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Development Finance Review Weekly - March 8, 2018

Development Finance Review Weekly
March 8, 2018
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CDFA Development Finance Review Weekly

Feature

Will Opportunity Zones Help Distressed Residents?
Opportunity Zone supporters argue the tool will help revitalize distressed communities, but there is a risk that the tax break will end up displacing them or simply provide benefits to developers investing in already-gentrifying areas.

ND Proposal Would Use Legacy Fund as RLF
North Dakota legislators are proposing tapping the Legacy Fund to create a low-interest revolving loan fund that government subdivisions could use to build infrastructure projects.

Olympic Legacy Foundation Requests $19.5M Issuance
The Olympic Legacy Foundation requested the county serve as a conduit for a $19.5 million tax-free municipal bond to finance infrastructure projects in Summit and Salt Lake counties.

New York Authority Issuing $18.5M in Solar-Panel Bonds
The New York State Energy Research and Development Authority is issuing a new round of green revenue bonds totaling $18.5 million to finance local residential solar-panel installations.

Combining TEBs with P3s under Current Law
Micheal Cullers of Squire Patton Boggs provides insight into how a typical stadium bond deal structure can provide a pathway for P3 projects to access tax-exempt debt.

RFP: Charter School Seeks Underwriter
The Soulsville Charter School is seeking the services of a senior managing underwriter or placement agent to assist in the preparation and sale (or placement) of bonds in the approximate amount of $10 million.

Governors, Mayors Urge Action on Public Buildings Renewal Act
Ten governors and 14 mayors have sent separate letters to Congress supporting legislation that would authorize $5 billion of private activity bonds for government-owned buildings. CDFA is a part of the advocacy efforts surrounding the Public Buildings Renewal Act.

IRS Releases Adjusted 2018 Caps for LIHTCs, PABs
The Internal Revenue Service (IRS) issued Revenue Procedure 2018-18, which includes updated low-income housing tax credit (LIHTC) and private activity bond (PAB) state cap numbers based on a chained CPI.

United Shore HQ Relocation Gets $1.9M in Brownfield Financing in Pontiac, MI
United Shore Financial Services LLC has received $1.9 million in brownfield financing for its headquarters relocation from Troy to Pontiac.

New Map Shows Significant Growth in St. Louis Promise Zone
The St. Louis Promise Zone has launched an interactive tool which highlights completed development projects in the zone and those currently in progress.  By identifying current investment, community leaders hope to attract new investment and show the region's development potential.

Upcoming Events
Intro Tax Credit Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Lee County, MS to Issue $7.3M for Industrial Park
Lee County's Board of Supervisors has given the final green-light to issue $7.3 million in bond debt, with an eye toward using about half that amount within a few months time to purchase land intended for use as an industrial park.

IL Hotel to Restructure its $190M Bonds
A U.S. bankruptcy court judge has cleared the path for the Lombard, Ill., Public Facilities Corp. to restructure its $190 million of hotel and conference center bonds, giving the project breathing room through bondholder haircuts and by stretching out repayment for 50 years.

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.

Upcoming Webcasts

CDFA Federal Financing Webinar Series: U.S. Department of Transportation (DOT)
April 12, 2018 - 2:00 PM Eastern
In this webinar, CDFA will convene transportation and infrastructure experts to discuss the financing tools available through the DOT. The main focus of the webinar will be on the Transportation Infrastructure Finance and Innovation Act (TIFIA), Transportation Investment Generating Economic Recovery (TIGER) Grants, and the Bicycle and Pedestrian Program.

This Week's Headlines

6 Things to Know about TIF
Shakopee Valley News | Mar. 8 | Tax Increment Finance (TIF)

Tucscon, AZ to Consider Renewing BID
Arizona Public Media | Mar. 8 | Special Assessment Districts

LIHTC Helps Buffalo Build Supportive Housing
The Buffalo News | Mar. 7 | Tax Credits

NJ Announces 2018 Round of 9% LIHTC
New Jersey Housing and Mortgage Finance Agency | Mar. 7 | Tax Credits

Banks Want in on Opportunity Zones
National Mortgage News | Mar. 7 | Access to Capital | Investing in Opportunity Act (IIOA)

Ameresco Partners with School District for Energy Contract
Oil and Gas 360 | Mar. 7 | Bond Finance | Green Finance

Tax Act May Spur More Investment in RNG, Biogas Projects
Biomass Magazine | Mar. 7 | Energy Finance | Legislative

Distribution Facility Project Aims for $14.5M IDB
St. Louis Post-Dispatch | Mar. 6 | Bond Finance

Adding Batteries to Existing Rooftop Solar Could Qualify for Tax Credit
Inside Climate News | Mar. 6 | Energy Finance | Tax Credits

IA Tax Reform Bill Puts Solar Tax Credit on the Chopping Block
Energy News Network | Mar. 6 | Energy Finance | Tax Credits

$30M Redevelopment Proposed for Schools
Indianapolis Business Journal | Mar. 6 | Access to Capital | Historic Preservation | Redevelopment | Tax Credits

WA R&D Tax Credit Affected by New Tax Law
Seattle Business | Mar. 6 | Tax Credits

9 San Francisco Spots Could Benefit from Opportunity Zones
San Francisco Chronicle | Mar. 6 | Access to Capital | Investing in Opportunity Act (IIOA)

RI Considers Opportunity Zone Designations
Providence Journal | Mar. 6 | Access to Capital | Investing in Opportunity Act (IIOA)

3 Ways State and Local Governments Can Influence Infrastructure Bill
Buchanan Ingersoll & Rooney | Mar. 6 | Infrastructure Finance | Legislative | Public-Private Partnership (P3) Financing

NM EDD is Soliciting Applications for Opportunity Zones
Los Alamos Daily Post | Mar. 6 | Access to Capital | Investing in Opportunity Act (IIOA)

Governor LePage to Decide Which Towns Could Get Business Incentives
Portland Press Herald | Mar. 6 | Access to Capital | Incentives | Investing in Opportunity Act (IIOA)

San Francisco Partnership Launches New Mental Health Center
University of California San Francisco | Mar. 5 | Public-Private Partnership (P3) Financing

Developer to Turn Massachusetts Mill Into Affordable Housing
Housing Finance | Mar. 5 | Brownfield Financing

KeyBank Stakes $12.6M for Two Downtown Office Towers in Hartford, CT
Hartford Business | Mar. 5 | Brownfield Financing

OH House Considers Doubling State's Motion Picture Tax Credit
WCPO Cincinnati | Mar. 5 | Legislative | Tax Credits

AR Organizations Support Water Infrastructure Bill
Newton County Times | Mar. 2 | Bond Finance | Infrastructure Finance | Legislative

President Proposes Boost to Maritime Infrastructure Investment
JD Supra | Mar. 2 | Bond Finance | Incentives | Infrastructure Finance | Legislative

LIHTC Prices Expected to Drop as Market Adjusts to Tax Rate
Affordable Housing Finance | Mar. 2 | Brownfield Financing | Legislative | Tax Credits

City of Amarillo, TX, Receives $12.5M from SRF
News Channel 10 Amarillo, TX | Mar. 2 | Water Finance | Infrastructure Finance

City of Lawn, TX, Receives $3.5M for Water System Improvements
Big Country | Mar. 2 | Water Finance | Infrastructure Finance | Revolving Loan Funds (RLFs)


National Sponsor Spotlight

Grant Thornton LLP 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...
McGuireWoods McGuireWoods
With 1000 lawyers and 21 strategically located offices worldwide, McGuireWoods LLP, uses client-focused teams to serve public, private, government and nonprofit clients from virtually every area of the law.
NW Financial Group, LLC NW Financial Group, LLC
NW Financial Group LLC is the premier Financial Advisory / Municipal Underwriting firm in the Northeast whose experienced professionals provide unparalleled expert advice to States, Local Governments and Authorities. The professionals that make up...

Partner Spotlight

Institute of Economic Development (IED) - United Kingdom 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...

CDFA Bookstore

Cover thumbnail Revolving Loan Fund Reference Guide
The Revolving Loan Fund Reference Guide offers an in-depth look at RLF program development, implementation and management. This guide demonstrates how a RLF program can compliment economic development strategies, encourage investment and assist traditionally underserved businesses.

New Members

Grant Thornton LLP - Alexandria, VA

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.

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

  • BNY Mellon
  • Bricker Graydon LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor