Development Finance Review Weekly - April 25, 2019
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Feature |
CDFA Releases 2019 Policy Agenda
The CDFA Policy Agenda is borne out of CDFA's 37 years as a leader in the development finance industry. This Agenda identifies four critical policy areas crafted to address market-based access to capital challenges. CDFA is prepared to assist Congress and the Administration with the implementation of the policy proposals contained within this agenda.
Impact Investment Model Ushers in a New Era for Farmers
Iroquois Valley Farms, a finance company based in Evanston, Illinois, offers equity investments through its real estate investment trust (REIT) and promissory notes issued by its LLC entity to institutional and accredited investors. Iroquois is unique because its proceeds are used solely to assist farmers in acquiring or leasing farmland.
CDFA Releases Roadmap to Redevelopment for Casper, WY Project
CDFA is pleased to release the Roadmap to Redevelopment report prepared for the Casper Hotel and Conference Center a Brownfield Project Response Team site visit in January of this year. The report provides financing strategies for the Casper Hotel & Conference Center in Casper, Wyoming.
EIG Summarizes Key Provisions in Second Tranche of OZ Guidance
In this article, the Economic Innovation Group outlines the key elements of the second set of proposed Opportunity Zones regulations. While several key questions remain, the regulations remove many of the most significant hurdles that have held back investment since Opportunity Zones became law.
$84M in Green Bonds Issued for Drinking Water in CA
California State Treasurer Fiona Ma announced the sale of $83.9 million in revenue bonds to provide financial assistance to local governments for safe drinking water projects. The sale represents the inaugural issuance of bonds by the California IBank for the Drinking Water State Revolving Fund Program.
Not Just Toll Roads Anymore: Governments Find New Uses for P3s
The biggest news in the world of public-private partnerships (P3s) last year had nothing to do with toll roads -- the most visible way governments team up companies. Instead, the most expensive infrastructure deals were projects to build a car-rental facility and a small tram at Los Angeles International Airport.
Fiat Chrysler Wants $160M in Tax Incentives for its Proposed Detroit, MI Plant
Fiat Chrysler is asking Detroit and state taxpayers to kick in at least $160M for its proposed Mack Avenue plant on Detroit's east side. Around $13M in tax incentives would provide relief from city taxes, while the remainder would come from the state. Fiat Chrysler plans to invest $1.6B in a new plant at its Mack Avenue facility and $900M at its Jefferson North Assembly Plant.
Opportunity Zone Rules Leave Out Data Reporting, Penalty Details
Proposed rules on Opportunity Zones left some holes—such as the breadth of data the government has the authority to collect on the funds and how the Internal Revenue Service will handle penalties. Officials have said publicly that there will be three tranches of rules, with the April 17 batch being the second.
Investors Are Hesitant: Rural America Might Miss Out on Opportunity Zones
Rural areas account for 40 percent of the designated opportunity zones, which offer private companies and investors tax breaks in exchange for investing in certain low-income communities. But some warn that even with the tax incentives, many rural areas still likely won't benefit unless state and local governments intervene to make the investment less risky.
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Upcoming Events |
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News from |
The latest municipal finance headlines from The Bond Buyer.
Opportunity Zones Will Be a Boost to the Muni Market
The municipal bond market is expected to receive a boost, from new Internal Revenue Service regulations covering investments in Opportunity Zones. In the coming months, bond lawyers expect numerous municipal governments to issue new bonds to support some of those investments or to issue PABs for other qualified developments.
Milwaukee, WI Convention Center Seeks Financing Ideas for Expansion
The Wisconsin Center District is asking bankers for financing structure ideas to cover a $250 million convention center expansion that would ideally bypass the need for any state action on taxes. Broker-dealers have until May 1 to submit proposals under a request for qualifications the district launched last week.
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: Strategies to Support Your Local Venture Capital Ecosystem
Tuesday, May 14, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, expert speakers will highlight several development finance programs that have proven effective in attracting venture and start-up capital.
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Job & RFP Postings |
CDFA Hiring: Coordinator, Research & Technical Assistance
The Council of Development Finance Agencies seeks a motivated, well-organized and energetic individual to fill the position of Coordinator, Research & Technical Assistance. This position is responsible for assisting with CDFA's research projects, resource collection, information sharing, newsletter publications, headlines review and educational efforts.
CDFA Hiring: Director, Research & Technical Assistance
The Council of Development Finance Agencies seeks a motivated, well-organized and energetic individual to fill the position of Director, Research & Technical Assistance. This position is responsible for managing and directing CDFA's research projects, technical assistance request, resource collection, information sharing, newsletter publications, headlines review and educational efforts.
CDFA Hiring: Coordinator, Programming
The Council of Development Finance Agencies seeks a motivated, well-organized and energetic individual to fill the position of Coordinator, Programming. This position is responsible for assisting with CDFA's various events including state conferences, training courses, webinars and the CDFA National Summit.
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This Week's Headlines |
$43M Plan to Transform AR Downtown Building into Hotel
KSDK | Apr. 24 | Economic Development | Property Assessed Clean Energy (PACE) | Tax Credits
North Portland, OR Polluted Site Prepped for Affordable Housing
Portland Tribune | Apr. 23 | Brownfield Financing | Redevelopment
Implementation Plan for The White House Opportunity and Revitalization Council
The White House | Apr. 23 | Federal | Opportunity Zones
Tax Incentive Attracts Netflix to Invest Over $100M in New York, NY Production Hub
Television Post | Apr. 23 | Access to Capital | Tax Credits
Windsor, CT Provides $10.5M in Incentives to Develop Brownfield Site
HazMat Magazine | Apr. 22 | Brownfield Financing | Incentives | Tax Credits
City Council Greenlights Red Cedar Project
Lansing City Pulse | Apr. 22 | Bond Finance | Brownfield Financing | Tax Increment Finance (TIF)
HUD Announces RFI on Maximizing the Positive Impact of Opportunity Zones
U.S. Department of Housing and Urban Development | Apr. 22 | Federal | Opportunity Zones | U.S. Dept. of Housing & Urban Development (HUD)
Treasury Releases Second Round of Opportunity Zone Guidance
Opportunity Alabama | Apr. 22 | Opportunity Zones
IL Village Issues $10M in Bonds for Water and Sewer Improvements
Journal & Topics | Apr. 22 | Bond Finance | Water Finance
NYC Passes Sweeping 'Climate Mobilization Act'
Smart Cities Dive | Apr. 22 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)
NE Indoor Sports Facility Gets $1.7M in C-PACE Financing
PR Newswire | Apr. 22 | Energy Finance | Property Assessed Clean Energy (PACE) | Tax Credits | Tax Increment Finance (TIF)
Chicago, IL Neighborhood Could Get New Public Plaza Thanks to $1.5M TIF
Block Club Chicago | Apr. 22 | Access to Capital | Tax Increment Finance (TIF) | Urban Development
$127K TIF Funds Allocated for Toulon, IL Restaurant, Deli, and Fresh Food Mart
Journal Star | Apr. 21 | Access to Capital | Food Systems Finance | Tax Increment Finance (TIF)
Agreement Reached to Remediate Broad Brook Mill Superfund Site
Journal Inquirer | Apr. 20 | Brownfield Financing
Second Round of Treasury Guidance: Key Provisions
Sullivan & Worcester LLP | Apr. 19 | Opportunity Zones
Clarity Provided by Second Tranche of Treasury Regulations
Novogradac & Co. | Apr. 19 | Opportunity Zones
Opportunity Zones: Highlights of the Second Set of Proposed Regulations
KPMG | Apr. 19 | Opportunity Zones
TIF Deal in Works With Mentor, OH to Fund Improvements at Project Site
News Herald | Apr. 19 | Access to Capital | Community Development | Tax Increment Finance (TIF)
$21M Culinary and Food Center Opens in MA
Mass Live | Apr. 19 | Bond Finance | Food Systems Finance | Public-Private Partnership (P3) Financing | U.S. Dept. of Agriculture (USDA)
NY Farm to Food Bank Tax Credit Aims to Help Those in Need
Natural Resources Defense Council | Apr. 19 | Food Systems Finance | Tax Credits
States, Cities Add Sweeteners to Attract Opportunity Zone Investors
Governing | Apr. 19 | Opportunity Zones
IRS Releases General Public Use Requirement for Qualified Residential Rental Projects
Hawkins Delafield & Wood LLP | Apr. 19 | Bond Finance | Internal Revenue Service (IRS)
Orchard Farm Uses Tax Credits for Solar Installation
CT News | Apr. 19 | Agriculture Finance | Energy Finance | Food Systems Finance | Green Finance | Tax Credits
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National Sponsor Spotlight |
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Kutak Rock LLP
Kutak Rock LLP is a national law firm of more than 500 lawyers with offices from coast to coast. The firm's primary practice concentrations are business and corporate law, public finance, litigation and real estate law, with numerous areas of...
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MB Financial Bank, NA
MB has a 100+ year history of building deep and lasting relationships with public and private companies and individuals. MB offers a full range of powerful financial solutions and the expertise and experience of bankers who are focused on their...
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McCarter & English, LLP
McCarter & English, LLP is a firm of approximately 400 lawyers with offices in Boston, Hartford, Stamford, New York, Newark, East Brunswick, Philadelphia, Wilmington and Washington, DC. In continuous business for more than 170 years, they are among...
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Partner Spotlight |
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The Bond Buyer
The Bond Buyer is the only independent information resource serving the municipal finance community. Every day and throughout the day, through its web site, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...
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CDFA Bookstore |
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New Members |
Atlanta Micro Fund - Atlanta, GA
The Opportunity Zone Development LLC - Camp Verde, AZ
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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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