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CDFA Brownfields Finance Update - March 7, 2017

Brownfields Financing Update
March 7, 2017
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Brownfields Finance Update


New Look, Same Location: CDFA's Website Update
CDFA is excited to show off a new and improved website layout!

Massachusetts Schools, Town Cut Costs by 20% with Brownfield Solar Project
Four schools districts and one town are drawing energy from a 3.68-MW ground-mounted solar project  on a brownfield site in Billerica, 20 miles north of Boston that went online on February 23.

Castle Rock Town Council Considering $250M Development of Former Landfill
A 65-acre, $250Mdevelopment that includes a hotel and conference center plans to utilize a business improvement district mill levy, an urban renewal authority property tax, a public improvement fee imposed by the developer and a Credit PIF to finance the project.

RI Housing OKs Financing for Rehab of Pawtucket's Prospect Heights
The Rhode Island Housing Board of Commissioners on Thursday approved a financing package, that includes tax credits for the phased $12.3-million rehabilitation of the Prospect Heights housing development.

Essex County's 'Clean Jobs' Initiative: Are Asbestos and Brownfields A Gold Mine?
 Asbestos, lead and contaminant-ridden brownfields may end up creating jobs for Essex County residents, due to a recently approved initiative. The Essex County Clean Jobs Initiative will train residents to clean a variety of contaminants, then provide them with job placement.

New EPA Administrator Wants to Protect Brownfield Grants
Environment Protection Agency chief Scott Pruitt stated that he is trying to save the agency's grant programs from being slashed as the EPA braces for major cuts under President Trump's budget proposal.

Trump's EPA Budget Proposal Targets Cleanup Programs
The White House is proposing to slash a quarter of the U.S. Environmental Protection Agency's budget, The proposal would cut funding for the brownfields industrial site cleanup program by 42 percent to $14.7 million.

Blighted Beury Building may be the Next North Broad Street Comeback
Private investment, tax credits, and bond financing will launch the long-blighted Beury Building into apartments with downstairs shops and offices.

Legislation Aims to Help Cities Clean Up Brownfield Sites
The Michigan Senate is poised to pass legislation that would ease some of the financial burden of cleaning up brownfield sites for redevelopment. The legislation would let developers keep part of the taxes generated from businesses and residents moving in after large-scale projects are finished. 

Underwear Factory Reborn: Historic Site to Become Mixed Use Development
Using Historic Tax Credits, the 143 year old building that once housed the Poughkeepsie Underwear Factory, will find new life as a mixed-use development.

Developer's Vision for Old Pruitt-Igoe Site Includes Hospital and Hotels
Brownfield Tax Credits, and TIF funds will offset cost of the $72 million complex of medical buildings, commercial and office space and two hotels.

Upcoming Events
CDFA Summer School

Brownfields In-Person Project Marketplace - Denver, CO
May 16, 2017 - Federal Reserve Bank of Kansas City, Denver Branch 2:30-3:30pm MDT
CDFA is bringing a unique technical assistance opportunity to Colorado in conjunction with this year's Colorado Financing Roundtable. During the Brownfields Project Marketplace, communities will be presenting their current brownfield redevelopment projects to our audience and advisors in exchange for financing recommendations specific to their projects. Roundtable 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 CDFA's Colorado Financing Roundtable on May 16th.

CDFA Brownfields Financing Webinar: Financing Brownfields with Private Activity Bonds (PABs)
March 9, 2017 - 2:00 - 3:30 PM Eastern
Join CDFA, our technical assistance partners, and experienced brownfield communities as we discuss Private Activity Bonds and how they can be used to compliment the redevelopment and cleanup of your brownfield project.

CDFA Brownfields Technical Assistance Program

Brownfields Financing Headlines

New Bedford Mayor Tells Congress of Brownfields Successes
South Coast Today | Mar. 6 | Brownfield Financing

Two East Lansing Brownfield Projects Proposed to be Financed With TIF
The State News | Mar. 6 | Brownfield Financing | Tax Increment Finance (TIF)

State Ups Investment in Brownfield Hotel Project
The Progress-Index | Mar. 6 | Brownfield Financing

Developer Proposes Hotel for Old Municipal Courts Building
St. Louis Post-Dispatch | Mar. 6 | Brownfield Financing | Tax Increment Finance (TIF)

City Hall to Update Residents on Brownfields Fund for Private Environmental Cleanup
Tulsa World | Mar. 3 | Brownfield Financing

Brownfield Redevelopment Funding Approved for Ferndale Apartments
Mar. 3 | Brownfield Financing

Funding Approved for Three Rivers Community College, Norwich Hospital Project
Patch | Mar. 3 | Brownfield Financing

Gov. McAuliffe Announces $700K in Remediation Grants for Brownfield Restoration
Virginia Economic Development Partnership | Feb. 14 | Brownfield Financing

Mixed-Use Development Could Come to Former Essex Site
RRStar | Feb. 14 | Brownfield Financing | Tax Increment Finance (TIF)

MI Thrive Seeks Senate Approval
Midland Daily News | Feb. 10 | Brownfield Financing | State Finance Program

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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