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CDFA Brownfields Finance Update - February 6, 2018

Brownfields Financing Update
February 6, 2018
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Brownfields Finance Update


With $10M Loan Paid Back, LVIP Lauds Success of Business Park Investment
With a $10 million loan repaid in full by the owner of a massive business park on former Bethlehem Steel land, state officials made the case for the importance of investing in vacant brownfield sites to build economic development opportunities.

MassHousing Closes on $17.1 Million in Financing for 102-Unit Housing Community in Lawrence
MassHousing is supporting the redevelopment of Van Brodie Mill by providing more than $17 million in affordable housing funding, including a $14 million conduit bridge loan, $1.2 million in permanent financing, and $1.9 million in workforce housing funds. The adaptive reuse project will preserve a historic former mill, while remediating a Brownfields site. 

NY Governor's Proposed Suspension of Tax Credits Could Stall Development
Governor Cuomo's recently released Executive Budget may not be well received amongst those planning on redeveloping urban areas, restoring historic structures, remediating contaminated real property or proposing affordable housing developments. The proposal will affect more than 34 different tax credits.

Nonprofit Spotlight: Columbus-Franklin County Finance Authority
Established as a port authority in 2006 under Ohio law, the Columbus-Franklin County Finance Authority helps private, nonprofit and public sector projects obtain access to capital through its bond fund and programs for tax-exempt financing and energy efficiency improvements. It has provided capital to nearly 60 projects through $1.6 billion in bond financing and $1.8 billion in total investment.

$400M Plan Proposed to Save the Salton Sea Involved the Creation of an EIFD
The "North Lake Vision" proposed by Fourth District Supervisor V. Manuel Perez involves the creation of an "enhanced infrastructure finance district" that would issue bonds for the North Lake projects, to be repaid through property, sales and hotel taxes. The supervisor's office says revenues from all proposed tax sources would total around $1 billion.

Opportunity Zones: A New Tool for Community Development
In signing H.R. 1 (the Act) into law Dec. 22, 2017, President Donald Trump created a new tool for community development – a tool that provides tax incentives to help unlock investor capital to fund businesses in underserved communities.

New Tax Law in Place - What Impacts on Brownfield Financing?
Senior Strategist to Communities in Economic Transition, Charlie Bartch presents his analysis on the ramifications of the Tax bill and its effects on Brownfield redevelopment.

Publix gets Brownfield Tax Aid for Oviedo, Orlando Sites
Florida's largest company will get as much as $580,000 for creating jobs and reclaiming once-toxic land at both the site and a distribution center constructed near Orlando International Airport two years ago. Publix is one of more than a dozen companies that received $5.4 million in brownfield redevelopment incentives from the state in recent years.

$390K Loan Supports Botanica Inc in Louisville, KY
Botanica, Inc., a nonprofit in Louisville, will receive a $390,000 partially forgivable loan from the Kentucky Brownfield Redevelopment Program's Cleaner Commonwealth Fund. Botanica Inc. will utilize the funds to help transform a former city dump into a state-of-the-art botanical garden. This is the first loan made from the Cleaner Commonwealth Fund since it was established in 2013.

$15M in NMTCs to Transform Former Steel Mill into Tech Hub
Gov. Tom Wolf announced Wednesday that the state will pitch in $15 million in tax credits to expedite construction at Hazelwood Green. The Commonwealth Cornerstone Group's New Markets Tax Credit funding ensures that the first of three office buildings planned at Pittsburgh's last big brownfield can begin construction early next year.

Upcoming Events

CDFA Brownfields Redevelopment Financing Webinar Series:Reimagining Brownfields as Transit Oriented Developments
March 8, 2018 - 2:00 - 3:30 PM Eastern
Transit oriented development (TOD) is a type of urban development that maximizes housing, retail, office, and other amenities near public transit. This growing movement to create walkable, vibrant communities often begins with the effort to revitalize blighted properties and activate economies. CDFA has partnered with Smart Growth America to demonstrate how communities can develop financing strategies to transform brownfields into transit oriented developments. This free webinar will showcase community redevelopment projects and explore the financing tools that made them possible. This webcast is designed for professionals who work directly with brownfield sites as well as economic development professionals and communities interested in shaping programs to enhance redevelopment financing opportunities.

Understanding the Investing in Opportunity Act
Thursday, February 15, 2018 - 1:00 PM Eastern
In this CDFA webinar, learn from our expert panelists how the Investing in Opportunity Act works, when the program will begin, and a host of other important details essential to understanding this new federal program.

CDFA Brownfields Technical Assistance Program

City of Sheridan - South Santa Fe Business Park Roadmap to Redevelopment
As part of the Brownfields Technical Assistance Program, this report from CDFA staff and technical advisors provides redevelopment recommendations for the City of Sheridan's South Santa Fe Business Park in Sheridan, CO.

Brownfields Financing Headlines

MI Plans to Refill $675M Bond Fund with Landfill Fees
The Bond Buyer | Feb. 1 | Bond Finance | Brownfield Financing

RI Gov. Proposes $48.5M Environmental Bond
Rhode Island Public Radio | Feb. 1 | Bond Finance | Brownfield Financing

Former Seekonk Factory cleanup could cost $2M in Attleboro, MA
The Sun Chronicle | Feb. 1 | Brownfield Financing

$1M in State Grants Available for Connecticut Brownfields
CT Post | Feb. 1 | Brownfield Financing

Overland Park, KS to Consider TIF for $48.5M Project
Kansas City Business Journal | Jan. 24 | Brownfield Financing | Redevelopment | Tax Increment Finance (TIF)

Minnesota DEED Awards $5.57 Million in Cleanup Funding
Minnesota DEED | Jan. 9 | 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

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