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CDFA Brownfields Finance Update - January 5, 2021

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Brownfields Financing Update
January 5, 2021
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Brownfields Finance Update


Manufacturing Activities Generate More Brownfield Tax Credits
A new advisory opinion was recently posted to the website of the NYS Department of Taxation and Finance detailing the operation of the Brownfield Tax Credit Program ("BTCP"). This opinion concludes that mixed-use buildings with more than 50% of the square footage used for manufacturing activities will qualify for a higher BTCP cap.

Brockton, MA Gets $250K to Clean up Downtown Corcoran Site
The city has received a $250,000 state grant to remove toxic materials from the vacant downtown Corcoran Supply Company property, which officials say is the first step toward redeveloping the property into downtown housing.

Governor Lamont Announces $3.77M in State Funding for Bridgeport's Cherry Street Revitalization
Governor Ned Lamont announced that the State Bond Commission has voted to approve $3.77 million for the next phase of Bridgeport's Cherry Street Lofts brownfield cleanup project. Investigation, remediation, and abatement of contaminants from the environment is critical for Phase III of the project's development.

NJ Lawmakers Blitz Through Votes on $14B Tax-Break Plan
The voluminous tax-break bill would update economic-development incentive programs that were allowed to expire more than a year ago and also enact several new programs to encourage things like historic preservation and brownfield remediation.

New Tampa, FL Residents Seek Mulligan on Golf Course Clean Up
If granted, the designation means the property cleanup will be done under the jurisdiction of the county's Environmental Protection Commission, rather than the state Department of Environmental Protection. The brownfield label also carries a tax credit for Ace Golf to help reduce the remediation cost.

Mickey Stevens Sports Complex Gets $419K for Cleanup
In the 1980s and 1990s, Warwick was a hot place for baseball, attracting scouts from major league teams, and Sean Rainey thinks news of a $419,000 Brownfields cleanup grant of the landfill there may be the start of a comeback.

DEM Announces New Round of Brownfields Grant Awards
Governor Gina M. Raimondo and the Department of Environmental Management (DEM) announced the award of $3.26 million in matching grants under the Brownfields Remediation and Economic Development Fund. Thirteen projects across seven cities and towns will receive funding, made possible by the 2018 Green Economy Bond.

Plan to Demolish Cadillac Stamping Plant and Rebuild Moves Forward With Tax Credits
The $3.3 million in brownfield tax credits were granted to Missouri-based NorthPoint Development which plans to target a new 684,000-square-foot facility toward automotive suppliers and advanced manufacturing and logistics, officials said. Tenants have not been named.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Forecasting the Bond Market Amid the Recovery
Tuesday, January 19, 2021 - 2:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast, we will hear from experts for a forecast on the economic recovery and how it will affect the bond market.

Intro Bond Finance WebCourse
February 24-25, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

CDFA Brownfields Technical Assistance Program

Brownfields Financing Headlines

Detroit, MI Developer Tied to Blighted Islandview Project Received TIF
Deadline Detroit | Jan. 5 | Brownfield Financing | Tax Increment Finance (TIF)

$350M Secured for Bronx, NY Development With 542 Affordable Units
Multi-Housing News | Jan. 5 | Brownfield Financing | Tax Credits

New Industrial Building Planned for Former GM Spring and Bumper Plant
Hometown Life | Jan. 5 | Brownfield Financing | Tax Credits

New Jersey Economic Recovery Act of 2020
JD Supra | Jan. 5 | Brownfield Financing

Stafford Surveys Public on Which Brownfield Should Be Cleaned up
Journal Inquirer | Jan. 5 | Brownfield Financing

Aliquippa and Monaca, PA Awarded $1.5M for Development Projects
The Times | Jan. 5 | Brownfield Financing

Bay State Will Offer $1.25M in Brownfield Grants for 5 Sites
Newbury Port News | Jan. 5 | Brownfield Financing

Macomb County, MI to Receive $300K Boost in Brownfield Site Redevelopment
Metromode | Jan. 5 | Brownfield Financing

Oakland County, MI Brownfield Consortium Receives $600K EPA Grant
C and G Newspapers | Jan. 5 | Brownfield Financing

Developers Cut Ribbon on Michigan Meadows
Grand Rapids Business Journal | Jan. 4 | Brownfield Financing | Tax Increment Finance (TIF)

Seekonk Gets State Grant to Clean up Former Attleboro Dye Works Site
The Sun Chronicle | Jan. 3 | Brownfield Financing

Mt. Baker Completes Enviro Clean Up for Seattle MF Development
Connect Seattle | Dec. 22 | Brownfield Financing

Woonsocket Projects Receive Brownfields Grant Awards
patch.com | Dec. 8 | Brownfield Financing | Energy Finance

Falls Township Supervisors Hear Plans for Major U.S. Steel Site Redevelopment Project
Bucks Local News | Dec. 8 | Brownfield Financing

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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