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Development Finance Review Weekly - December 29, 2022

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Development Finance Review Weekly
December 29, 2022
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CDFA Development Finance Review Weekly

Features

Bridging Pennsylvania Partners Achieves Key Milestone in Major Bridge P3 Program
Bridging Pennsylvania Partners, through Bridging Pennsylvania Developer I, LLC has reached financial close with the Pennsylvania Department of Transportation for the first package of its Major Bridge P3 program to replace six bridges across the Commonwealth out of nine bridges included in the Program.

Bureau of Reclamation Requests Tribal Consult on Inflation Reduction Act
The Bureau of Reclamation published a notice to announce that it plans to consult with federally recognized Indian Tribes in Reclamation's 17 western states on implementation of the Inflation Reduction Act as it applies to Tribes. Under the Inflation Reduction Act, The Bureau received $550M for Domestic Water Projects, $25M for Canal Improvements Projects, and $4B for Drought Mitigation in the Reclamation states.

Forbright Announces Green Bond Report
Forbright Inc. announced that proceeds of its inaugural Green Bond have been successfully allocated and resulted in nearly 12,000 metric tons of estimated annual carbon equivalent emissions avoided. In December 2021, Forbright Inc. has issued a $125 million Green Bond.

North Bridge Closes Florida's Largest C-PACE Deal With $42M Hotel Loan
HB Capital Group has sealed a $42 million Commercial Property Assessed Clean Energy (C-PACE) loan for the renovation of a hotel in Miami-Dade County to mark the largest C-PACE transaction in Florida to date.

Snohomish County, WA Launches Commercial Building Sustainability Program
The Snohomish County Department of Conservation & Natural Resources' Office of Energy and Sustainability launched the Commercial Property Clean Energy & Resiliency Program to help commercial property owners obtain low-cost financing for energy efficiency, natural disaster and resiliency upgrades that carry with the life of the property instead of the property owner.

State Support Announced for 54 Historic Rehabilitation Projects in Ohio
Ohio Gov. Mike DeWine and Lt. Gov. Jon Husted announced state support for 54 rehabilitation projects that will restore 57 historic buildings across Ohio. The projects are expected to leverage approximately $1.01 billion in private investment. Three projects in Central Ohio were awarded funding. The restoration project, expected to cost $1,030,000, is receiving a total tax credit of $201,500.

Promised Land Opportunity Zone Acquires Sixth Illinois Farm
Promised Land Opportunity Zone Farms I, LLC, an opportunity zone investment vehicle, acquired 597 acres in Henderson County Illinois. This purchase brings the total acreage owned in Illinois to 1,450 acres; 1,367 tillable acres. The new farm, Honey Creek Farm, is located along the Mississippi River in western Illinois and will be farmed by Jenks Family Farms, a sixth-generation Illinois farming operation.

USDA Invests $9.5M for Sustainable Bioproduct Manufacturing
The USDA announced an investment of $9.5M to support the scale-up of sustainable bioproduct manufacturing in the United States. Three successful projects are funded through USDA's National Institute of Food and Agriculture's Bioproduct Pilot Program. Authorized and funded by the Infrastructure Investment and Jobs Act, the Program presents a unique opportunity to spur economic activity in the nation's rural areas while lowering commercialization risks associated with bringing biobased products to market. 

Upcoming Events
Fundamentals of Economic Development Finance Course
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

New Year Brings New Challenges And Opportunities For Tax Policy
The changing year will ring in the 118th U.S. Congress while also bringing policy changes and legal challenges to the muni market. Despite the uncertainty, there are strains of optimism emerging among some industry leaders. Hope is still alive for the eventual return of advance refundings, even if it may be a longshot.

Plan to Allow P3 Toll Lanes in Tennessee Will Meet Test in New Year
Tennessee Gov. Bill Lee's plan to expand the scope of the state's restrictive public-private-partnership laws has met mixed reactions from state lawmakers, who reconvene in January. The governor's "Build With Us" plan proposed in early December includes provisions that would allow for P3 toll lanes on existing highways in the state, which now has no tolls.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. The Bond Buyer offers CDFA State and Local Members a 55% discount off of the Issuer Rate. Contact CDFA for more information.

Upcoming Webcasts

SSBCI Learning Series - Compliance: Program Reporting Requirements
February 16, 2023 - 2:00 - 4:00 PM Eastern
During the 2023 SSBCI Learning Series, CDFA will elevate conversations and host sessions geared toward successfully implementing new SSBCI programs and financial products, reaching targeted small businesses and business sectors, and effective program reporting and compliance strategies.

Advanced Revolving Loan Fund WebCourse
May 3-4, 2023 - Daily: 12:00 - 5:00 PM Eastern
The Advanced Revolving Loan Fund Course builds on CDFA's Intro RLF Course by providing in-depth instruction on loan underwriting and portfolio management. Topics discussed during this course include analyzing borrower documents, performing financial analysis, and making loan decisions based on the mission and lending criteria of your RLF.

Job & RFP Postings

City of San Diego-Financing Coordinator
The City of San Diego is seeking a Financing Coordinator to serve in the Debt Management Division of the Department of Finance in a hybrid work environment. Financing Coordinators conduct project management and supervise a team of financial analysts covering a range of financing and post-issuance activities for the City. The ideal candidate will have strong project management, financial, and analytical skills, while also having a passion for financing projects to improve San Diego communities.

This Week's Headlines

Confederated Tribes of Warm Springs, OR to Receive $24M for Water Infrastructure
WRAL News | Dec. 28 | Access to Capital | Development Finance Toolbox | Infrastructure Finance | Legislative | Tribal Finance | U.S. Environmental Protection Agency (EPA) | Water Finance | Water Finance | Drinking Water | Sewage & Waste

D.A. Davidson Closes $48M in C-PACE Financing for Black Rock Mountain Resort in Utah
Utah Business | Dec. 28 | Energy Finance | Property Assessed Clean Energy (PACE)

EGLE Approves $1M Brownfield Grant for Boston Square Together Project in Michigan
WoodTv.com | Dec. 28 | Brownfield Financing | Economic Development | Redevelopment | State Finance Program

Great Southern Wood Announces $5.9M Expansion of Louisiana Facility
LBM Journal | Dec. 28 | Economic Development | Incentives | Infrastructure Finance | Rural Development | Tax Credits

Hoboken City Council in New Jersey Approves $84M Bond to Acquire Property for New DPW
TAPinto Hoboken | Dec. 28 | Bond Finance

Kalispell Council in Montana Moves Ahead With Infrastructure Financing Program
Daily Inter Lake | Dec. 28 | Energy Finance | Infrastructure Finance | Property Assessed Clean Energy (PACE)

Lebanon County, PA Commissioners Adopt 2023 Budget With No Tax Hike
LEBTOWN | Dec. 28 | Energy Finance | Property Assessed Clean Energy (PACE)

The Turtle Mountain Band of Chippewa in North Dakota Receive $500K From IIJA
Senator Kevin Cramer of North Dakota | Dec. 28 | Brownfield Financing | Economic Development | Federal | Redevelopment | Tribal Finance

Wisconsin Farmers Encouraged to Apply for Pre-Season Contract Agreements
WISPOLITICS | Dec. 27 | Access to Capital | Agriculture Finance | State Finance Program

$312M from Federal Spending Bill Allocated to 18 Projects in South Alabama
WKRG | Dec. 27 | Access to Capital | Economic Development | Healthcare | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | Transportation

Baker Technical Institute in Oregon Receives $500K in Brownfield Environmental Job Training Grants
U.S. EPA | Dec. 23 | Brownfield Financing | Economic Development | Redevelopment

Virginia Looks to Loan Fund to Replace Lost Flood Aid as State Exits Climate Alliance
Local Today | Dec. 23 | Access to Capital | Green Finance | Revolving Loan Funds (RLFs) | Resiliency

Youngstown, OH City Council OKs $3M to Assist Businesses
The Vindicator | Dec. 23 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

$1.7T Federal Spending Bill Includes Over $10M for Aiken County, SC Projects
Yahoo! Finance | Dec. 23 | Access to Capital | Healthcare | Infrastructure Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | Water Finance

Ansonia, CT Gets Grant to Turn Brownfields Into Apartments
Connecticut Post | Dec. 22 | Brownfield Financing | Community Development | Economic Development | Housing Finance

Brooklyn Park, MN Plans to Support Development With Extra TIF on Brownfields Site
Hometown Source | Dec. 22 | Brownfield Financing | Economic Development | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

House Joins Senate in Passing Omnibus Bill with Disaster, Climate Funding
Agri-Pulse | Dec. 22 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Federal | Legislative | Resiliency


National Sponsor Spotlight

Bryan Cave Leighton Paisner LLP Bryan Cave Leighton Paisner LLP
Formed by the combination of Bryan Cave and Berwin Leighton Paisner, global law firm Bryan Cave Leighton Paisner LLP is purposely structured in a way few other law firms are, as a fully integrated international team that provides clients with clear,...
Business Oregon Business Oregon
Business Oregon works to create, retain, expand and attract businesses that provide sustainable, living-wage jobs for Oregonians through public-private partnerships, leveraged funding and support of economic opportunities for Oregon companies and...
CohnReznick CohnReznick
With origins dating back to 1919, CohnReznick is the 11th largest accounting, tax and advisory firm in the United States, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today's...

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 website, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

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.

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