Development Finance Review Weekly - January 13, 2022

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Features

Tune in Jan. 18 for a Webinar on Forecasting the Bond Market's Response to Federal Infrastructure Investments

With the passage of the Bipartisan Infrastructure Bill, the U.S. infrastructure sectors are predicting a stable and productive year ahead. Despite pandemic-related challenges, the municipal bond market is expected to remain resilient in 2022. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore economic insights for 2022, including the impacts of the Bipartisan Infrastructure Bill, the state of the bond market, and an outlook on economic recovery strategies.

U.S. Department of Treasury Issues SLFRF Final Rule

On January 6, the U.S. Department of Treasury issued its Final Rule on the Coronavirus State and Local Fiscal Recovery Funds (SLFRF) program. This $350 billion in funding was enacted through the American Rescue Plan Act of 2021 to provide every unit of local government and state/territory direct funding for recovery from the impacts of the COVID crisis.

California Budget Confronts Climate Change, Homelessness, Crime

California Gov. Gavin Newsom on Monday proposed a $286.4 billion budget that sets off months of budget talks with his fellow Democrats, who control the state Legislature, before the new fiscal year begins July 1. Newsom focused much of his budget proposal on some of the state's biggest issues — climate change, homelessness, education, high-speed rail, the pandemic, and crime.

Four Seasons Hotel at RBC Gateway Receives $20M in Financing from PACE Loan Group

PACE Loan Group, a national leader in the Commercial Property Assessed Clean Energy (C-PACE) marketplace, closed a $20 million financing on the Four Seasons Hotel at RBC Gateway, a 37-story landmark developed by United Properties. This is the largest C-PACE Loan to date in Minnesota.

How St. Paul, MN Became Home to the State's First Commercial Community Land Trust

A local community land trust crafted a solution to address the affordability challenge. Rondo Community Land Trust (CLT) was formed as a commercial community land trust and diligently pieced together funding from many different sources in order to develop a mixed-use project with affordable apartments for seniors and below-market-rate commercial space for entrepreneurs.

More Broadband Projects Eligible for Funding Under New ARPA Rules

The U.S. Treasury Department revised its rules specifying how states can use federal funding provided by the American Rescue Plan Act (ARPA), enabling a broader range of broadband projects to receive support. A set of final rules issued late last week includes two key changes: one provides more flexibility in what areas are eligible for support and the other is designed to ensure consumers can actually afford to use the broadband networks built with ARPA funding.

State Brownfield Program Could Spur Development of Many Contaminated Sites Across Cuyahoga County, OH

Gov. Mike DeWine's announcement in December that the state will provide $350 million for brownfield remediation has propelled several local developers into action. Roughly two dozen interested parties have contacted the Cuyahoga County Department of Development about the state's Brownfield Remediation Program, and several have requested formal assistance in seeking a grant, said Paul Herdeg, director of development for the county.

Hennepin County, MN Reaches Out to Help Small Businesses During the Pandemic

Hennepin County officials quickly recognized the importance of helping small businesses stay afloat, and used more than $70 million in federal and state recovery funding for small grants to 6,500 businesses, nearly half of which were owned by people of color. Then the county launched Elevate Business Hennepin County, a $1 million program that offers business owners up to 25 hours of free consulting services to help them rebuild and reignite after the pandemic subsides and for the long haul.

San Antonio Water System: Bond Refinancing Will Save Ratepayers $41M

San Antonio Water System has taken advantage of the current low-interest rate environment to refinance outstanding debt for savings. Today, SAWS refinanced more than $100 million of its water system revenue bonds, saving ratepayers more than $41 million over the next 21 years.

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The latest municipal finance headlines from The Bond Buyer.

Connecticut Green Bank Unit Crowdfunds First Green Notes

For the first time, a municipal issuer is crowdfunding a designated municipal green bond offering. CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, will allow retail investors to place orders for as little as $100 for up to $250,000 of taxable Green Liberty Notes. The one-year notes will carry a 1% interest rate and close Friday.

Munis Off to Rocky Start to Week, With Returns in The Red

Municipal yields rose again Monday by three to six basis points on elevated selling pressure while short U.S. Treasuries saw pressure and equities ended mixed. Municipal to UST ratios rose slightly on the day's moves. The five-year was at 50%, 67% in 10 and 78% in 30, according to Refinitiv MMD's 3 p.m. read. ICE Data Services had the five at 48%, the 10 at 68% and the 30 at 78%.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. Read more about this partnership and all of its benefits here.

Upcoming Webcasts

CDFA // BNY Mellon Development Finance Webcast Series: Forecasting the Bond Market's Response to Federal Infrastructure Investments
Tuesday, January 18, 2022 - 2:00 PM - 3:00 PM Eastern

With the passage of the Bipartisan Infrastructure Bill, the U.S. infrastructure sectors are predicting a stable and productive year ahead. Sizeable federal infrastructure investments forecast positive growth. Despite pandemic-related challenges, the municipal bond market is expected to remain resilient in 2022. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore economic insights for 2022, including the impacts of the Bipartisan Infrastructure Bill, the state of the bond market, and an outlook on economic recovery strategies.

This Week's Headlines

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New Additions to the Online Resource Database

SSBCI Tribal Government Notice of Intent (NOI) Submissions
Access to Capital | Economic Development | State Finance Program | State Small Business Credit Initiative (SSBCI) | Tribal Finance

The deadline for Tribal governments to submit a notice of intent (NOI) to apply for SSBCI funds was December 11, 2021. This document includes the list of Tribal governments that submitted an NOI by this deadline. In addition to submitting an NOI, Tribal governments must submit a complete capital application that is approved by Treasury before they can receive SSBCI funds.

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National Sponsor Spotlight

	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, 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...
	Brownfield Superfund Advisory, Inc Brownfield Advisory is a non for profit alternative asset advisor that believes in leveraging innovation to deliver outcomes that enhance the common good while managing risk; specifically environmental, social, and governance related. Our mission is...

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The Bond Buyer

The Bond Buyer is the only independent information resource serving the municipal finance community. Every day and throughout the day, through its web site, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

CDFA Bookstore

Tax Increment Finance Best Practices Reference Guide 2nd Edition

The Tax Increment Finance Best Practices Reference Guide 2nd Edition addresses what TIF is, why it should be used, and how best to apply the TIF tool. This guide highlights both TIF and special assessment projects across the country and how they can be applied to address common economic development issues.

New Members

City of Cedar Rapids, IA - Cedar Rapids, IA

DBL Law - COVINGTON, KY

River Oaks CDC Low Profit LLC - South Holland, IL

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