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Development Finance Review Weekly - June 16, 2022

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Development Finance Review Weekly
June 16, 2022
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CDFA Development Finance Review Weekly

Features

CDFA Announces 2022 Class of Caren S. Franzini Fellowship
The Council of Development Finance Agencies is honored to announce the 2022 class of the Caren S. Franzini Fellowship which includes five outstanding development finance professionals. The Caren S. Franzini Fellowship was established in 2017 by the CDFA Board of Directors to recognize the exemplary leadership of Caren Franzini, a past President of CDFA and former CEO of the New Jersey Economic Development Authority.

Michigan Awarded $237M to Boost Job Growth, Small Businesses Hurt by COVID-19
Michigan is one of five states that was awarded federal funding last month to support job growth and small businesses impacted by the COVID-19 pandemic. The U.S. Department of Treasury granted Michigan nearly $237 million when it approved the first round of the State Small Business Credit Initiative.

Vermont Gov. Scott Signs $84.5M Workforce and Economic Development Legislation
Governor Phil Scott signed into law a comprehensive package of workforce and economic development initiatives first proposed by the Scott Administration and passed by the Legislature this session. The bill invests $84.5 million of both state and federal American Rescue Plan Act (ARPA) funding to address Vermont's workforce shortage and provide local businesses and municipalities with resources to grow in the years ahead.

Texas Water Approves $73M for Wastewater, Stormwater Projects
Texas Water officials announced $73 million for a new wastewater treatment plant, a flood mitigation project, and a stormwater drainage improvements project. Each of the projects received support from either the Clean Water State Revolving Fund or Flood Infrastructure Fund.

Reinvestment Fund Awards $22.6M for Healthy Food Access in Underserved Communities
Reinvestment Fund announced $22.6 million in financial assistance awards to 134 projects through the 2021 round of America's Healthy Food Financing Initiative's Targeted Small Grants Program. HFFI aims to provide capacity building and financing resources to stimulate food business development at scale and build a more equitable food system that supports the health and economic vibrancy of all Americans.

Missouri Committee Recommends Rehab, Childcare, Rail Tax Credits for Supply Chain Woes
Drug rehabilitation, childcare subsidies, and tax credits for railroads are a few of the 33 recommendations given to Gov. Mike Parson from the Missouri Supply Chain Task Force after requesting solutions to problems created by the pandemic. A draft of the task force's final report is available for public comment.

Enid, OK to Consider Two New Incentive Agreements for Wind Energy Business
Enid city commissioners to consider giving the go-ahead to two more Tax Increment Finance district proposals — extending the 10-year term on a current district and creating a new one for 14 years within the same 6-square-mile area in eastern Enid. Under the proposed agreements, the city of Enid would spend roughly $2.4 million total to reconstruct the two roads in the districts leading to the pair of wind energy facilities.

USDA Invests in HBCU Agribusiness Innovation Center at North Carolina A&T State University
The U.S. Department of Agriculture announced a $1.92 million investment to establish an Agriculture Business Innovation Center at North Carolina Agricultural and Technical State University, a Historically Black College and University located in Greensboro, North Carolina.

Defining Distress: Lessons from the Federally Chartered Regional Commissions
Widening geographic inequality in the United States has shifted federal policymakers' attention to investing in "places" as well as "people." Given the large proportion of rural places in the Appalachian Regional Commission, Delta Regional Authority, and Northern Border Regional Commission coverage areas, the use of "distress" by the commissions offers insights and lessons for reaching vulnerable rural communities.

Upcoming Events
CDFA Virtual Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Current Rate Environment May be Challenge for COFINA Refunding
Puerto Rico took another step toward refunding its Sales Tax Financing Corp. (COFINA) bonds Friday, but analysts said while the refunding is worth pursuing, they remain skeptical about its success.

Republicans Target American Rescue Plan's Impact as Midterms Loom
Democrats and Republicans engaged in a heated hearing on the $1.9 trillion ARPA during a House Budget Committee hearing Tuesday that offered a glimpse into how the stimulus plan may play heading into fall election season.

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

SSBCI Learning Series - Approaches to Targeting Specific Economic Sectors
June 17, 2022 - 1:00 PM Eastern
The fourth module of the SSBCI Learning Series will provide an overview and insight into using SSBCI capital to support and finance manufacturing, the clean and renewable energy sector, and IoT and technology businesses.

CDFA // BNY Mellon Development Finance Webcast Series: Racial Equity in the Bond Markets
Tuesday, June 21, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we continue a conversation sparked during last year's series with a look at new initiatives being implemented to encourage more transparency around racial equity in municipal bond offerings.

CDFA EC-Tech Initiative Info Session
June 30, 2022 - 4:00 - 5:00 PM Eastern
The CDFA EC-Tech (Equitable Capital Technology) Initiative is a comprehensive solution for DFAs working to implement stronger lending for minority business owners. This informal event is an opportunity for organizations interested in joining to see a demonstration of Presta's end-to-end lending platform and have questions answered about applying to or participating in the initiative.

This Week's Headlines

Calcasieu School Board Member Addresses Constituent Questions About Status of 2017 Bond Issue And Tax
KPLC | Jun. 15 | Bond Finance

County Commissioners, PA Approve $40M in Bonds for Centre Crest Building Renovations
Centre Daily Times | Jun. 15 | Bond Finance

Miami, FL Mixed-Use Project Secures $86M in Financing
GlobeSt.com | Jun. 15 | Community Development | Economic Development | Housing Finance | Public-Private Partnership (P3) Financing

Money Comes In for Cleveland and Other City Governments to Address Lead Poisoning
WKYC | Jun. 15 | Infrastructure Finance | Public-Private Partnership (P3) Financing | Water Finance

North Carolina Bill Would Place Restrictions on EV Charging Stations
Repairer Driven News | Jun. 15 | Energy Finance | Infrastructure Finance | Legislative

State Lawmakers Consider How to Translate Infrastructure Spending Into Careers for Delawareans
Delaware Public Media | Jun. 15 | Infrastructure Finance | Social Finance

Boeing, Virginia Tech Partner Up to Help Veterans Get Into Workforce
The Center Square | Jun. 14 | Community Development | Economic Development | Public-Private Partnership (P3) Financing | Social Finance

Kentucky Agricultural Finance Corporation Approves $3.5M in Loans
WBKO | Jun. 13 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

LEAP Expands Access to Healthy Food in Roanoke, VA West End Community
The Roanoker | Jun. 13 | Access to Capital | Federal | Food Systems Finance | State Finance Program

Pennsylvania Funds Ag Plastic Recycling Pilot
Lancaster Farming | Jun. 11 | Access to Capital | Agriculture Finance | State Finance Program

USDA to Invest Up to $65M in Pilot Program to Strengthen Food Supply Chain, Reduce Irregular Migration, and Improve Working Conditions for Farmworkers
USDA | Jun. 10 | Access to Capital | Agriculture Finance | Federal | Social Finance | U.S. Dept. of Agriculture (USDA)

$1M in New Funding Available for Small Businesses in Terre Haute, IN
WIBQ | Jun. 10 | Access to Capital | Community Development | Economic Development | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA)

Burlington, VT Short $60M for New High School
Burlington Free Press | Jun. 9 | Bond Finance

KeyBank Provides $20M to Advance Racial Equity with Real Estate Development
CSR Wire | Jun. 9 | Access to Capital | Community Development | Economic Development | Housing Finance | Revolving Loan Funds (RLFs) | Social Finance

Plan For Transforming Office Building in Beachwood, OH Into Luxury Apartments Gets Council Backing
Cleveland.com | Jun. 9 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

Timeline Theater Development, Uptown Social Services Building Rehab in Line for $12M in City Funds
Block Club Chicago | Jun. 9 | Economic Development | Redevelopment | Tax Increment Finance (TIF)

$354M TIF Request for Omaha, NE Streetcar, Affordable Housing Headed to City Council
Omaha World-Herald | Jun. 9 | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF)


New Additions to the Online Resource Database

Stronger Together - Federal Funding and Planning Strategies for Rural America
Access to Capital | Agriculture Finance | Community Development | Economic Development | Energy Finance | Federal | Housing Finance | Infrastructure Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Rural Development | Tribal Finance | Water Finance
U.S. Department of Agriculture (USDA) Rural Development and U.S. Economic Development Administration (EDA) launched a joint resource guide to help community organizations access USDA and EDA resources to build strategies to boost economic development in rural America. The guide outlines programs and services that can be used to advance community and economic development in rural communities through four key focus areas and features information and links to USDA and EDA key priorities and resources.


National Sponsor Spotlight

Hawkins Delafield & Wood LLP Hawkins Delafield & Wood LLP
Hawkins Delafield & Wood LLP is the only national law firm in the United States whose practice is devoted primarily to public finance and public projects. Each of their specialty areas supports and complements our municipal transactions practice....
Ice Miller LLP Ice Miller LLP
Ice Miller is nationally recognized for its public-private partnerships (P3s), municipal bond and economic development experience. Ice Miller is a full service law firm dedicated to helping our clients stay ahead of a changing world. With over 340...
KeyBanc Capital Markets KeyBanc Capital Markets
KeyBanc Capital Markets, headquartered in Cleveland, Ohio, is a full service investment banking firm serving issuers of tax-exempt debt for over 40 years. The Public Finance Municipal Banking Group operating out of offices in Cleveland, Chicago, New...

Partner Spotlight

The Bond Buyer 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

Cover thumbnail Tax Credit Finance Reference Guide
The Tax Credit Finance Reference Guide provides an exploratory overview of how communities can use tax credit finance programs to support economic growth. This guide examines how to effectively apply tax credits to development opportunities, and explains the basics of tax credits and the fundamentals of using these tools.

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

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner 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
Become a Sponsor