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CDFA Brownfields Finance Update - October 3, 2017

Brownfields Financing Update
October 3, 2017
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Brownfields Finance Update


Environmental Costs Rise for Bethlehem Steel Industrial Park Project in Lackawanna, NY
The cost of buying and getting a nearly 150-acre portion of the former Bethlehem Steel property will cost about $700,000 more than expected because development officials have decided to use more expensive top soil to cover the polluted ground, rather than the less costly slag that they originally intended.

Soltage Completes 4.75 MW Solar Farm On Mass. Brownfield
Soltage LLC has completed the 4.75 MW Bird Machine Solar Farm on a brownfield in Walpole, Mass. The new solar farm, built on the former Bird Machine industrial site, utilizes 14,600 panels and is expected to produce nearly 6 million kWh of energy annually – enough to power roughly 623 homes per year.

From Stockings to Trees, Brownfield Branching Out in Gary, IN
Chicago-based Fresh Coast Capital LLC and its partner, Delta Institute, have planted poplar and cottonwood trees in a unique project they say will cleanse contaminants from the soil, improving the landscape of the blight-ravaged neighborhood.

Blight Fighting Tax Measures Could Yield Millions for Brownfields in Memphis, TN
The Memphis & Shelby County Community Redevelopment Agency approved a new tax increment financing (TIF) district in Binghamton and expansion of a 16-year-old Uptown TIF district. Uptown has had a TIF since 2000, generating about $63 million, primarily from commercial and residential growth on Mud Island. The money has transformed the neighborhood north of Downtown and St. Jude, yielding mixed-use development, 850 new homes and apartments and rehabilitation of more than 80 existing homes.

St. Louis Advances Tax Credits for International Shoe Hotel Project
The board of the St. Louis Development Corp. voted Thursday to contribute up to $6.5 million in federal New Markets Tax Credits to aid in the $57 million redevelopment of the International Shoe Co. building.

FCLF Now Over $300M Invested in FL Communities
FCLF has now invested over $300 million in Florida communities. FCLF's flexible financing helps bring stability and success to the many nonprofit and for-profit mission-based organizations that work together to improve low-income communities.

Fmera Board Action Encourages Redevelopment of Former Myer Center Site in NJ
At its September Board meeting, the Fort Monmouth Economic Revitalization Authority (FMERA) took action that will facilitate the sale and ultimate redevelopment of approximately 36 acres on the Fort in Tinton Falls.

Louisville Announces $200M P3 for Professional Soccer Stadium
Leaders in Louisville are moving forward with an ambitious public-private partnership to develop a $200 million professional soccer stadium and mixed-use business district near the city's downtown.

Work on Pittsburgh 'Highline' at Historic Terminal Gets Boost from $15M Tax Credits
A local developer has been awarded $15 million in new markets tax credits to help finance a major overhaul of a historic cargo warehouse on the South Side. Pennsylvania Housing Finance Agency and the Urban Redevelopment Authority supported the effort to secure the tax credits.

Hazardous to Healthy: Financing Solutions for Recovering Brownfields
In this webinar, our experts focus on projects that took a health-based approach to restoring hazardous properties by reinventing them as parks, healthcare facilities, and grocery stores.

$50M Mixed-Use Development Planned for Shuttered Paper Mill
The economic impact, if successful, is considerable: 1,800 jobs within the first five years of operation, more than 200 construction jobs and in a period from 2017-24 an estimated $400 million in added value and $60 million in local and state taxes.

Upcoming Events
CDFA National Development Finance Summit

Brownfields In-Person Project Marketplace
November, 16, 2017 - Atlanta, GA
CDFA is bringing a unique technical assistance opportunity to Georgia in conjunction with this year's National Development Fianace Summit. During the Project Marketplace, communities will be presenting their current redevelopment projects to our audience and advisors in exchange for financing recommendations specific to their projects. Summit 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 the Summit.

CDFA Brownfields Technical Assistance Program

CDFA Releases Redevelopment Financing Roadmap for Redstone Development in Burlington, VT
CDFA's latest Roadmap to Redevelopment report provides financing recommendations for a mixed-use commercial building on the site of a former coal gasification plant in Burlington, VT.

Brownfields Financing Headlines

City Council Approves Brownfield Amendment Resolution for Ramblewood Plaza in Wyoming, MI
MLive | Oct. 2 | Brownfield Financing

Greens on a Brownfield: Grocery Cooperative Coming to a Food Desert in Providence, RI
EcoRI News | Oct. 2 | Brownfield Financing | Food Systems Finance

The Future of Downtown Houston's Biggest Blight
BISNOW | Oct. 2 | Brownfield Financing

High Point Votes to Adjust Ballpark Funding Plan in Guilford County, NC
Ballpark Digest | Sep. 28 | Brownfield Financing

Highlights from the Online Resource Database

2017 CDFA Brownfields Financing Webinar Series: Hazardous to Healthy: Financing Solutions for Recovering Brownfields
Brownfield Financing
Presentation slides from the Brownfields Financing Webinar Series - Hazardous to Healthy: Financing Solutions for Recovering Brownfields

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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