Development Finance Review Weekly - October 25, 2018
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Fund to Improve Southwest Manatee, FL Grows to $10.2M
A fund established four years ago to spur redevelopment in the southwest sector of Manatee County is expected to grow to more than $10.2 million after property taxes for the current fiscal year come in. In 2014, the county established a TIF district in an area that extends from Cortez to Tallevast.
Keybank Provides $39.4M for Redevelopment of Site in Cleveland, OH
KeyBank has provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Apartments in Cleveland. Specifically, KeyBank provided a $16.6 million low-income housing tax credit equity investment, an $11.6 million construction loan and an $11.1 million FHA 221(d)(4) first mortgage loan.
How AL Plans to Take Advantage of Opportunity Zones
Opportunity Alabama will serve as an intermediary to facilitate investor access to all potential projects in Alabama's 158 opportunity zones. "We're working with every project that comes through the door, whether that be a five-star hotel or a community facility providing daycare services in a super rural area," Alex Flachsbart says.
Grow MI to Launch New Small Business Fund
The fund will support entrepreneurs and small businesses looking to grow — often those who don't have the liquidity to finance expansion on their own or with just a traditional bank loan. The subordinated debt works in conjunction with traditional bank loans. The money must be invested in Michigan and generally goes to manufacturing, technologies and similar fields.
$453M Mixed-Use P3 Project Kicks Off in Los Angeles, CA
Real estate development and management firm Trammell Crow Co. announced that construction has begun on a $453M Los Angeles mixed-use project. The public-private partnership will deliver a transit-oriented development with housing, retail, office and community spaces to the city's Koreatown district.
IRS Issues Proposed Regulations for Opportunity Funds
The U.S. Department of Treasury has released proposed regulations and a revenue ruling regarding key issues involved with investing in and forming Opportunity Funds, and the Opportunity Fund's investments in Opportunity Zones Businesses.
House Joins Senate in Effort to Improve U.S. Flood Readiness
H.R. 7037, introduced Oct. 5, would create a revolving loan fund program for states, to be run jointly by the Federal Emergency Management Administration (FEMA) and state governments. The program would provide the nation's first sustainable source of money for flood mitigation projects.
CDFA Hosts Quarterly Legislative Update
In this third quarter installment of the Quarterly Legislative Update, CDFA's Legislative Team provides a progress report on pending CDFA legislation, an update on Tax Reform 2.0 and other major Congressional initiatives, as well as what to expect from Congress in both the lead up and aftermath of the midterm elections.
$300M Development Planned in Downtown Omaha, NE
Well over a century old, factory buildings in north downtown Omaha are now becoming the foundation of a new $300 million development called the Millwork Commons. The City of Omaha plans to support the project by re-routing industrial truck traffic, adding streets and offering tax increment financing.
MS Agency Plans on Issuing $895M Bond
MGAM plans on issuing bonds to buy a 31-year supply of gas for 25 small municipal natural gas operations located throughout the state. MGAM Executive Director Geoff Wilson claims the deal will save the municipalities 15 percent off the market rate.
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Upcoming Events |
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News from |
The latest municipal finance headlines from The Bond Buyer.
Trump Signs Law Providing WIFIA, RLFs
America's Water Infrastructure Act of 2018 reauthorizes the Water Infrastructure Finance and Innovation Act, or WIFIA, at $50 million, and removes it from pilot program status. It also reauthorizes the Drinking Water State Revolving Fund for the first time since 2003, providing $1.95 billion by the third year of the three-year authorization.
Opportunity Zones Expected to Unleash Wave of Private Capital Investment
The finances of local governments around the U.S. and its territories will soon benefit from a wave of private capital investment following the release of the Internal Revenue Service's proposed regulations for Opportunity Zones. Municipalities are considering bonds as a way to attract capital investment to economically distressed areas.
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 // BNY Mellon Development Finance Webcast Series: Financing Broadband Infrastructure
Tuesday, November 20, 2018 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will learn about some of the various financing options & ownership structures available to communities to provide and increase the quality of broadband infrastructure in the U.S.
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This Week's Headlines |
Minneapolis, MN Uses ‘Green Bonds' for Two New Buildings
Finance & Commerce | Oct. 24 | Bond Finance | Green Finance
TIF Bonds Generate $2.6M for Improvements in Streator, IL
The Times | Oct. 24 | Tax Increment Finance (TIF)
Phoenix IDA Refinances Bonds for Vista College Preparatory School
Phoenix IDA | Oct. 24 | Bond Finance
Charlotte, NC Struggling to Build Affordable Housing for Its Most Vulnerable
Next City | Oct. 24 | Community Development
CA LIHTC Deal Utilizes Income-Averaging Option
Affordable Housing Finance | Oct. 24 | Community Development | Tax Credits
Water Bond Would Spread Money across CA — but Pour It on the Central Valley
LA Times | Oct. 23 | Bond Finance | State Finance Program | Water Finance
Green Light on $3.6M Bid to Build Centrepointe, CO Roads
Fort Morgan Times | Oct. 23 | Green Finance | Infrastructure Finance | Water Finance
Racine and Mount Pleasant, WI Approve Deal on Foxconn Water Project Funding
BizTimes | Oct. 23 | Infrastructure Finance | Urban Development | Water Finance
Multimillion-Dollar Railroad Project Underway at TN, KY Border
WPSD Local 6 | Oct. 23 | Infrastructure Finance
Federal Historic Preservation Tax Credit Celebrates 40 Years
Sierra Sun Times | Oct. 22 | Historic Preservation | Tax Credits
ID RLF Receives $19M Boost From U.S. EPA
Idaho Press | Oct. 22 | Brownfield Financing | Revolving Loan Funds (RLFs)
Port of Brownsville, TX Receives $1.8M From U.S. EDA
U.S. Economic Development Administration | Oct. 22 | Economic Development | U.S. Economic Development Administration (EDA)
$4M in Public Construction Projects Planned in Southwest Harbor, ME
Mount Desert Islander | Oct. 22 | Infrastructure Finance | Water Finance
Ogdensburg, NY Council Poised to Accept Nearly $5M in Grants and Loans
Watertown Daily Times | Oct. 22 | Infrastructure Finance | Water Finance
Crews Break Ground on $23M Water Project in Springfield, TN
WKRN | Oct. 22 | Infrastructure Finance | Water Finance
Kenosha, WI Project Includes Much More Than Just Road Repairs
Kenosha News | Oct. 22 | Infrastructure Finance | Water Finance
Opportunity Zones: Making Them Work for Minnesota
North Star Policy Institute | Oct. 22 | Opportunity Zones
Evanston, IL to Receive Roughly $1M with the Closing of Downtown TIF District
The Daily Northwestern | Oct. 22 | Tax Increment Finance (TIF)
Nashville, TN Considers Further Restrictions on Tax Abatements
NPQ | Oct. 22 | Legislative | Tax Increment Finance (TIF)
Kalamazoo, MI Passes Taxing Tool for Downtown Development
Michigan Live | Oct. 22 | Tax Increment Finance (TIF)
How Kansas City, MO is Using LIHTC to Advance Health
Health Affairs | Oct. 19 | Community Development | Tax Credits
Two Industrial Sites in Berks, PA Receive Grants for Environmental Cleanup
Reading Eagle | Oct. 19 | Brownfield Financing
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National Sponsor Spotlight |
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Grant Thornton LLP
Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the world's leading organizations of independent audit, tax and advisory firms. They are one of the five most prestigious accounting firms in the world and the...
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Hawkins Delafield & Wood LLP
Hawkins Delafield & Wood LLP is the only national law firm in the U.S. whose practice is devoted primarily to public finance and public projects. The firm has more attorneys engaged in the full time practice of public finance and projects than any...
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Ice Miller LLP
Ice Miller LLP is a full-service firm with the resources it needs to counsel its clients and deliver quality legal advice. Ice Miller offers a broad array of capabilities in virtually all areas of the legal practice.
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Partner Spotlight |
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Institute of Economic Development (IED) - United Kingdom
The Institute of Economic Development (IED) is the UK's leading independent professional body representing economic development and regeneration practitioners. Established over 30 years ago, the IED's key objective is to represent the interests of...
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CDFA Bookstore |
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New Members |
Bradley Payne Advisors - Cincinnati, OH
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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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