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CDFA Brownfields Finance Update - May 7, 2019

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Brownfields Financing Update
May 7, 2019
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Brownfields Finance Update

Features

CDFA Now Accepting Applications for Online Brownfields Project Marketplace!
CDFA's next Brownfields Project Marketplace will be held online on July 18. The Marketplace is FREE brownfields financing technical assistance. The Marketplace is an open forum that connects communities looking to finance brownfield redevelopment projects with development financiers and brownfield project experts.

Authority Allows Owner to Self-Blight Property to Receive Brownfield Designation
After months of discussion over whether or not a property owner could legally blight its own property to receive brownfield designation and related tax benefits, the Escanaba Brownfield Redevelopment Authority narrowly approved the designation for the site. The designation comes after the property's sewer was capped by the city at the request of its owners in March in an effort to make the building fit the legal definition of "blighted."

Register Now for CCLR's Fourth Annual NYS Redevelopment Summit
Join fellow redevelopment professionals and practitioners for comprehensive learning and extensive networking focused on solving challenges and creating opportunities for economic revitalization through land reuse. CCLR's 4th Annual NYS Redevelopment Summit will be held June 11, 2019 from 1pm to 6:15pm and June 12, 2019 from 8am to 3:45pm.

Managing Environmental Risk Through Brownfield Programs
American environmental laws can be daunting for a foreign investor. For example, both federal and state laws can impose strict liability, which is liability regardless of fault or intent, on the owner or tenant of a contaminated property. This article discusses risk management strategies for foreign investors.

City Council Greenlights Red Cedar Project
Developers are one step closer to construction at the former Red Cedar Golf Course. Plans call for about $196 million in private investment alongside a 30-year Brownfield plan that will cover about $54 million in infrastructure and soil cleanup. Bonds will be backed by developers and repaid through eventual property taxes on the site.

Agreement Reached to Remediate Broad Brook Mill Superfund Site
After years of residents and officials pressuring United Technologies Corp. to remove dangerous chemicals from the dilapidated and severely contaminated Broad Brook Mill site, a remediation agreement has been reached. In order for remediation to begin, however, a developer must first be found who would take over ownership of the site.

Treasury Releases Second Tranche of Proposed Regulations for Opportunity Zones
The Department of the Treasury just released its second round of proposed regulations on Opportunity Zones. These rules are designed to make compliance easier for opportunity fund investors.

$8M in Supplemental Funds Made Available by EPA for Brownfields RLFs
The EPA approved $8 million in additional funds for fiscal year 2019 to supplement existing Brownfields RLF grantees who made a loan or subaward and have substantially depleted loan funds. While additional funds have been made available this fiscal year, those funds are supplemental funds for existing RLF grantees.

NJEDA Expands Brownfields Loan Program to Support Revitalization of Properties
The New Jersey Economic Development Authority (NJEDA) approved the creation of a new Brownfields Loan Program that will provide low-interest financing to help complete remediation of vacant or underutilized brownfields sites, paving the way for these sites to be revitalized and put back to productive use.

Upcoming Events

New Community Strategies for Brownfields: Opportunity Zones
Tuesday, May 21, 2019 - 2:00 PM Eastern
Through a special partnership with KSU TAB, CCLR, and CDFA, webcast panelists will explore how communities are preparing themselves for Opportunity Zone investments and with the release of new proposed regulations, how this emerging industry is beginning to mold its first deals. Speakers will also examine how communities across the U.S. are integrating these new strategies with current and future redevelopment plans, with a specific focus on brownfields sites.

ReConnecting Rural Broadband - Strategies for Funding Success
Friday, May 10, 2019 - 1:00 PM Eastern
Join CDFA and experts from across the country as we discuss creative solutions for responding to ReConnect's funding notice, and discover additional creative methods of financing rural broadband infrastructure.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

VT Policies Spur Solar Development on Landfills and Brownfields
Energy News Network | May. 6 | Brownfield Financing | Energy Finance | Green Finance | State Finance Program

City of Olean, NY Receives Grant for Economic Development of Brownfield
Tap Into Greater Olean | May. 5 | Brownfield Financing | Housing Finance

Gloversville, NY to Receive Cleanup Grant for Brownfield
The Leader-Herald | Apr. 28 | Brownfield Financing

EPA Accepting Applications for Workforce Development and Job Training Grants
U.S. EPA | Apr. 27 | Brownfield Financing | U.S. Environmental Protection Agency (EPA)

WY Department of Environmental Quality Releases 2018 ‘State of the Environment' Report
Kemmerer Gazette | Apr. 26 | Brownfield Financing

Tri-County Brownfield Coalition Secures Funds
Herald-Star | Apr. 26 | Brownfield Financing | Community Development

Refunds from NY State's Brownfields Tax Credit Must be Declared Income
Reuters | Apr. 25 | Brownfield Financing | Tax Credits

Firm Selected to Create Master Plan for Uniroyal Brownfield Site Along Detroit, MI Riverfront
Crain's Detroit Business | Apr. 25 | Brownfield Financing

NY Governor Announces $4.8M to Complete Cleanup of Four Contaminated Sites
Insurance News Net | Apr. 24 | Brownfield Financing

North Portland, OR Polluted Site Prepped for Affordable Housing
Portland Tribune | Apr. 23 | Brownfield Financing | Redevelopment

Windsor, CT Provides $10.5M in Incentives to Develop Brownfield Site
HazMat Magazine | Apr. 22 | Brownfield Financing | Incentives | Tax Credits

Marquette, MI City Commission Receives Updates on Brownfield Projects
Upper Michigan Source | Apr. 16 | Brownfield Financing

$2.6M Tax Break Sought for Development of Stores, Apartments, Offices in Manlius, NY
Syracuse.com | Apr. 10 | Brownfield Financing | Incentives | Tax Credits

National Grid Provides $560K to Northland Workforce Training Center
Niagara Frontier Publications | Apr. 10 | Access to Capital | Brownfield Financing | Community Development

$63K Grant Awarded to Hastings, MI for Cleanup of Contaminated Manufacturing Site
WWMT | Apr. 9 | Brownfield Financing

VT Community Solar Project Converts Brownfield into Brightfield
VT Digger | Apr. 5 | Access to Capital | Brownfield Financing | Energy Finance


Highlights from the Online Resource Database

City of Casper Hotel and Conference Center Roadmap to Redevelopment
Brownfield Financing | CDFA Original Research
This report provides financing strategies for a hotel and conference center in or near downtown Casper where large organization both state and national can hold their conference and large meetings.


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
info@cdfa.net


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