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CDFA Brownfields Finance Update - December 7, 2021

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Brownfields Financing Update
December 7, 2021
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Brownfields Finance Update


State Announces Completion of Starbuck Island in Green Island
Governor Kathy Hochul recently announced the completion of the Starbuck Island redevelopment project, a $65 million investment that transformed more than 11-acres of contaminated oil storage brownfield into a high-density, vibrant waterfront community in the Village of Green Island, Albany County. Starbuck Island connects Green Island to downtown Troy and is now home to nearly 270 residential units, a salon, a restaurant, and parking.

Spectrum Health Seeking $22M Brownfield Incentive for New Downtown Campus
Spectrum Health is seeking up to $22 million in incentives from the city of Grand Rapids to help pay for a new campus in the Monroe North neighborhood that would house 1,800 administrative, non-clinical employees. Spectrum is asking the city to reimburse it for up to $22 million for eligible expenses under the city's brownfield program.

Reclaiming the Waste: Money May Come To Find, Clean Contaminated Sites
The legislation seeks to help the state's local governments identify the brownfields within their jurisdictions, preparatory work needed to seek some of the $350 million Ohio's current budget includes for brownfield cleanup. Senate Bill 83 would put that money into the existing Targeted Brownfields Assessment program. Under the amendment, the money would go to pay for more targeted assessments of brownfields at no cost to local governments.

University of Pittsburgh Gets $100M Infusion to Build Biomanufacturing Hub
The University of Pittsburgh is to develop a large swath of the 178-acre Hazelwood Green development along the Monongahela River into a biomanufacturing powerhouse. The $100 million grant will provide the capital and some initial operating expenses for the site's newest anchor tenant: Pitt's planned commercial bioresearch and development facility named BioForge. Plans for BioForge include building out 200,000 to 250,000 square feet of space at Hazelwood Green.

Port of Anacortes, WA Approves 2022 Budget, $11M in Capital Projects
The Port of Anacortes commissioners has approved a 2022 budget that anticipates $16.9 million in operating revenue and $16.7 million in operating expenses. The port also plans to spend roughly $11 million on capital improvements at the airport, marina, marine terminal, industrial properties, and equipment.

Four Area Organizations in PA Receive Funding for Community Revitalization Projects
Gov. Tom Wolf recently announced the approval of nearly $36 million to 220 community revitalization projects across the commonwealth through the Neighborhood Assistance Program (NAP), which supports nonprofits, businesses, and resident projects in distressed areas or low-income neighborhoods.

VEC Powers Up Two New Solar Arrays in Jericho in Support of 100% Renewables by 2030
Encore Renewable Energy and Vermont Electric Cooperative announced the commissioning of two new community-scale solar projects comprising 4.5 megawatts (MW) of new, clean energy generation in Jericho. These new arrays support VEC's goals of achieving a 100% renewable power supply by 2030. VEC will be utilizing the otherwise undevelopable property for renewable energy and thus turning brownfields into brightfields.

U.S. DOC Invests $2.6M in CARES Act Recovery Assistance to Support Local Food Manufacturing in Detroit, MI
U.S. Secretary of Commerce Gina M. Raimondo announced that the EDA is awarding a $2.6 million CARES Act grant to the Detroit Brownfield Redevelopment Authority to support Detroit's historic Eastern Market infrastructure development. This investment will allow the Greater Eastern Market Food Innovation Zone for additional processing, warehousing, and distribution facilities. This EDA grant, to be matched with local funds, is expected to create 300 jobs and generate $47.5 million in private investment.

Upcoming Events
Intro Property Assessed Clean Energy (PACE) Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Affordable Housing Finance - Market Rate/Affordable/Low-Income
Tuesday, December 21, 2021 - 2:00 PM - 3:00 PM Eastern
Affordable Housing has been a hot button issue over the last few years with a focus on what percentage of affordable housing should comprise a residential development. This session will discuss how various tools such as Low Income Housing Tax Credits and Private Activity Bonds play a role in how these decisions are made.

Fundamentals of Economic Development Finance Course
January 26-27, 2022 - Daily: 12:00 - 5:00 PM Eastern
CDFA's Fundamentals of Economic Development Finance Course is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

CDFA Brownfields Technical Assistance Program

Brownfields Financing Headlines

Vermont Commits First $7M in State Brownfields Money
U.S. News & World Report | Dec. 6 | Brownfield Financing | Economic Development | Redevelopment | State Finance Program

New Development Coming to Flint, MI Brownfield
WJRT-TV | Dec. 6 | Brownfield Financing | Economic Development | Redevelopment

DEC Plans Cleanup for Niagara Falls, NY Industrial Brownfield
The Buffalo News | Dec. 6 | Brownfield Financing | Economic Development | Redevelopment

New Orleans, LA Sets Aside $2M for Gordon Plaza; Money Won't Help Relocate Residents
WWNO | Dec. 6 | Brownfield Financing | Community Development | Economic Development | Redevelopment | Urban Development

Hamilton's Randle Reef Project Wins Brownfield Remediation Award
Global News | Dec. 6 | Brownfield Financing | International | Redevelopment | Water Finance

Indianapolis, IN Seeks to Fund Affordable Housing in Hillside Amid Gentrification Fears
The Indianapolis Star | Dec. 6 | Brownfield Financing | Economic Development | Housing Finance | Infrastructure Finance | Redevelopment

Infrastructure Bill Will Energize Pennsylvanians
Pittsburgh Post-Gazette | Dec. 6 | Brownfield Financing | Economic Development | Energy Finance | Innovation Finance

Indianapolis Seeks to Fund Affordable Housing in Hillside Amid Gentrification Fears
IndyStar | Dec. 2 | Brownfield Financing | Community Development | Housing Finance | Redevelopment | Social Finance | Tax Increment Finance (TIF)

DNR in Wisconsin: Awards Brownfields Grant to City of Beaver Dam
Wisbusiness | Nov. 29 | Brownfield Financing | Green Finance | Urban Development

EPA: Initial $20M Cleanup of Former Mclouth Steel Site in Trenton, MI Is Complete
Detroit Free Press | Nov. 29 | Brownfield Financing | Economic Development | Redevelopment | U.S. Environmental Protection Agency (EPA)

EPA Grant of $650K Could Clean Up Former Mill Property
NRI Now | Nov. 29 | Brownfield Financing | Economic Development | Historic Preservation | Redevelopment | U.S. Environmental Protection Agency (EPA)

Coffee Roasting Facility Planned for Former Stultz Plumbing Building
Sioux City Journal | Nov. 29 | Brownfield Financing | Economic Development | Infrastructure Finance | Redevelopment

South-Central Idaho Brownfield Sites Receive Funding for Cleanup
Bridge Michigan | Nov. 29 | Brownfield Financing | Economic Development | Infrastructure Finance | Redevelopment | U.S. Environmental Protection Agency (EPA)

Springfield City Council Considers Applying for Brownfield Assessment Grant
KY3 | Nov. 29 | Brownfield Financing | Economic Development | Redevelopment | U.S. Environmental Protection Agency (EPA)

ND Eyes Federal Money for Expansion of Oil Well Plugging Program
KPVI-DT | Nov. 28 | Brownfield Financing | Energy Finance | Green Finance | Infrastructure Finance

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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