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CDFA Brownfields Finance Update - June 2, 2020

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Brownfields Financing Update
June 2, 2020
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Brownfields Finance Update

Features

EPA Announces Over $65M in Total Grant Funding for Brownfield Assessments and Cleanups Across the Nation
The U.S. Environmental Protection Agency is announcing over $65.6 million in EPA brownfields funding through the agency's Assessment, Revolving Loan Fund, and Cleanup Grant Programs. Under President Trump's leadership, EPA has delivered approximately $287 million in Brownfield grants directly to communities and nonprofits for cleanup and redevelopment, job creation, and economic development.

Red Cedar Development Moves Forward With Michigan Strategic Fund Approval
The Michigan Strategic Fund has approved a brownfield redevelopment tax increment financing plan for the $256 million Red Cedar mixed-use development. The project, being built by Continental/Ferguson Lansing LLC, will include multi-generational housing, restaurants, retail, and two hotels along the Michigan Avenue corridor connecting Lansing with the region.

Brownfield Clean-Up Funding Approved for Montpelier Granite Works Site
Brownfield clean-up will soon be underway at the former Montpelier Granite Works site. This clean-up is made possible by the revolving loan funds of the Agency of Commerce & Community Development and the Northwest Regional Planning Commission. Each is contributing $200,000 in clean-up funding towards the $500,000 total remediation cost.

Kansas City, MO Receives EPA Grant to Aid Redevelopment in Opportunity Zones
Kansas City has received an $800K EPA grant to clean up brownfields in Opportunity Zones. This will help us create new jobs and economic opportunities in struggling communities across the City. The city grant was paired with a $600K regional grant awarded to the Mid-America Regional Council for the investigation of other local brownfield sites.

Albany, GA Museum of Art Awarded $1.15M in Brownfield Funding
City Manager Sharon Subadan said the art museum would utilize a $350,000 Brownfield grant to clean up heavy metals, contaminants, and petroleum at the site of the former Belk Building on West Broad Avenue, while the city will utilize an $800,000 revolving loan to provide loans and grants to nonprofits involved in cleaning up and repurposing properties in underserved areas of the city.

NJEDA Receives $800K EPA Grant for Brownfield Cleanup, Redevelopment
The New Jersey Economic Development Authority (NJEDA) will receive an $800,000 U.S. Environmental Protection Agency Revolving Loan Fund Brownfields grant. The NJEDA can use this funding to capitalize a revolving loan fund or to provide sub-award grants to communities, developers, and nonprofits carrying out cleanup and redevelopment activities at brownfield sites.

Phoenix, AZ Receives $1.4M In Brownfields Grants To Revitalize Communities
Through the Brownfields Communitywide Assessment Coalition Grant for $600,000, the city of Phoenix will lead a collaborative effort with the cities of Avondale and Tempe, and Arizona State University to assess, in each city, the area within one mile on either side of the 45-mile stretch of the Salt River, Agua Fria and Gila rivers for potential brownfield properties.

Small-Format Meijer Store to Break Ground Near Downtown Detroit, MI
Planning documents filed with the city put the project's total investment at $15.6 million. The project is seeking a Brownfield tax-increment financing plan worth $2.7 million, which would reimburse Archer and his development partners over 17 years from future tax revenue generated by the store.

Upcoming Events
Intro Opportunity Zones Finance WebCourse

CDFA-PFM Capital Markets Webinar Series: Impacts of COVID-19 on the Bond Market
Thursday, June 4, 2020 - 3:00 - 4:30 PM Eastern
During the first installment of the CDFA-PFM Capital Markets Webinar Series, we will focus on the market impacts of COVID-19 thus far and what we can expect going forward.

CDFA Federal Financing Webinar Series: Federal Recovery Resources from HUD
Friday, June 5, 2020 - 1:00 - 3:00 PM Eastern
During this webinar, hear from experts at HUD about how funds from CDBG, Section 108, Emergency Solutions Grants, and other HUD programs are being used to finance recovery efforts.

CDFA-Bricker PACE Webinar Series: PACE Program Efficiency - Managing An Effective PACE Program
Tuesday, June 9, 2020 - 11:00 AM - 1:00 PM Eastern
In this webinar, PACE professionals explore best practices in establishing and managing a PACE program and about new efficiencies being developed to drive more effective delivery of PACE programs and projects.

CDFA-ARI Rural Finance Webinar Series: Building the Road to Recovery
Wednesday, June 10, 2020 - 1:00 PM - 2:30 PM Central
During the third installment of the CDFA-ARI Rural Finance Webinar Series, we will discuss the development finance tools that can support rural economies as they rebuild to be stronger than ever.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

Michigan Strategic Fund Approves Initiatives to Help with Economic Recovery
Detroit Business | Jun. 1 | Brownfield Financing | Disaster Recovery & Relief | Tax Increment Finance (TIF) | COVID-19

Naftali Doles out $102M for Waterfront Williamsburg Site
Crain's NY Business | Jun. 1 | Brownfield Financing | Tax Credits

Atlanta, GA 'Creative City' Secures $1.75M in Loans
Atlanta Business Chronicle | May. 29 | Brownfield Financing

EPA Reaches $6.5M Settlement at Southern California Superfund Site
EPA | May. 21 | Brownfield Financing

Cadillac, MI Hearing on Cadillac Lofts Brownfield Plan
Cadillac News | May. 16 | Brownfield Financing | Tax Increment Finance (TIF)

Board Approves Sale for Proposed Solar Array
The Post Journal | May. 15 | Brownfield Financing | Disaster Recovery & Relief | COVID-19

$300K Federal Brownfield Grant Goes to Crawford County, MI
Record Eagle | May. 12 | Brownfield Financing | U.S. Environmental Protection Agency (EPA) | EPA Assessment Grants | EPA Clean-Up Grants

EPA Selects Cheyenne and Arapaho Tribe for Brownfields Cleanup Grant
EPA | May. 12 | Brownfield Financing | Tribal Finance

EPA Selects Oklahoma Corporation Commission for Brownfields Assessment Grant
EPA | May. 12 | Brownfield Financing

Maine to Receive $1.3M for Brownfields Cleanup at Three Sites
Maine Biz | May. 11 | Brownfield Financing | Opportunity Zones | U.S. Environmental Protection Agency (EPA) | State Brownfield Programs | EPA Clean-Up Grants

EPA Selects Five Projects in Kentucky to Receive $1.7M for Brownfields Cleanup and Assessment
EPA | May. 11 | Brownfield Financing

Baker Technical Institute Gets Grant To Clean Up Historic School
Baker City Herald | May. 9 | Brownfield Financing | Historic Preservation | Revolving Loan Funds (RLFs) | Social Finance | Case Studies | EPA Revolving Loan Fund Grants | Education

EPA Selects Louisiana DEQ for Brownfields Revolving Loan Fund Grant
EPA | May. 8 | Brownfield Financing | Revolving Loan Funds (RLFs)

Applicants Selected for FY 2020 Brownfields Assessment, Revolving Loan Fund, and Cleanup Grants
EPA | May. 7 | Brownfield Financing | Federal

Salisbury, NC Secures $500K EPA Grant to Clean up Former Mill
Salisbury Post | May. 6 | Brownfield Financing | Local Finance Program | U.S. Environmental Protection Agency (EPA)

Beaver County, PA Awarded $600K for Brownfield Assessments
Ellwood City Ledger | May. 6 | Brownfield Financing | Opportunity Zones | U.S. Environmental Protection Agency (EPA) | EPA Assessment Grants

EPA Selects Two Vermont Projects to Receive $800K for Brownfields Cleanup
Vermont Business Magazine | May. 6 | Brownfield Financing | Opportunity Zones | U.S. Environmental Protection Agency (EPA) | EPA Assessment Grants | EPA Clean-Up Grants

EPA Selects Projects in Oregon and Washington for $4.75M in Brownfields Funding
EPA | May. 6 | Brownfield Financing


Highlights from the Online Resource Database

IRS Regulations for Opportunity Zones & Brownfields Redevelopment
Brownfield Financing | Opportunity Zones
This document provides an overview of information on Internal Revenue Service (IRS) regulations with respect to brownfields investment in Opportunity Zones. Learn more about how Opportunity Zones can help local governments meet goals for sustainable and equitable 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
info@cdfa.net

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