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CDFA Brownfields Finance Update - December 4, 2018

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Brownfields Financing Update
December 4, 2018
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Brownfields Finance Update


Apply for EPA Brownfields Funding FY2019
The U.S. EPA has released a new RFP and Application Guidelines for the FY 2019 Brownfields Multipurpose, Assessment, and Cleanup Grants (MAC Grants).  Applications for these grants are due January 31st, 2019. These grants are offered by the EPA Brownfields Program and may be used to address sites contaminated by hazardous substances.

Offices and Market-Rate Apartments Planned for Kalamazoo, MI
A brownfield plan was approved to reimburse the developer for $539,000 in environmental remediation costs with property and school taxes. The tax dollars would be collected over a 15-year period, expected to start in 2020 but no later than 2023.

Consortium in RI Turning Former Brownfields into Solar Farms
The University of Rhode Island and the towns of South Kingstown and Narragansett have created the South Kingstown Solar Consortium to develop an ambitious solar power project that will generate economic benefits for all three partners while boosting the amount of renewable energy flowing into the state's electric grid.

Amsterdam, NY OKs State Grants for Brownfield Studies
Amsterdam officials are continuing the process to nominate additional Brownfield Opportunity Areas through tapping state grants. City officials have said tax incentives and grant opportunities offered through a brownfield designation helps attract businesses to expand or relocate to these underutilized sites.

Solar Development Planned for Mitchell-Bentley Site in Cadillac, MI
In order to obtain funding to pay for the cleanup, Peccia said they intend to make use of $500,000 in state of Michigan brownfield grant money, in addition to $500,000 in brownfield loans. The Cadillac Industrial Fund has committed up to $50,000 toward clean-up and future DEQ brownfield grant and loan match.

Study Urges Private Activity Bond Changes
PABs cannot be used to finance the acquisition through an outright purchase or long-term lease of existing brownfield infrastructure assets. Robert Poole of the Libertarian think tank Reason Foundation, said both bars should be lifted to make asset recycling attractive.

Seeking Applications to Redevelop Brownfield Sites in VA
The Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund is accepting applications for grant funding. Recipients will be selected for site assessment and planning grants of up to $50,000 and site remediation grants of up to $500,000.

Environmental Clearance Imminent for Majestic Site in Hot Springs, AK
The city acquired the 5-acre site in September 2015 from Park Residences Development for $672,872 after condemning it earlier that year. Almost $1.4 million was spent from the solid waste fund to demolish three condemned structures and remove the remains from a February 2014 fire at the"yellow brick" building.

Upcoming Events
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November 28, January 10, February 7, March 14, April 16, May 7 - Monthly: 2:00 - 3:30 PM Eastern
The Webinar Series will feature the industry's top leaders discussing case studies, challenges, opportunities and critical issues in today's capital markets. Topics covered include bond market insights, understanding the regulatory environment, refunding and structuring strategies, effects of tax reform, and tips for engaging municipal advisors.

CDFA Brownfields Technical Assistance Program

Brownfields Financing Headlines

Enterprise City, OR Earns Brownfields Grant
Wallow County Chieftain | Dec. 3 | Brownfield Financing

RI Offical to Hold Workshops on Brownfields Grant Application Process
Go Local Prov Business | Dec. 3 | Brownfield Financing

Sheffield, TN Receives Brownfields Assessment Grant
Times Daily | Nov. 29 | Brownfield Financing

Clifton Springs, NY Applies to Be on State Brownfield List
Olean Times Herald | Nov. 29 | Brownfield Financing

Indian Valley, CA Project Featured at Brownfields Conference
Plumas County News | Nov. 29 | Brownfield Financing

Will New Investment Spur Change for a Struggling Southwest Lansing, MI Corridor?
Lansing State Journal | Nov. 26 | Brownfield Financing | Economic Development | Infrastructure Finance | Redevelopment | Tax Increment Finance (TIF) | Urban Development

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

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