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CDFA Brownfields Finance Update - April 4, 2023

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Brownfields Financing Update
April 4, 2023
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Brownfields Finance Update

Features

Register Today for the 2023 Federal Policy Conference!
Reserve your spot at the 2023 CDFA Federal Policy Conference on April 11-12, 2023, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and the National Development Council, will bring together leaders from the Biden administration, Congress, federal agencies, and the development finance industry to discuss the massive infrastructure investments made by the 117th Congress as well as the development finance challenges that state and local governments continue to face. Space is limited; act fast!

Big Transformation of Blighted Ann Arbor, MI Riverfront Site Underway
A long-awaited transformation of a blighted riverfront site in Ann Arbor is officially underway. Crews are actively clearing the site for creation of a seven-acre public recreation and event space along the Huron River north of downtown — on an old DTE Energy property once home to a coal gasification plant off Broadway Street.

Join CDFA for the Return of the Revolving Loan Fund Training Course Week!
Revolving Loan Fund Week is coming up next month, with the Intro Revolving Loan Fund Course on May 1-2 followed by the Advanced Revolving Loan Fund Course on May 3-4. Register for one or both of these courses to learn from experts about developing, implementing, and managing revolving loan fund programs that are efficient and impactful.

A New Forgivable Loan Program Targets Oregon's Private Brownfield Owners
Oregon debuted its $5 million Brownfields Property Redevelopment Fund (BPRF), which offers forgivable loans to private owners and operators to support remediation at sites that are contaminated or perceived to be contaminated. For eligible projects, the BPRF can reimburse up to half of remediation costs or $250,000, whichever is less, and it can provide up to $500,000 for projects that include certain enhancements.

More than $1.9M to Aid 8 Western New York Projects
National Grid, through its robust suite of economic development programs, is providing more than $1.9 million to support eight projects, including Thermo Fisher's Grand Island expansion, Westminster Economic Development Initiative's move to a new location, Sonwil Distribution Co's. multimillion-dollar warehouse, Pine Pharmaceutical Inc.'s Tonawanda expansion, plus restorations of buildings in Lackawanna and Buffalo.

Bringing Jobs to Downtown: Redevelopment of Former Norwich, CT YMCA Continues
The city formally accepted $2 million from the state for brownfield remediation, which it was granted to help it and Mattern Construction redevelop the YMCA property at 337 Main St. With the property moving from ownership limbo, to city ownership, to private ownership, the property will be back on the tax roll, and it will bring jobs to downtown.

Wilson Lofts Construction Completed in Wilson, IA after Nearly a Decade
A project nearly 10 years in the making is officially completed in Clinton. Overall, the project attracted over 12 layers of complex financing to make up the capital stack and includes Federal NMTCs, State Historic Tax Credits, Federal Historic Tax Credits, TIF from the City of Clinton, Brownfield/Grayfield Tax Credits, and Downtown Revitalization Grant by the Iowa Economic Development Authority through the City of Clinton.

DEC Marks Successful Year for New York State's Brownfield Cleanup Program
In 2022, 53 Cleanups were completed, including more than 20 new affordable housing projects, and 72 new sites were accepted into the state brownfield cleanup program. New York State Department of Environmental Conservation (DEC) oversees the state's Brownfield Cleanup Program (BCP), which encourages the voluntary clean-up of contaminated properties known as "brownfields," so these sites can be redeveloped and returned to productive use

Upcoming Events
2023 CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: Utilizing TIF with Brownfield Redevelopment Projects
April 18, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, TIF experts will introduce this financing tool and explore new strategies that local governments are employing to bring investment to otherwise unusable spaces.

CDFA Food Systems Finance Webinar Series: Access to Capital Tools & Food Systems
April 25, 2023 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will explore how these tools can be used in strengthening local and regional food systems and address some of the challenges that come with financing this sector.

Brownfields Financing Headlines

Cleanup of Site Gains Momentum in Sebring, OH
Mahoning Matters | Apr. 1 | Brownfield Financing | Economic Development | Redevelopment | State Finance Program

Brownfield Plan Approved for Project at Former Alpena, MI Habitat Site
The Alpena News | Mar. 31 | Brownfield Financing | Economic Development | Redevelopment

Renovation of Former Tonawanda, NY Piano-Key Factory Seeks $1.5M in Tax Breaks
The Buffalo News | Mar. 31 | Brownfield Financing | Economic Development | Federal | Redevelopment | State Finance Program | Tax Credits

Old Bridge, NJ Takes First Step in Laurence Harbor Redevelopment
My Central Jersey | Mar. 30 | Brownfield Financing | Economic Development | Redevelopment

Hotel, Commercial Buildings to Go Up at Site of Former Lincoln Park, MI Sears
The News-Herald | Mar. 30 | Brownfield Financing | Economic Development | Redevelopment

Cleanup to Begin at Lower Manhattan Brownfield Site in New York, NY
Our Town Downtown | Mar. 29 | Brownfield Financing | Economic Development | Redevelopment | Water Finance

Project in Ann Arbor, MI Gets $975K in State Brownfield Tax Credits
Crain's Detroit Business | Mar. 28 | Brownfield Financing | Economic Development | Redevelopment | State Finance Program

Michigan State Funding to Support Northside Development Project
WWMT-TV | Mar. 28 | Brownfield Financing | Community Development | Housing Finance | Redevelopment

Governor Whitmer Announces 388 Good-Paying Jobs Coming to Michigan
Governor Gretchen Whitmer | Mar. 28 | Brownfield Financing | Economic Development | Housing Finance | Local Finance Program | Redevelopment | State Finance Program

Buckeye Hills to Host Brownfields Project Intake Meetings in Athens, OH
The Logan Daily News | Mar. 28 | Brownfield Financing | Economic Development | Local Finance Program | Redevelopment

Sebring, OH Brownfield Prepped for Jobs Hub
The Vindicator | Mar. 21 | Brownfield Financing | Economic Development | Redevelopment | State Finance Program

Nebraska and Iowa Working to Redevelop Vacant Lots with Environmental Concerns
WOWT | Mar. 14 | Brownfield Financing | Economic Development | Redevelopment

Way Cleared for Miami, FL Fire Station 4 inside 64-Story Tower
Miami Today News | Mar. 14 | Brownfield Financing | Community Development | Housing Finance | Redevelopment | Tax Credits

Brownfield Board OKs $616M in Reimbursements for $1.5B District Detroit, MI Project
The Detroit News | Mar. 8 | Brownfield Financing | Community Development | Economic Development | Housing Finance | Redevelopment



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.


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

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner 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
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