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Development Finance Review Weekly - May 26, 2022

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Development Finance Review Weekly
May 26, 2022
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CDFA Development Finance Review Weekly

Features

Maryland Stormwater Tunnel Project Gets $75M EPA Loan Boost
The Water Infrastructure Finance and Innovation Act (WIFIA) funds to Howard County, Maryland will go toward the $167 million Ellicott City Safe and Sound plan, which county officials say will upgrade local infrastructure in a historic mill town south of Baltimore where multiple branches of the Patapsco River converge and join its main channel

NTIA Chief Answers 5 Burning Broadband Funding Questions
The National Telecommunications and Information Administration (NTIA) recently unveiled the rules that will apply to $45 billion in broadband funding, opening the door to an influx of investment. However, the rules, which were presented in a series of Notice of Funding Opportunity (NOFO) releases, seem to have raised as many questions as they answered.

Vermont Institutions Pool Resources to Win Clean Energy Innovation Funding
A new consortium in Vermont aims to capitalize on the state's compact size and collaborative culture to make it a national role model for clean energy innovation. The Vermont Clean and Resilient Energy Consortium will pursue federal grants to fund any number of projects related to clean energy delivery, renewable energy, decarbonization and energy resiliency.

‘Blight Into Might' Through EPA's Brownfields Grants in New Jersey
Four New Jersey communities will be receiving $6.5 million in Brownfields Grants from the U.S. Environmental Protection Agency for the cleanup and revitalization of environmentally damaged areas. The funding is part of $254.5 million the EPA is bestowing on 265 communities throughout the country pursuant to President Joe Biden's Bipartisan Infrastructure Law.

EDA Invests $2M in ARPA Funds to Capitalize RLF in Groton, CT
The U.S. Department of Commerce's Economic Development Administration (EDA) is awarding a $2 million grant to Southeastern Connecticut Enterprise Region Corporation (seCTer) in Groton, Connecticut to capitalize and administer a Revolving Loan Fund.

Adaptive Reuse Offers Advantages to Affordable Housing Developers
Taking vacant properties and adapting them for use as affordable housing can help developers save money while reducing their environmental footprint. Partner Insights spoke to Jack Bernhard, executive director of community development real estate for JPMorgan Chase, about this approach.

Minnesota Legislature Passes Ag Funding, Drought Relief, and More
Drought relief, meat processing, broadband, and the Forever Green initiative are all included in the supplemental agriculture spending package passed by legislators on the final weekend of the 2022 legislative session.

Stillwater, OK City Council Expands TIF District for New Industrial Business
The Stillwater City Council has created a new tax-funded increment district to provide development incentives for an industrial property. The Stillwater Economic Development Authority is making a deal with an unnamed company that plans to start a new manufacturing operation that has said it will eventually create more than 200 jobs paying $60,000 – $80,000 per year.

Upcoming Events

Intro Public-Private Partnership (P3) Finance WebCourse
June 29-30, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Public-Private Partnership (P3) Finance WebCourse examines this emerging development finance model with a focus on how development finance agencies can adopt P3 principles to address a variety of projects. This course will cover basic P3 concepts, key players involved in transactions, asset valuation, contract negotiation, risk assessment, revenue stream development, and feasibility analysis.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Ohio, Kentucky Seek $1.6B for Brent Spence Project
Ohio and Kentucky are seeking a federal grant under the infrastructure law to cover more than half of the financing needed for the long-hyped $2.8 billion bistate Brent Spence Bridge improvement. The states applied for $1.66 billion under the Multimodal Projects Discretionary Grant, a largely new grant program that is aimed at projects of national or regional significance.

Six Months After Infrastructure Bill Signed, $110B Has Gone Out
The government has sent $110 billion of infrastructure funds to states and local governments in the six months since President Joe Biden signed the IIJA. The White House Monday published an interactive map showing where the money is going and one showing the new projects.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. The Bond Buyer offers CDFA State and Local Members a 55% discount off of the Issuer Rate. Contact CDFA for more information.

Upcoming Webcasts

CDFA Infrastructure Finance Learning Series: Building the Foundation for Infrastructure Projects
Tuesday, May 31, 2022 - 1:00 PM - 4:00 PM Eastern
This installment will help attendees set up their infrastructure projects to be competitive in securing funds and impactful for their community's future.

CDFA Food Systems Finance Webinar Series: Driving Investment in Regional Food Supply Chains
Tuesday, June 7, 2022 - 2:00 PM - 3:30 PM Eastern
During this installment of the CDFA Food Systems Finance Webinar Series, we will explore opportunities to access capital and leverage federal funds to support new investments in regional infrastructure for food aggregation, processing, storage, and more.

CDFA Federal Financing Webinar Series: Creating More Equitable Environments with the EPA
Tuesday, June 14, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Environmental Protection Agency to encourage development strategies that protect human health and the environment while also creating economic opportunities.

Job & RFP Postings

RFP for Cannabis Equity Technical Assistance Provider in Boston, MA
The Mayor s Office of Economic Development (OED) is seeking a firm or consultants who can provide a broad range of technical assistance services to cannabis equity applicants as outlined in the 2019  Ordinance Establishing Equitable Regulation of the Cannabis Industry in the City of Boston,  City of Boston Code, Ordinances, Chapter VIII, Section 8-13.3,  Boston Equity Program.

CRA-Chief Financial Officer Position Seeking
The City of Memphis and Shelby County Community Redevelopment Agency (CRA) is seeking a Chief Financial Officer (CFO). This position plays a critical role in the leadership of the CRA and is charged with ensuring effective management and investment of the CRA's financial resources in support of the strategic vision for the agency as defined by the Board of Directors and the President. Compensation commensurate with experience. The CRA offers a competitive salary and benefits package. Please e-mail cover letter and resume to Andrew Murray, AICP at Andrew.Murray@CRAMemphis.org.

This Week's Headlines

Moving Towards Sustainable Banking for Competitive Growth and Renewed Client Orientation
Global Banking & Finance Review | May. 26 | Energy Finance | Green Finance | Social Finance

Public-Private Partnerships Can Help Expand Internet Access in Rural America 
Insider | May. 26 | Infrastructure Finance | Public-Private Partnership (P3) Financing

SSBCI Program Application Deadline for TA Grant Program Extended for States, the District of Columbia, and Territories
U.S. Department of the Treasury | May. 26 | Access to Capital | Economic Development | State Small Business Credit Initiative (SSBCI)

Federal Grant Awarded to Study Brownfield Impact in Chickamauga, Lafayette, Rossville, GA
News Channel 9 | May. 25 | Access to Capital | Brownfield Financing | Economic Development | Redevelopment

More Than a Dozen Brownfield Grants Awarded to Maine
KPVI-DT | May. 25 | Access to Capital | Brownfield Financing | Economic Development | Redevelopment | Water Finance

Tax Credits Combine with Pandemic Relief Funds to Support Affordable Vermont Apartments
VermontBiz | May. 25 | Community Development | Federal | Housing Finance | Infrastructure Finance | Redevelopment | Tax Credits | COVID-19

City of Pocatello, ID Awarded Funding for EPA Brownfield Projects
Local News 8 | May. 24 | Brownfield Financing | Economic Development | Redevelopment | Revolving Loan Funds (RLFs)

DOE: We're Hiring 1,000 Workers in Infrastructure Push
E&E News | May. 24 | Energy Finance | Green Finance | Infrastructure Finance | U.S. Dept. of Energy (DOE)

DC Green Bank Commits $7.5M to Residential Solar Projects
Commercial Observer | May. 23 | Energy Finance | Green Finance | Infrastructure Finance

Historic Bond Issuance Helps Fund Senior Living Development
Record-eagle | May. 23 | Bond Finance | Community Development

Liberty Elementary Transitions to Clean Energy with New Solar Panel System
Fox 28 Savannah | May. 23 | Energy Finance | Green Finance

Nearly $10M in EPA Funding Going to Environmentally Contaminated Sites in Montana
Great Falls Tribune | May. 23 | Access to Capital | Brownfield Financing | Community Development | Economic Development | Infrastructure Finance | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

Changing Course, KC Current Seeks State Funds for Stadium; Total Cost Grows to $117M
The Kansas City Star | May. 20 | Economic Development | Incentives | Infrastructure Finance | Legislative | State Finance Program | Tax Credits

Expiration of Public Health Emergency, Enhanced Tax Credits Could Surge State's Uninsured Rolls
Florida Politics | May. 20 | Healthcare | Tax Credits

Federal Tax Credit Lures Development in Underserved Areas
41 KSHB | May. 20 | Community Development | Economic Development | Federal | Tax Credits

TIF Approved for Phillips, NE Venture
Aurora News-Register | May. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

U.S. Sens. Collins, King Announce $24.2M to Clean Up Brownfields Across Maine
The Piscataquis Observer | May. 20 | Access to Capital | Brownfield Financing | Community Development | Economic Development | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)


National Sponsor Spotlight

BNY Mellon BNY Mellon
BNY Mellon is the world's leading provider of corporate trust and agency services, administering $28.5 trillion in outstanding debt from 69 locations in 39 countries. Our clients include governments and their agencies, corporations, financial...
Bricker & Eckler LLP Bricker & Eckler LLP
Bricker & Eckler LLP, is one of Ohio's leading law firms. Located in Columbus, Cleveland and Cincinnati-Dayton, the firm represents corporations, nonprofit organizations, government agencies, health care facilities, school districts, and...
Wells Fargo Securities Wells Fargo Securities
Wells Fargo Securities offers a comprehensive set of capital markets services, including originating and distributing public debt and equity, hedging interest rates and commodity and equity risks, advising on mergers and acquisitions, and...

CDFA Bookstore

Cover thumbnail Innovation Finance Reference Guide
The Innovation Finance Reference Guide explores the growing seed, venture capital, and angel investment industry, and gives development finance agencies a roadmap for building an innovation finance initiative that supports entrepreneurship, business investment, and job creation.

The Council of Development Finance Agencies 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 about CDFA, visit www.cdfa.net or e-mail 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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon 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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