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.

The Kresge Foundation's social investment arm bought a 30 percent interest in EJDevCo for $2 million, giving Scott and his team cash to acquire or gain control of 87 percent of the properties along the Jefferson Avenue corridor. Separately, the Troy-based Kresge Foundation has granted $1.9 million to Invest Detroit for supporting EJDevCo's operations.

Work will begin on a 16-story mixed-use building in Detroit's Greektown neighborhood after approval by the Michigan Strategic Fund. The city is supporting the project through the local portion of the work plan with an estimated value of $188,444 and approval of a 15-year Neighborhood Enterprise Zone abatement valued at $12.5 million.

Commissioners approved the $192,000 contract with Norcross-based Cardno Engineering consulting firm in a 5-2 vote. The $800,000 grant from the U.S EPA will allow the city to induce developers to reclaim property used as industrial or commercial sites that have or potentially have environmental contamination by providing low- or no-cost loans.

For financing, the project this year received $1 million in workforce housing tax credits from the Iowa Economic Development Authority, and it will be able to use $1 million in brownfield tax credits that were awarded for the condo project that will carry over.

A high-end apartment development planned for Milwaukee's Harbor District would receive a $1.5 million public loan under a new proposal pending before city officials. The loan, from the Milwaukee Redevelopment Authority's Brownfield Revolving Loan Fund, would benefit Admiral's Wharf, which is planned for 234 S. Water St.

The Michigan House approved Rep. Bradley Slagh's plan to help increase the funding available for intermediate school districts without raising taxes. Slagh's plan would reimburse intermediate school districts for the property tax revenue lost to brownfield redevelopment authorities.

The five-story development will be built on a two-acre remediated Brownfield site within Peekskill's DRI area. It includes a 140-space parking garage that will feature a green roof with an underground stormwater infiltration system that will retain surface water onsite to reduce the burden on the municipal system.

CDFA // BNY Mellon Development Finance Webcast Series: Manufacturing Bonds for Disaster Response
Tuesday, October 20, 2020 - 1:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: Financing Resilient Infrastructure
Tuesday, November 17, 2020 - 1:00 PM Eastern

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