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CDFA Brownfields Finance Update - January 2, 2024

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Brownfields Financing Update
January 2, 2024
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Brownfields Finance Update


Join CDFA for the Return of the Fundamentals of Economic Development Finance Course
Join CDFA as we kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 24-25, 2024! This course is the foundation for all of CDFA's educational offerings and will help attendees understand the variety of development finance tools available including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, Opportunity Zones, and access to capital lending resources.

CDFA is Hiring a New Vice President of Development Finance
The Council of Development Finance Agencies is now accepting applications for Vice President, Development Finance. This position leads CDFA's development finance practice and is responsible for ensuring CDFA delivers on its research projects, resource collection, educational offerings, partnerships, and content creation. Want to join the CDFA family in Columbus, Ohio? Email your cover letter, resume, salary request, and three professional references to jobs@cdfa.net.

Amazon Gives Surprising Second Life to Decrepit Maryland Coal Mine
Amazon came closer to using 100% renewable energy by adding two renewable energy projects to its solar and wind portfolio. The recently closed Arch Coal mine in Garrett County will become the largest solar farm in the state with 300,000 panels. It will employ 200 workers during peak construction and will be called Amazon Solar Farm Maryland — CPV Backbone after Backbone Mountain, the Old Line State's highest point.

EPA Completes Cleanup at 187 Properties in Evansville, IN
The U.S. Environmental Protection Agency (EPA) announced contaminated soil cleanup of 187 residential properties is complete at the Jacobsville Neighborhood Soil Contamination Superfund site in Evansville, Indiana, bringing the total number of properties cleaned to 4,187. EPA completed the last of the cleanups in December 2023 and will resume cleanups in the spring of 2024.

NJEDA Board Approves 2M Sq. Ft. Multi-Use Sayreville, NJ Project for Aspire Award
The New Jersey Economic Development Authority (NJEDA) Board approved Aspire tax credits for a mixed-used, riverfront development in Sayreville, NJ that represents more than two million square feet of newly constructed residential and commercial space, including 1,300 new residential units, 20% of which will be designated as affordable. The project is associated with over $1 billion in private investment.

New Projects Continue to Drive Economic Prosperity Across Michigan
Governor Whitmer joined the Michigan Economic Development Corporation to announce Michigan Strategic Fund approval of a wide range of projects that, in total, will create or retain 956 jobs and generate nearly $253 million in investment in Michigan.

EPA Grants Nearly $7M for Community Revitalization
The U.S. Environmental Protection Agency (EPA) announced the selection of 14 organizations to receive approximately $7 million in grants for environmental job training programs across the country. The grants through EPA's Brownfields Job Training Program will help recruit, train, and place workers for community revitalization and cleanup projects at brownfield sites across the country.

Ohio Announces $175M for Brownfield Remediation Projects
Ohio State officials announced that nearly $175 million in grant funding is available for communities to help clean up contaminated properties. The funding will be awarded as part of the Ohio Brownfield Remediation Program, which aims to help communities clean up industrial, commercial, and institutional brownfield sites that are abandoned, idled, or underutilized due to a known or potential release of hazardous substances or petroleum.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

Intro Bond Finance WebCourse
March 4-5, 2024 - Daily: 12:00-5:00 PM Eastern
The Intro Bond Finance Course provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

Advanced Bond Finance WebCourse
March 6-7, 2024 - Daily: 12:00 PM - 5:00 PM Eastern
The Advanced Bond Finance Course is designed for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques. Expert speakers will explore topics including the application of financial derivatives, advance refundings, investing bond proceeds, and how to spot arbitrage issues.

Brownfields Financing Headlines

Kingsport, TN Releases Master Plan for Park at Cement Hill
WJHL | Dec. 20 | Brownfield Financing | Redevelopment | State Finance Program

Connecticut Bond Commission Approves Over $150M for Various Projects
Hartford Business Journal | Dec. 15 | Bond Finance | Brownfield Financing | Housing Finance

Sterling, IL to Receive $500K Grant to Revitalize Contaminated Site
OurQuadCities.com | Dec. 15 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA)

$7M Sought to Clean Up Ohio Brownfield Sites
WFMJ | Dec. 14 | Brownfield Financing | Redevelopment | State Finance Program

Michigan Governor Announces New Developments in Detroit's Corktown
Michigan.gov | Dec. 12 | Brownfield Financing | Community Development | Redevelopment

Delaware Affordable Housing Group Host Ceremony for Construction Project
WITN22 | Dec. 12 | Brownfield Financing | Community Development | Redevelopment

Cleanup of Former Dry-Cleaning Business in Canandaigua, NY
Finger Lakes 1 | Dec. 12 | Brownfield Financing | Redevelopment | State Finance Program

Cincinnati, OH Organization Granted $500K for Cleanup of Brownfield Sites
WVXU News | Dec. 11 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA)

Green Lantern Solar Wins 2023 Solar Builder Community Solar Project of the Year Award
Yahoo! News | Dec. 6 | Brownfield Financing | Energy Finance | Redevelopment

Remediation Efforts Officially Underway at Site in Jamestown, NY
The Post-Journal | Dec. 6 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA)

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.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • 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