CDFA Brownfields Finance Update - March 5, 2019

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Features

CDFA to Host Brightfield Development Webcast on March 7

During this webinar, we will discuss when developing a Brightfield makes sense, how to overcome obstacles to Brightfield projects, and how to catalyze investment in the area surrounding a Brightfield. Join CDFA, in partnership with Brownfield Listings, for this free webinar on March 7 at 2:00 PM Eastern!

VA Announces $1.4M in Brownfield Restoration Funding

The Commonwealth of Virginia announced $1.4 million in Virginia Brownfields Restoration and Economic Redevelopment Assistance Fund (VBAF) Site Remediation Grants for eight localities. These grants will cover efforts to remediate contaminated property, demolish and remove existing structures, and other redevelopment work.

Fund Announces $9.6M for Pittsburgh, PA Brownfield/OZ Industrial Site

The Power of 32 Site Development Fund recently announced $9.6 million to help finance site preparation costs for approximately 30 acres of a brownfield industrial site along the Allegheny River near the City of Pittsburgh. The site is largely located in Sharpsburg Borough, which is designated as an Opportunity Zone.

Brownfield Developers to Seek Reimbursement for $54M in Infrastructure Work

Under the terms of the brownfield plan, Lansing would reimburse developers for about $54M worth of infrastructure work over a 30-year period. The $250M project includes 1,100 beds of student housing, 150 market-rate apartments, two hotels, an assisted living facility, restaurants, retail space, an amphitheater and a public park.

Bill Introduced in TN State Senate Would End Brownfield Tax Incentive Program

A bill introduced by Tennessee State Senator Todd Gardenhire, R-Chattanooga, would end a "brownfield" tax incentive program for new economic development projects in Hamilton County and Tennessee's three other largest counties. The bill is triggering alarms among local officials.

Buffalo, NY Developer Plans to Convert Factory Brownfield into Apartments

A Buffalo developer will clean up a contaminated factory building and convert it into a combination of about 80 apartments and an undetermined number of mini-self-storage units. The developer will use brownfield and historic tax credits from the state and federal governments to finance the $20M-$23M project.

Brownfields Redevelopment Receives Boost Under the BUILD Act

Redevelopment of environmentally-damaged property has seen steady growth thanks to new changes to The Comprehensive Environmental Response, Compensation, and Liability Act of 1980 ("CERCLA"), commonly known as "Superfund." The latest protections come under the Brownfields Utilization, Investment, and Local Development Act of 2018 ("BUILD Act").

Chicago, IL CDC Approves TIF for $7B South Loop Megadevelopment

The Chicago CDC approved the 141-acre Roosevelt-Clark TIF district that would encompass "The 78," a proposed $7 billion megadevelopment south of downtown Chicago. The TIF district could generate as much as $700 million in property tax increments, and the site includes 62 acres of brownfield space.

Upcoming Events

CDFA Brownfields Webinar Series: Brownfields to Brightfields - Redevelopment for a Brighter Future
Thursday, March 7, 2019 - 2:00 PM Eastern

Join CDFA, in partnership with Brownfield Listings, as we host experienced Brownfield redevelopment professionals to examine where Brownfields and Brightfields collide!

CDFA Brownfields Technical Assistance Program

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EPA Region 9 Brownfields Assessment Program Now Accepting Applications for Free Technical Assistance

U.S. EPA provides contractor assistance to research historic property uses, conduct environmental sampling, identify cleanup options and provide cost estimates. By submitting a short, online application, public entities, nonprofits and tribes can access up to $100,000 worth of technical assistance for eligible sites. At no cost to the applicant, EPA contractors evaluate whether a property is contaminated and provide follow-up recommendations.

Brownfields Financing Headlines

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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