.1 million TIF to help fund a second tower at the Broadway Hotel. Because of major growth in the downtown area, the Commission found that the proposed TIF did not pass the "but for" test.

$130M Approved for Starbucks Coffee Plant Expansion in GA
Augusta's economic development agency recently signed off on a $130 million industrial revenue bond issue to fund Starbucks' plant expansion.

Solar Securitizations Already Pass $1B in 2017
2017 has set a record for solar securitizations, after several new players entered the field. The combined asset-backed securitizations (ABS) for solar loans, leases and power-purchase agreements (PPAs) broke the $1 billion mark this year, following the close of a record-setting offering from Mosaic in late October.

Brightline's $600M of Bonds Approved by FDFC
Brightline has been issued $600 million in tax-free bonds to pay for Phase 1 of its passenger railroad — between Miami and West Palm Beach — according to the Florida Development Finance Corporation.

Santander to Increase CRA Activity, Invest $11B in NE
Santander Bank has announced an $11 billion, five-year plan to invest in communities across its eight-state northeastern U.S. footprint for 2017 through 2021. Santander will also increasing its CRA activity by 50 percent and triple its investment in charitable grants.

P3 Legislation Would Grow Economy by $8B
The Public Buildings Renewal Act, a bill supported by CDFA, would provide an economic boost of more than $8 billion in its first year, according to a recent study. The bill would allow private activity bonds to be used in P3 deals to finance public buildings. CDFA's Tim Fisher is quoted in the piece.

VEDA Approved $198.9M in Financings in FY17, Ag Highest Ever
VEDA approved 344 financings in FY2017 totaling nearly $199 million. Of the $199 million, VEDA made 135 loans for $26.5 million through the Authority's agricultural lending program, the Vermont Agricultural Credit Corporation (VACC) in FY 2017 -- outpacing all prior years.

New Tool Launched to Track CDFI, NMTC, and LIHTC Investment Data
The Community Investment Explorer aggregates customizable data from the Community Development Financial Institution (CDFI), New Markets Tax Credit (NMTC) and Low Income Housing Tax Credit (LIHTC) programs to show geographic comparisons and trends over time.

SBA Approves Record $869M in Loans to NJ Small Business
The U.S. Small Business Administration approved a record $869 million in loans to New Jersey small business owners during the agency's fiscal year 2017 (the period from Oct. 1, 2016 thru Sept. 30, 2017). Nationally SBA approved over 68,000 loans for over $30 billion, during the past year.

Upcoming Events
CDFA National Development Finance Summit
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Why Does Some Available Capacity for New CREBs Go Unused?
The IRS is accepting applications from public power providers through June 19, 2018 for $379.5 million of unused volume cap for New Clean Renewable Energy Bonds. Congress authorized $2.4 billion of New CREBS during the Obama administration.

Investors Snapped up Gainesville Biomass Plant Bond Deal
Eager investors doled out just over $3 billion in orders for Gainesville Regional Utilities' $416 million of fixed-rate, tax exempt bonds, a utility official said.

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 Webcast Series: Bonds + Financing Sustainability
November 14, 2017 - 1:00 PM Eastern
During this installment of the BNY Mellon // CDFA Webcast Series our expert speakers will look at outside the box ideas for issuing bonds to fund sustainable areas of finance including renewable energy, adaptive reuse for infrastructure, food systems projects and sustainable water solutions.

Job & RFP Postings

CO OEDIT Releases RFP for Rural Fund Manager

This Week's Headlines

South FL Museum to Use NMTC
Sarasota Herald-Tribune | Nov. 1 | Tax Credits

MD Historic Trust Awards $9M in HTC
Baltimore Business Journal | Nov. 1 | Access to Capital | Tax Credits

Mixed-Use Project Gets Underway in Carlisle
Central Penn Business Journal | Nov. 1 | Brownfield Financing | Tax Increment Finance (TIF)

CDFI Fund Opens Application Period for Bond Guarantee Program
CDFI Fund | Nov. 1 | Bond Finance | U.S. Dept. of Treasury CDFI Fund

CT Creates Brownfields Program, Adopts Tax Credit
Holland & Knight | Nov. 1 | Brownfield Financing | Legislative | Redevelopment | Tax Credits

PA DCED Approves $6.3M in CDBG for Eleven Counties
PA DCED | Nov. 1 | Community Development

PISCES Program Announces Exceptional State Revolving Fund Projects
Environmental Protection Agency | Nov. 1 | Water Finance

Join the EPA for WIFIA Information Sessions
Environmental Protection Agency | Oct. 31 | U.S. Environmental Protection Agency (EPA) | Water Finance

South Santa Rosa, FL, Utility System Debating Logistics of $9M Infrastructure Loan
Pensacola News Journal | Oct. 30 | Water Finance | Infrastructure Finance | Revolving Loan Funds (RLFs)

Amazon Receives $3.9M Ohio Tax Credit
The Plain Dealer | Oct. 30 | Access to Capital | Incentives | Tax Credits

Stefanik Introduces Renewable Electricity Tax Credit Equalization Act
Office of Elise Stefanik | Oct. 30 | Green Finance | Legislative | Tax Credits

Three IA Communities Awarded SRF Loans for Water Quality Projects
Carroll Broadcasting Company | Oct. 30 | Water Finance | Infrastructure Finance | Revolving Loan Funds (RLFs)

$1.5M HFFI Loans Fund Food Market in Vinton County, OH
WOUB Public Media | Oct. 30 | Food Systems Finance

New Georgia Tech Cobb Research Campus to Receive $62.7M
Atlanta Journal Constituion | Oct. 30 | Bond Finance

Clearinghouse CDFI Awarded $1M for Native American Finance
Clearinghouse CDFI | Oct. 30 | Community Development

The Real First-Last Mile Solution: Fix the Sidewalks
Planetizen | Oct. 27 | Bond Finance | Infrastructure Finance

Louisville City FC has the Funding for its Soccer Stadium. So, What's Next?
Courier Journal | Oct. 27 | Bond Finance | Tax Increment Finance (TIF)

Signal Hill City Council Approves Bonds for New Library
Signal Tribune | Oct. 27 | Bond Finance | Community Development

US 183 North Toll Project Proceeds, Construction Will Start in 2019
Community Impact Newspaper | Oct. 27 | Bond Finance | Infrastructure Finance

$2.4M Water Tower to be Built Sheboygan's South Side
Sheboygan Public Media | Oct. 27 | Bond Finance | Community Development | Water Finance


National Sponsor Spotlight

Kutak Rock LLP Kutak Rock LLP
Kutak Rock LLP is a national law firm of more than 500 lawyers with offices from coast to coast. The firm's primary practice concentrations are business and corporate law, public finance, litigation and real estate law, with numerous areas of...
MB Financial Bank, NA MB Financial Bank, NA
MB Financial Bank offers a full range of financial services including personal, business and commercial banking. They have proudly served Chicago for over 100 years.
McCarter & English, LLP McCarter & English, LLP
McCarter & English, LLP is a firm of approximately 400 lawyers with offices in Boston, Hartford, Stamford, New York, Newark, East Brunswick, Philadelphia, Wilmington and Washington, DC. In continuous business for more than 170 years, they are among...

Partner Spotlight

Association of Development Financing Institutions in Asia and the Pacific Association of Development Financing Institutions in Asia and the Pacific
The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) is the focal point of all development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. Its mission is to...

CDFA Bookstore

Cover thumbnail Tax Increment Finance Best Practices Reference Guide 2nd Edition
The Tax Increment Finance Best Practices Reference Guide 2nd Edition addresses what TIF is, why it should be used and how best to apply the TIF tool. This guide highlights both TIF and special assessment projects across the country and how they can be applied to address common economic development issues.

New Members

Catalyst Law, LLC - Portland, OR

Keating Muething & Klekamp PLL - Cincinnati, OH

City of Des Moines - Des Moines, IA

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