Development Finance Review Weekly - August 29, 2019
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| Feature |
CDFA Food Finance White Paper Series: Food Systems & Targeted Tools
This white paper is part of a series examining the potential creation of a food systems asset class which supports the market growth of local and regional food systems. This paper focuses specifically on targeted financing tools that can be used to geographically target local and regional food system developments.
Baton Rouge, LA Council Approves Plan to Issue $200M for Roads Improvement
The Baton Rouge Metro Council, in a unanimous decision without any discussion, gave permission for the city to issue up to $200 million in bonds to kick-start a nearly $1 billion roads improvement project. That project is budgeted for $1.9 million, but federal funds are covering 80 percent of that cost.
Investments in ‘People and Places' Start to Demonstrate Impact in Opportunity Zones
Capital is finally flowing to projects in U.S. Opportunity Zones that promote inclusive development and community empowerment. More than 200 Opportunity Funds have launched across the country, aiming to raise and deploy more than more than $57 billion in capital.
Twain Financial Provides C-PACE Financing and HTC Equity for Project in Fort Worth, TX
Twain Financial Partners has leveraged its ability to provide both C-PACE financing and historic tax credit equity in connection with the rehabilitation of the historic Farmers and Mechanics National Bank Building in Fort Worth, Texas into a 226-room Kimpton Hotel. Twain provided $20.7 million in state and federal historic tax credit equity and $5.8 million in C-PACE financing to the project.
Lincoln Yards Project in Chicago, IL Comes Under Fire for Usage of TIF
To access $1.3 billion in tax increment financing for the Lincoln Yards megadevelopment, the Lincoln Yards project had to meet at least five state standards to be considered "blighted." Six weeks after the area was designated as blighted, and the TIF district was approved, new property assessments on the Lincoln Yards land show that area no longer meets all five standards.
Developers Flocking to PACE to Finance Green Buildings
Developers grappling with the cost of new laws enacted to combat climate change are taking advantage of PACE to help pay for green-building requirements. Property Assessed Clean Energy, was created in 2008 to fund improvements that create environmentally sustainable and resilient properties.
How Innovative Opportunity Zone Leadership Can Benefit Everyone
Realizing the full potential of Opportunity Zones requires that a disparate group of urban institutions act with purpose and discipline along multiple fronts. Cities should use Opportunity Zones as a vehicle for modernizing and redefining their institutions to maximize economic, social and environmental impact.
New Call for Federal Disaster Mitigation Aid for PR
Sen. Robert Menendez, D-N.J., led a group of nine senators and 18 House lawmakers who sent a letter to Department of Housing and Urban Development Secretary Ben Carson urging him to publish a Federal Register Notice to the requirements for the disbursement of federally appropriated disaster recovery funds focused on mitigation.
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| Upcoming Events |
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News from  |
The latest municipal finance headlines from The Bond Buyer.
Gateway Project Sponsors Trim Costs in Bid for Federal Support
Proponents of a new Hudson River tunnel are hoping an updated plan lowering costs by $1.4 billion will be enough to obtain federal funding for the Gateway project that was blocked after the Trump administration took office in 2017. A revised application submitted to the Federal Transit Administration cuts the price tag for a new rail tunnel to $11.3 billion from $12.7 billion.
Minneapolis-St. Paul Airport Returns with New Money, Refunding Bond Mix
The Minneapolis-St. Paul Airport plans to use $180 million of new money bond proceeds to fund 15% of its $1.2 billion capital plan and expects a savings of $24.3 million on the refunding bonds. The bonds are secured by a pledge of net revenues generated through airport operations, and the airport also expects to use passenger facilities charge revenues to pay a portion of the debt service.
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.
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| Upcoming Webcasts |
CDFA-Bricker PACE Webinar Series: PACE Transactions
September 11, 2019 - 11:00 AM - 1:00 PM Eastern
In this webinar, PACE professionals including legal counsel, PACE administrators, and PACE capital providers explain how transactions form and are shepherded through various stages including concept, design, underwriting, approvals, and closing. Hear about how programs intake projects and what practical considerations apply to programs such as roles of professionals, project administration, closing fees, ongoing collection and debt servicing, and post-closing compliance.
CDFA // BNY Mellon Development Finance Webcast Series: Fill In The Gaps with New Markets Tax Credits
Tuesday, September 17, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, learn from expert speakers as they discuss their plans for the recent allocation of New Markets Tax Credits, past projects, and best practices.
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| Job & RFP Postings |
St. Louis Economic Development Partnership Seeks VP of Business Finance
Responsible for directing and supervising the operations of the Business Finance department, as well as achieving lending objectives, identifying, directing and aligning with strategic economic development in the St. Louis region. Responsibilities include (but are not limited to): administration, public relations, program presentation, strategic planning, program management, loan and risk management, and budgeting.
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| This Week's Headlines |
Alternative Financing Program for "Green" Projects Pitched to Lewis County, NY Committee
NNY360 | Aug. 29 | Community Development | Property Assessed Clean Energy (PACE)
U.S. Chamber of Commerce Endorses Resilience RLF Act of 2019
U.S. Chamber of Commerce | Aug. 29 | Legislative | Revolving Loan Funds (RLFs)
OH Rural Business Growth Fund and Local RLF Support Industrial Expansion
KnoxPages | Aug. 29 | Revolving Loan Funds (RLFs)
Lynn, MA Brownfield Site Will Be Developed into Housing
Item Live | Aug. 29 | Brownfield Financing
Santa Fe, NM Debates Issuing Bonds for Senior Housing Project
Albuquerque Journal | Aug. 29 | Bond Finance
Howell, MI Approves Brownfield Plan For Pearl Building Project
whmi.com | Aug. 29 | Brownfield Financing | Tax Increment Finance (TIF)
Covanta Receives $50M in Tax-Exempt Green Bonds
Waste Today | Aug. 29 | Bond Finance | Energy Finance | Green Finance
Commerce RI Approves $900K in Tax Credits for Wind Energy Company
The Westerly Sun | Aug. 28 | Incentives | Tax Credits
National Grid Assisting Thriving Business Hub with $100K Investment
CSR Wire | Aug. 28 | Brownfield Financing
Financing for Sewer Plant in John Day, OR Top $13M
Blue Mountain Eagle | Aug. 28 | Brownfield Financing | Revolving Loan Funds (RLFs) | Water Finance
U.S. EDA Awards $1.25M Grant to University for Business Incubator
U.S. Economic Development Administration | Aug. 27 | Federal | Opportunity Zones | U.S. Dept. of Commerce (DOC) | U.S. Economic Development Administration (EDA)
SBA Awards Grants to 24 Organizations to Support Small Business Innovation
U.S. SBA | Aug. 27 | Access to Capital | Economic Development | Innovation Finance | U.S. Small Business Administration (SBA)
FCC Authorizes $305.5M To Help Close Digital Divide In TX
CBS DFW | Aug. 27 | Community Development | Rural Development
Developer Chosen for P3 Student Residence Hall Project
Illinois State University | Aug. 27 | Housing Finance | Public-Private Partnership (P3) Financing
Reinvestment Fund Awards $1.8M to Improve Healthy Food Access
PR Newswire | Aug. 27 | Access to Capital | Agriculture Finance | Food Systems Finance
Colorado Co. Makes First Opportunity Zone Equity Investment
GlobeSt.com | Aug. 26 | Opportunity Zones
New Twin Falls Building Will Be First Major Opportunity Zone Project In ID
Boise State Public Radio | Aug. 26 | Opportunity Zones
Mobile County, AL Greenlights $36M Issuance for Tire Recycler
Alabama Real-Time News | Aug. 26 | Bond Finance
PACE Distributes $70K for Building Renovations
The Dispatch.com | Aug. 26 | Special Assessment Districts | Tax Increment Finance (TIF)
Growing the Local Foods Economy
Fillmore County Journal | Aug. 26 | Access to Capital | Agriculture Finance | Food Systems Finance
Making Solar Power More Accessible to Low-Income Residents in NV
Las Vegas Sun | Aug. 26 | Community Development | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)
JCAR Postpones Full Decision on New DED Historic Preservation Tax Credit Rules in MO
The Missouri Times | Aug. 23 | Historic Preservation | Tax Credits
NJ Governor Conditionally Vetoed Bill to Extend the Economic Opportunity Act
Patch | Aug. 23 | Brownfield Financing | Historic Preservation | State Finance Program | Tax Credits
IL Gov. Pritzker Launches Statewide Broadband Expansion
Broadband Communities Magazine | Aug. 23 | Community Development | Infrastructure Finance | Public-Private Partnership (P3) Financing | Tax Credits
Entrepreneurs Launch Clean Energy-Powered Affordable Housing Startup in Chicago, IL
Energy News Network | Aug. 23 | Community Development | Energy Finance | Housing Finance | Property Assessed Clean Energy (PACE)
Rocky Mountain House, CO Making Moves to be Environmental Leader
rdnewsNOW | Aug. 23 | Community Development | Energy Finance | Property Assessed Clean Energy (PACE)
Fairview Heights, MO Considers Proposal to Establish PACE
St.LouisPublicRadio | Aug. 23 | Community Development | Energy Finance | Property Assessed Clean Energy (PACE)
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| National Sponsor Spotlight |
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Alaska Industrial Development and Export Authority
AIDEA is a public corporation of the State of Alaska, created in 1967 by the Alaska Legislature "in the interests of promoting the health, security, and general welfare of all the people of the state, and a public purpose, to increase job...
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Baker Tilly Virchow Krause
More than 2,800 talented and passionate individuals strong, Baker Tilly is a top 15* full-service accounting and advisory firm with specialized professionals who connect with you and your business through refreshing candor and clear industry...
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BNY Mellon
BNY Mellon is the world's leading provider of corporate trust and agency services, administering $28.5 trillion in outstanding debt from 69 locations in 39 countries.
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| Partner Spotlight |
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informANALYTICS by Center for Governmental Research
The Center for Governmental Research (CGR) is a nonprofit organized under section 501(c)(3) of the Internal Revenue Code. CGR brings expertise to issues spanning economics and public finance, government management, health and human services and...
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| CDFA Bookstore |
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Tax Increment Finance Best Practices Reference Guide 2nd Edition
The Council of Development Finance Agencies (CDFA), Stifel Nicolaus & Company, Inc., and the International Council of Shopping Centers (ICSC) have collaborated with teams of Tax Increment Finance (TIF) experts from across the country to develop the Tax Increment Finance Best Practices Reference Guide. The reference guide addresses what TIF is, why it should be used and how best to apply the TIF tool. The reference guide also highlights both TIF and special assessment projects from across the country and discusses how they can be applied to address many common economic development issues.
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| New Members |
Heartland Financial USA, Inc. - Dubuque, IA
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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.
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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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