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CDFA Brownfields Finance Update - December 3, 2019

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Brownfields Financing Update
December 3, 2019
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Brownfields Finance Update

Features

EPA's Updated Guidance Helpful to Buyers of Impacted WI Properties, but State Still Lags Behind
Under current Wisconsin law, a property owner is generally liable for contamination regardless of when the pollution occurred and regardless of who caused the contamination. There are some limited exceptions for qualifying local governments, lenders, impacted neighbors and persons, but Wisconsin does not provide these protections for a buyer who wants to knowingly purchase a contaminated property.

HI Energy Office and State Department of Health Create Online Map of Contaminated Land
The Hawaii Energy Office and state Department of Health have created an online map that identifies contaminated lands that officials hope developers can turn into renewable energy sites. The Hawaii Brightfields Initiative grew out of the U.S. Environmental Protection Agency's brownfield program that aims to clean up contaminated sites.

Revitalization Continues at Former Beech-Nut Food Processing Plant in Montgomery County, NY
2019 has been another year of progress toward the revitalization of the former Beech-Nut food processing plant, Montgomery County's major economic development project. In 2016, the county received a $500,000 Restore New York grant; in February 2017, it received a $300,000 Brownfield Redevelopment grant from National Grid; and in February 2018, it received a $6 million Restore New York grant.

EPA Awards $200K for Environmental Workforce Development in Tampa, FL
The EPA awarded $200,000 to the Corporation to Develop Communities of Tampa. The funds are appropriated for environmental workforce development and job training. CDC community and business partners will use the funds to assist in the training and hiring of unemployed and underemployed residents in well paid careers in brownfield assessment and cleanup and solid and hazardous waste management.

PA's State Superfund Program Cleans Up Scores of Toxic Sites Across the State. It's Going Broke.
The sunset of a tax is quickly bankrupting the state's hazardous cleanup program, and there's no plan in place to fix it. Within a few years, the state program funding these environmental cleanups, along with scores of others littered across the commonwealth, is projected to be flat broke.

Rep. Sherrill Leads Bipartisan Brownfields Tax Incentive Bill
This bipartisan bill restores an expired tax incentive allowing developers to fully deduct the costs of environmental remediation of brownfields in the year the costs were incurred. The Brownfields Tax Incentive first passed in 1997. It allowed taxpayers to deduct remediation expenditures for the cleanup of a property if the property was used for a trade, business, or producing income.

EPA Proposes Plan for Next Phase of Cleanup at the Sherwin-Williams/Hilliards Creek Superfund Site in Gibbsboro, NJ
EPA is proposing a cleanup plan that includes a combination of technologies and methods to address the former paint manufacturing plant and adjoining areas of the Sherwin-Williams/Hilliards Creek Superfund Site in Gibbsboro. EPA's study of these areas shows that soil and sediment are contaminated with arsenic and lead, and soil in other areas are contaminated with paint solvents.

Lakewood, CO Project Repurposes Blighted Property
Total cost of the project was $34 million with funding coming from city of Lakewood planning and permit fee waivers, Jefferson County, the Colorado Division of Housing, Department of Housing and Urban Development, Colorado Housing and Finance Authority, low-income housing tax credit equity, Key Bank, Environmental Protection Agency, Xcel Energy utility rebates, solar tax credits and MWHS funds.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Sourcing Local Capital for Community Projects
Tuesday. December 17, 2019 - 1:00 PM Eastern
From crowdfunding to co-ops, during this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will learn about the tools that are being used to bridge the financing gap and make local economies work.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

EPA Updates Best Practices for Excavation, Remediation, and Underground Storage Tank Sites
HazMat Magazine | Nov. 20 | Brownfield Financing | Federal | Redevelopment

Climate Change Impacts Spur EPA to Improve Superfund Maps
Bloomberg Environment | Nov. 19 | Brownfield Financing | Disaster Recovery & Relief | Federal | Redevelopment

$12M Redevelopment Plan Gets State Approval for Condos, Retail at Former Wyandotte, MI Post Office
The News-Herald | Nov. 27 | Brownfield Financing | Special Assessment Districts

Andrews, TX Water Disposal Site is Now Bird-Watching Park
Midland Reporter-Telegram | Nov. 27 | Brownfield Financing | Redevelopment

Turning Brownfields into Greenbacks
The La Porte County Herald-Argus | Nov. 27 | Brownfield Financing

East Liverpool, OH Sites May Benefit from Brownfields Grant
The Review | Nov. 26 | Brownfield Financing | Community Development | Redevelopment

$12.5M Affordable Housing Complex Moving Ahead in Seymour, IN Thanks to State LIHTC Allocation
The Republic | Nov. 25 | Brownfield Financing | Housing Finance | Redevelopment | Tax Credits

Study Suggests Erie, CO's I-25 Development Dreams will First Require Massive Infrastructure Injection
Stock Daily Dish | Nov. 24 | Brownfield Financing | Community Development | Infrastructure Finance

Lancaster, PA Redevelopment Authority Renews Efforts to Sell Former Shell Site
Lancaster Online | Nov. 23 | Brownfield Financing | Redevelopment

Chemical Building Rehab Poised to Begin as Abatements Approved by St. Louis, MO
St. Louis Post-Dispatch | Nov. 22 | Brownfield Financing | Housing Finance | Incentives

Tulsa, OK Hoping To Transform Contaminated Building With Grant From EPA
News On 6 | Nov. 21 | Access to Capital | Brownfield Financing | Redevelopment

Redevelopment Gets Green Light from Lake County, TX Commissioners
LMT Online | Nov. 21 | Access to Capital | Brownfield Financing

Niles, IL Village Board Approves $895K Purchase of Former Gas Station Site
Chicago Tribune | Nov. 20 | Brownfield Financing | Tax Increment Finance (TIF)

Environmental Firm Partners with City of Victorville, WV to Further Clean Up Contaminated Site
West Virginia Daily Press | Nov. 20 | Brownfield Financing | Public-Private Partnership (P3) Financing | Water Finance

Hainesport, NJ Considers Brownfield as Affordable Housing Site
Burlington County Times | Nov. 19 | Brownfield Financing | Housing Finance

Four Northeast WI Communities Receive Brownfield Grants
Fox 11 News | Nov. 18 | Brownfield Financing | State Finance Program



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
info@cdfa.net

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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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