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CDFA Brownfields Finance Update - November 7, 2017

Brownfields Financing Update
November 7, 2017
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Brownfields Finance Update


Tax Bill Eyes End to Project Finance, Stadium Bonds Deductions
Under the bill, income from private activity bonds, a tool that state and local governments offer to help private entities raise money for projects that are deemed to have public benefit, would no longer be tax exempt. The provision would increase revenue by $38.9 billion over 10 years, according to the Joint Committee on Taxation.

Do You Have a Recent Private Activity Bond Project?
CDFA is building a list of project examples that have used tax-exempt private activity bonds. We want to include your projects in this effort. Please help us lead the charge to preserve private activity bonds. We need projects that have been completed in the last 2-3 years. Project examples that will resonate include healthcare, rural, education, infrastructure, manufacturing. We need you to submit basic information about each of these projects.

$7.9M in State Funds Supports 48 Acre Brownfield Redevelopment in PA
The project is supported by $7.9 million in state funding for new roads, brownfield site cleanup, the park, and stormwater management. Additional project support includes $12.9 million in local funding, $6.2 million in federal funding, and $640,000 from charitable organizations.

CT Creates New Brownfields Program, Adopts Brownfields Tax Credit
The new program, called the 7/7 Brownfields Program, creates new incentives the Connecticut Department of Economic and Community Development (DECD) can use to reward new investors for cleaning up contaminated sites and reusing them while creating local jobs in the process.

New Life for the NY Brownfield Redevelopment Credit
New York's Brownfield Cleanup Program was initiated over a decade ago to encourage private enterprise to redevelop contaminated properties and revitalize their surrounding communities. The program was recently extended, providing greater certainty that the incentives will continue to exist in the future, albeit at a lower level.

Savage, MN Approves TIF for Oil Site
The Savage City Council has approved the establishment of the tax-increment financing district to redevelop the former Valley Oil site for light industrial businesses. Over the life of the 25-year tax-increment financing district, the city will recoup about $890,000. 

Mill Redevelopment Plans Getting a $300,000 Boost in Weirton, WV
The U.S. Economic Development Administration has awarded $300,000 toward the creation of a development plan for 1,100 acres of property purchased earlier this year by the Frontier Group from ArcelorMittal. According to estimates from the group, the efforts could create anywhere from 500 to 2,500 new jobs and spur between $50 million and $2 billion in private investment.

From Brownfield to Greenfield: Ex-Mine Hosts Vermont's Biggest Solar Array
Of the $18 million project cost, the developer spent about $2.7 million to upgrade six of the 10 miles of power lines needed to take the power to the Sharon substation. Offsetting the total development cost, the developer received about $6 million in federal investment tax credits that it can keep or sell to lower tax liabilities.

$22M Mixed-Income Apartment Building Under Construction in West Baltimore
Three developers on Wednesday announced a $22 million redevelopment plan to turn a West Baltimore warehouse into an 80-unit mixed-income apartment complex.

Developer Plans $113M Redevelopment of Dormant Shawnee Retail Site in Kansas City, MO
An affiliate of Mission Peak Capital seeks incentives to support its plan to replace the mostly vacant Westbrooke Village Shopping Center with 108,500-square-feet of retail and restaurant establishments, 530 market-rate apartments and an underground parking structure.

Cost Hits $18M to Clean Up Former Lake Merced Gun Club Site in San Francisco, CA
The City of San Francisco Authorized an additional $2.3M on the cleanup witch includes high amounts of lead and polyaromatic hydrocarbons. Total cleanup costs is $18M.

Upcoming Events
CDFA National Development Finance Summit

Brownfields In-Person Project Marketplace
November, 16, 2017 - Atlanta, GA
CDFA is bringing a unique technical assistance opportunity to Georgia in conjunction with this year's National Development Fianace Summit. During the Project Marketplace, communities will be presenting their current redevelopment projects to our audience and advisors in exchange for financing recommendations specific to their projects. Summit attendees are encouraged to listen to the community presentations and engage in constructive discussions and networking. Participating communities are eligible to receive free registration for the Summit.

CDFA Brownfields Technical Assistance Program

CDFA Releases Redevelopment Financing for 1894 City Market - Texarkana, AR
The new 1894 City Market will add residential, commercial, and arts space to an underutilized corridor in downtown Texarkana. In addition to offering financing recommendations for the project, this report also provides the City of Texarkana, AR with strategies to support additional downtown redevelopment.

CDFA Releases Redevelopment Financing Roadmap for Oregon State University - Cascades Development in Bend, OR
Oregon State University- Cascades is taking on the reclamation and redevelopment of a 72-acre demolition landfill and 46-acre former pumice mine to expand their campus and create an Innovation District. In the latest Roadmap to Redevelopment report, CDFA provides financing recommendations for the project, which is expected to be phased over a 10-year period.

Brownfields Financing Headlines

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

Sunnyside Neighborhood Water Extension Finished in Glenville, NY
The Daily Gazette | Nov. 1 | Brownfield Financing

East Lansing Center City Project is Back On, Demolition to Begin in Mid-November
Lansing State Journal | Nov. 1 | Brownfield Financing

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

Diverse Set of Nominees Emerge in Awards for Cleaning up Polluted Properties in Twin Cities
Star Tribune | Oct. 27 | Brownfield Financing

Council Approves Soccer Stadium Land Purchase in Louisville, KY
Insider Louisville | Oct. 27 | Brownfield Financing

MI Approves $16M in Incentives for Pistons' Facility
The Detroit News | Oct. 25 | Brownfield Financing | Incentives | Tax Increment Finance (TIF)

RI DEM Announces Over $6 Million Available to Fix RI's Brownfields Sites
Go Local Prov | Oct. 17 | Brownfield Financing

Tax Abatement Granted for Affordable Housing Project in Indianapolis, IN
The Republic | Oct. 9 | Brownfield Financing | Tax Credits

Revamped SITE Santa Fe Adds Momentum to Railyard's Redevelopment
Santa Fe New Mexican | Oct. 9 | Brownfield Financing

Bayonne, NJ Welcomes Dollar Store at Former Industrial Site
Jersey Journal | Oct. 9 | Brownfield Financing

Winona Port Authority Looking at Three Large Developments in Minnesota
Winona Daily News | Oct. 9 | Brownfield Financing | Tax Increment Finance (TIF)

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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