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CDFA Brownfields Finance Update - December 1, 2020

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Brownfields Financing Update
December 1, 2020
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Brownfields Finance Update

Features

NJEDA Program to Provide Low-Interest Loans of up to $5M for Brownfield Projects
The board of the New Jersey Economic Development Authority approved the creation of a Brownfields Loan Program that will make low-interest loans of up to $5 million available to brownfield redevelopment projects for all aspects of brownfield revitalization.

EPA's Lean Management System Delivers Results on Brownfields Projects in Maine
The U.S. Environmental Protection Agency announced today that it has implemented the EPA Lean Management System (ELMS) to 83% of the agency across the U.S. In EPA Region 1, the new system helped increase the number of sites brownfields sites that are now ready for redevelopment and improve management of Superfund site cleanups.

Farmington, MI City Council Approves Brownfield Plan for New Gas Station
Brownfield redevelopment plans allow the city to continue to collect tax increment financing revenue from the property's current taxable value and allots the additional taxable revenue to be deployed as repayment to the developer for remediation of the site. During redevelopment, soil contamination was found, caused by leakage from the previous underground storage tanks left onsite.

Iowa Economic Development Authority Approves up to $2.6M in Tax Credits for Brownfield Developments
The Iowa Economic Development Authority approved up to $2.6 million in brownfield and grayfield tax credits for projects in Cedar Rapids at its monthly board meeting.

Howard Hughes Unveils Twin Tower Plan in South Street Seaport
The Howard Hughes Corp. has unveiled its plan to redevelop an old glue factory site in the South Street Seaport as a 470 ft. twin tower apartment complex. The developer said the $1.4 billion development will include 100 affordable apartments and renovations to the Seaport Museum that will help keep it "financially secure" for decades to come.

EPA Official to Visit Brownfield Sites in Oneida and Herkimer, NY
In communities across New York and the nation, EPA is working with local and state governments to pave the way for an effective reuse of properties that have been impacted by contamination. Through its Brownfields program, EPA has leveraged over $33 billion and created more than 170,000 jobs nationwide.

Robrecht Riverfront Park Moving Toward Reality in Wheeling, WV
Wheeling City Manager Robert Herron said the city also submitted a grant application to the state for additional federal funding through the U.S. Environmental Protection Agency Brownfield Cleanup Grant Program. The city is requesting an additional $359,000 through this grant program.

Developers Want to Build Homes on Former Florida Golf Course
The agreement could make the site eligible for the Voluntary Cleanup Tax Credit program, which was created in 1998 "to encourage participants to conduct voluntary cleanup of certain dry cleaning solvent contaminated sites and brownfield sites in designated brownfield areas," according to the Department of Environmental Protection.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Educational Facilities Funding Solutions
Tuesday, December 15, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore how a myriad of development finance tools are being implemented strategically to support modernization projects and the new construction of educational facilities.

Fundamentals of Economic Development Finance WebCourse
January 27-28, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

Intro Bond Finance WebCourse
February 24-25, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse 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.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

WI DNR Grant Will Help Redevelop Former Auto Salvage Yard
Fox 11 News | Nov. 30 | Brownfield Financing

EPA Finds That Existing Requirements Effectively Address Financial Risks from Three Industries
EPA | Nov. 25 | Brownfield Financing

Lofts on Rowe Developer Seeks Block Grant
Ludington Daily News | Nov. 21 | Brownfield Financing

Community Foundation to Fill $350K Shortfall in Wrigley Center Development
Times Herald | Nov. 20 | Brownfield Financing

Berkley, MI Council Approves Brownfield Resolutions for la Salette School Development
C and G Newspapers | Nov. 20 | Brownfield Financing

Oakland County, MI Gets $600K EPA Grant To Clean Up Contaminated Sites
Patch | Nov. 20 | Brownfield Financing

Cedar Rapids, MI City Council Approves Developer's $45M Plan for Terex Site
Who Radio | Nov. 18 | Brownfield Financing

Aunt Katie's Community Garden Looks to Future Expansion
Dothan Eagle | Nov. 14 | Brownfield Financing

EPA Completes $5.5M Cleanup of Tremont/Clark Field Site in Cleveland, OH
EPA | Nov. 12 | Brownfield Financing

Leonard Street Development Approved for MSF Support
Grand Rapid Business Journal | Nov. 6 | Brownfield Financing | Tax Increment Finance (TIF)

Alluvion Health Hosts Virtual Public Meeting to Discuss Rocky Mountain Building EPA Cleanup Project
KHQ 6 | Nov. 3 | Brownfield Financing

Former Second Street Gas Station Is Torn Down
Local News Digital | Nov. 3 | Brownfield Financing

JLL Capital Markets Handles $110.825M Sale
NYREJ | Nov. 3 | Brownfield Financing

Minnesota Cities to Re-Enroll in Housing Incentive Program
Sun Current | Nov. 3 | Brownfield Financing

Newbury Market Real Estate in South Fayette, PA Sold at Sheriff Sale for $8.5M
Pittsburgh Post-Gazette | Nov. 3 | Brownfield Financing



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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