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CDFA Brownfields Finance Update - January 2, 2018

Brownfields Financing Update
January 2, 2018
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Brownfields Finance Update


2017 Brownfields Phoenix Award Winners
Every year the Phoenix Award Institute gives out awards in each EPA region for "Excellence in Brownfields Redevelopment." The Phoenix Awards inspire and recognize exemplary brownfield redevelopment and revitalization. Winning projects offer a fresh take on significant environmental issues, show innovation and demonstrate masterful community impact.

Downtown Kroger gets a Boost from DFA with Help From Tax Exempt Bonds and TIF in Cincinnati, OH
The Greater Cincinnati Redevelopment Authority has approved a package of financial aid for the $90.6 million downtown Kroger store and apartment tower. The deal includes $10.4 million in tax-exempt parking revenue bonds for the 550-space garage, and $7 million in tax-increment financing bonds to build the garage.

PACE Awarded $1.8M by Iowa Economic Development Authority
Pottawattamie Arts, Culture and Entertainment (PACE) recently learned that the Enhance Iowa Board of Directors will award the non-profit organization $1 million toward the future Hoff Family Arts & Culture Center. In addition, the Harvester II site where the facility will be located received official designation from the Iowa Economic Development Authority as a Brownfield area and it qualifies for an $800,000 tax credit.

Apple Manufacturing Fund Awards $390M in Texas
Apple Inc. has given a second award from its Advanced Manufacturing Fund, and the winner is Finisar—and the City of Sherman, Texas. The optical communications components provider will receive $390 million from the $1 billion fund for the transformation of a 700,000-square-foot manufacturing plant into a production hub for high-tech vertical-cavity surface-emitting lasers, and a source of 500 new high-skill jobs.

Iberville Redevelopment Gets Financing Boost From HANO
The massive redevelopment of the former Iberville public housing complex is chugging along, with the Housing Authority of New Orleans agreeing Tuesday to pour another $9.2 million into the $600 million project. That money will help fund the project's $19 million seventh phase, which will create 56 mostly affordable housing units on and around the former Iberville site at the edge of the French Quarter.

Work on Rochester, MI Brownfield Site to be Complete by Late Next Fall
The city of Rochester was awarded a Michigan Department of Environmental Quality brownfield grant of $1 million and a loan of $1 million to address environmental contamination at the site, located on Third Street in Rochester. The funds will help efforts to mitigate soil and groundwater contamination.

York Authority in PA, Lands $1M From State to Clean Up Blighted Factory Site
The Wolf administration this week said it would provide $1 million to the York Redevelopment Authority to clean up a former Danskin clothing factory that is slated to house affordable apartments.

From Brownfields to a New Transit-Oriented Downtown in Union City, CA
Union City, California, has begun to build a new urban-scaled downtown on former steelyards and pipe yards through a series of complicated transactions and partnerships. The city has invested over $150 million in public funds to acquire, remediate, and build infrastructure for a 105-acre (42 ha) mixed-use transit-oriented community around an expanded intermodal Bay Area Rapid Transit (BART) station.

Kansas State to Collaborate with Native American Tribes to Decontaminate Lands with EPA Funding
Five hundred and sixty seven federally recognized Native American tribes will be able to collaborate with K-State to help in decontamination planning for their lands. K-State received a $2 million grant from the Environmental Protection Agency in August for this project.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

CDFA Online Brownfields Project Marketplace
January 18, 2018 - 12:00 - 5:00 PM Eastern
CDFA is excited to offer the Brownfields Project Marketplace as an opportunity for communities to receive free technical assistance related to the redevelopment and financing of brownfield projects. Join us online on January 18, to consult with financing professionals and brownfield project experts who can help identify potential resources for your brownfield project.

Contact Blake Williams to register your project!

CDFA Brownfields Technical Assistance Program

Speedway Business Park Roadmap to Redevelopment
Merit Development, of Fairmont, WV, is redeveloping the former Owens-Illinois Glass Factory into a business park. With cleanup complete, Merit is ready to undertake several other development challenges on the site including FEMA floodplain compliance and relocation of a sanitation line. The future Speedway Business Park will add approximately 180,000 square feet of new commercial space to the market.

Steelworks Center of the West Roadmap to Redevelopment
The Steelworks Center of the West is planning the rehabilitation of the former Colorado Fuel and Iron Company office building. The space will serve as an expanded museum for exhibitions memorializing the history of the coal and steel industries in the West. In the latest Roadmap to Redevelopment report, CDFA provides financing recommendations for the project.

Brownfields Financing Headlines

Cedar Rapids, IA Recognized for Environmental Cleanup in NewBo
The Gazette | Dec. 19 | Brownfield Financing

Springfield , MA's Union Station Wins National Environmental Award for Brownfield Redevelopment
Mass Live | Dec. 18 | Brownfield Financing

City of Rochester, MI Approves First Brownfield Redevelopment Plan
C&G News | Dec. 18 | Brownfield Financing

Developments Helping Make Crown Point the True Hub City of Lake County Indiana
NWI Times | Dec. 18 | Brownfield Financing

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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