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CDFA Bond Finance Update - May 16, 2023

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Bond Finance Update
May 16, 2023
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CDFA Bond Finance Update

Features

Join CDFA for Our Upcoming Intro Tax Increment Finance Course!
Register for CDFA's Intro Tax Increment Finance (TIF) Course taking place on June 14-15 to learn the guiding principles and appropriate application of TIF. Our panel of expert speakers will discuss TIF deal-making and best practices highlighted by projects from around the country.

4 New Affordable Housing Developments Approved By Pinellas Commission in Florida
The Pinellas County Commission took another big step toward creating more affordable housing with the appropriation of $12.51 million in county funds to support four developments in Lealman, Ridgecrest, and St. Petersburg, totaling 307 units. The planned apartments further the county's new Housing Action Plan announced at the Pinellas County Housing Summit to create quality homes that are affordable to people of all incomes.

Bon Secours Secures $94M for Charleston, Greenville, SC Projects
Bon Secours Mercy Health Inc. has secured $94.42 million in bond financing through the South Carolina Jobs-Economic Development Authority to finance capital expenditures in Berkeley, Charleston, and Greenville counties. These Hospital Facilities Revenue Bonds, which were issued in connection with new bond issues in Ohio and Virginia, will be used to upgrade facilities across the healthcare system in South Carolina.

Atlanta, GA Leverages $200M Public-Private Investment for Affordable Housing
The City of Atlanta announced a historic investment of $200 million in public and philanthropic resources to deliver affordable quality housing. Atlanta's mayor is working with the city council to pass a $100 million affordable housing bond while also receiving a $100 million commitment from The Robert W. Woodruff Foundation and Joseph B. Whitehead Foundation to leverage the proposed public funding to expedite the development of affordable housing in Atlanta.

MassDevelopment Issues $3.3M Tax-Exempt Bond for Lynn, MA Renovation
MassDevelopment has issued a $3.3 million tax-exempt bond on behalf of 23 Farrar Street LLC, an affiliate of Soliyarn Inc., which will use proceeds to buy and renovate a vacant 18,000 s/f building located at 23 Farrar St. The company expects to create 84 full-time jobs and 10 part-time jobs over the next three years. Reading Cooperative Bank purchased the bond, which helped Soliyarn achieve a lower cost of capital. MassDevelopment enhanced the bond with a guarantee.

Local Government Commission Approves $175M Bond for Asheville, NC Regional Airport
The North Carolina Local Government Commission approved the Greater Asheville Regional Airport Authority's request for $175 million in transportation revenue bonds to be used for the airport's expansion and modernization projects. The commission is tasked statutorily with approving most debt issued by units of local government and public authorities and monitoring the financial well-being of more than 1,100 local government units.

Sports Authority to Borrow $65M for Downtown Knoxville, TN Stadium
With a stamp of approval by the Sports Authority Board, local government officially will fund the Smokies baseball stadium in downtown Knoxville with $65 million in bonds. The borrowed money will be repaid if the facility and nearby developments generate revenue as planned.

Springdale, AR Residents to Vote on Bond that Could Lead to New Senior Center
Springdale residents will be voting on a special bond that could potentially build a new senior center on Emma Street in Springdale. If the vote passes to refinance the bonds it would free up money in the city's general fund allowing the city to build projects like a new senior center.

Market Reports

Weekly Market Outlook
Moody's Analytics | May. 15 | Bond Finance | Market Reports

Capital Market Outlook
Merrill | May. 15 | Bond Finance | Market Reports

Upcoming Events
Intro Tax Increment Finance Course

CDFA // BNY Mellon Development Finance Webcast Series: Financing Charter Schools Through Bond Finance and P3
May 16, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, presenters will share how charter schools are partnering with private entities to use bond finance and public-private partnership approaches to better provide the facilities needed to support learning outcomes.

2023 Equitable Lending Learning Series: Evaluating Risk
May 23, 2023 - 1:00 PM - 4:00 PM Eastern
During this event in the Equitable Lending Learning Series, speakers will provide an overview of the history of risk assessment in lending, discuss technical strategies and best practices for conducting more equitable evaluation of borrowers while maintaining sustainability, and share examples of how these approaches can be put into action.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Issuers on Alert Amid High-Stakes Debt Ceiling Talks in White House
As President Joe Biden holds a high-stakes meeting Tuesday with House Speaker Kevin McCarthy to try to break the debt ceiling impasse, issuers are keeping watch on the specter of a possible U.S. rating downgrade, which would reverberate through the municipal bond market.

Chicago Tees Up Three Deals Ahead of Mayoral Transition
Chicago hits the market this week with more than $1 billion of debt in three long-planned deals that will raise money to replace lead-lined water lines and other water and sewer projects and forward refund debt under the city's Sales Tax Securitization Corp.

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.

Bond Finance Headlines

MassDevelopment Provides $129M in Bond Financing for Boston, MA Housing Project
Rebusiness Online | May. 16 | Bond Finance | Housing Finance

Lakeway, TX Officials Approve Sale of $17.5M Bonds for Transportation Projects
Community Impact | May. 16 | Bond Finance | Infrastructure Finance

Austin, TX ISD Will Save $25M in Borrowing Costs After IRS Updates School Bond Program
Yahoo! News | May. 16 | Bond Finance

Plan to Retain Affordable Housing High-Rise in Honolulu, HI Moves Forward
Yahoo!News | May. 15 | Bond Finance | Housing Finance | Rural Development

Jamestown City, NY Officials Discuss Municipal Bond, Street Improvements
The Post-Journal | May. 13 | Bond Finance | Infrastructure Finance

Legislation Seeks to Bolster Infrastructure Project Financing
Financial Regulation News | May. 12 | Bond Finance | Infrastructure Finance

Marion City, OH Council Approves Financing Plan for New Fire Truck
Marion Star | May. 11 | Bond Finance

SWBC Investment Services Participated in Municipal Bond Underwriting for Del Rio, TX
Cision | May. 9 | Bond Finance | Community Development | Infrastructure Finance

Elwood, PA Council Approves $6M Bond for New Swimming Pool
The Herald Bulletin | May. 9 | Bond Finance | Community Development | Tax Increment Finance (TIF)

Utica, NY Housing Projects Get $101M in State Financing
WKTV | May. 8 | Bond Finance | Housing Finance | Tax Credits

Marriott Plans to Turn to Bond Markets Again This Year
Bloomberg | May. 4 | Bond Finance

Bonds Should be Considered for Broadband Project Financing
Broadband Breakfast | May. 4 | Bond Finance | Infrastructure Finance

Pennsylvania's Penn State University Seeks $90M for Athletics Facilities Upgrades
All Penn State | May. 1 | Bond Finance | Infrastructure Finance

Ports Partner to Deliver Public Infrastructure to Reynoldsburg, OH Development
Columbus-Franklin County Finance Authority | Apr. 26 | Bond Finance | Economic Development | Housing Finance | Infrastructure Finance | Local Finance Program | Tax Increment Finance (TIF)



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 visit CDFA.net or email info@cdfa.net

For more information about sponsoring one of CDFA's electronic newsletters, please contact CDFA or call 614-705-1300.


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

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
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  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
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  • KeyBanc Capital Markets
  • Kutak Rock LLP
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  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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