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Development Finance Review Weekly - June 13, 2019

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Development Finance Review Weekly
June 13, 2019
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CDFA Development Finance Review Weekly

Feature

CDFA, LISC, and Ford Foundation Collaborate on Community OZ Playbook
LISC, with support from the Ford Foundation and in collaboration with CDFA, has released "Navigating the Opportunity Zones: Community Partners." The release is the first installment of the LISC Opportunity Zones Playbook series, and is geared to the people and organizations committed to community revitalization and shared prosperity for all residents.

U.S. EDA Prioritizes Applications for Projects Located in Opportunity Zones
The U.S. Economic Development Administration has added Opportunity Zones as an agency Investment Priority. This new Investment Priority will significantly increase the number of catalytic Opportunity Zone-related projects that EDA can fund to spur greater public investment in these areas.

In VA, Local Government Holdouts Slow PACE
Solar consultant Arthur Fichter IV has no doubt that coastal Virginia's commercial sector would save millions on utility bills if the region had access to long-term financing for clean energy and energy efficiency projects.

Navigating the Complexities of Hotel Financing
Hotels are different than any other commercial asset type because lenders must recognize the value in both the real estate and the ongoing operation. It is critical that borrowers understand all of their available sources for hotel financing, including mezzanine finance, EB-5, PACE, Opportunity Funds, and local municipal finance tools.

Leveraging Historic Tax Credits for Adaptive Reuse
Many developers don't realize that they may be able to finance a substantial portion of the project cost through the federal historic tax credit. Typically, people associate HTCs with designated landmarks or significant turn-of-the-century structures, but even a utilitarian 1960s warehouse could be eligible.

Bill Would Allow PAB Use for Carbon Capture
Sens. Rob Portman and Michael Bennet have introduced the Carbon Capture Improvement Act, which would allow PABs to finance the equipment necessary to capture carbon dioxide emissions and inject them into the ground.

NMTCs Bring Food Manufacturers to Chicago, IL
Civic Enterprise Development LLC is bringing a multitenant, premium food production facility to the Belmont Cragin neighborhood of Chicago–Amped Kitchens Chicago. LISC was the lead lender on the $16 million leverage loan and provided $4.5 million of NMTC allocation.

$157M Redevelopment Project to be Financed by Bonds, TIF
The Indianapolis City Council has approved two bond issues to help finance a $157 million downtown redevelopment project. The bonds will be repaid over a 22-25-year period with a combination of property taxes paid by the developer in a TIF district and lease payments on the city-owned, developer-operated garage.

Upcoming Events
CDFA Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

MI Utility Issuing Bonds to Transition from Coal
Michigan's Lansing Board of Water and Light is hitting the market to finance a new natural gas plant as the utility looks to reduce its reliance on coal-fired power. The utility based in Lansing will price $325 million of bonds. About $10 million of bonds will be offered to retail buyers, followed by the institutional pricing.

FL DFC to Issue $950M in Bonds for Virgin Trains USA
The Florida Development Finance Corp. plans to issue $950 million of short-term, tax exempt private activity bonds on June 13 for the privately owned passenger train project now known as Virgin Trains USA. The short-term structure is designed to allow the train company to comply with a deadline set by the U.S. DOT, which stated they must be issued by June 30.

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 // BNY Mellon Development Finance Webcast Series: The Landscape of Mega Project Incentives
Tuesday, June 18, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, expert speakers will provide an in-depth overview of the approaches currently being used by cities, counties, and states across the U.S. to attract mega projects.

This Week's Headlines

Erie, PA May Become Model for Federal Opportunity Zones
Erie News Now | Jun. 12 | Opportunity Zones

State Housing Finance Agencies Are Against Tribal Downpayment Assistance
JD Supra | Jun. 12 | Access to Capital | Housing Finance | Tribal Finance | U.S. Dept. of Housing & Urban Development (HUD)

Peoria, IL Envisions Food Hub to Connect Farmers to Communities
High Plains Public Radio | Jun. 12 | Agriculture Finance | Community Development | Economic Development | Food Systems Finance | Redevelopment

Huntingburg, IN to Add Solar Panels to Water Treatment Facility
The Herald | Jun. 12 | Revolving Loan Funds (RLFs) | Water Finance

Huntington, VA Housing Projects Receive $3M from State
Covering the Corridor | Jun. 12 | Community Development | Housing Finance | Public-Private Partnership (P3) Financing

Bozeman, MT Prepares $25M Bond Sale for High School Renovation
Bozeman Daily Chronicle | Jun. 12 | Bond Finance | Tax Increment Finance (TIF)

North Carolina HTC Bill Advances to Senate
Novogradac | Jun. 11 | Historic Preservation | Legislative | Tax Credits

Gardner City, MA Council OKs Borrowing $11M for Water Main Replacement
The Gardner News | Jun. 11 | Water Finance

PACE Funding Group, LLC Announces Completion of Its First C-PACE Financing
Cision PR Newswire | Jun. 11 | Community Development | Green Finance | Property Assessed Clean Energy (PACE)

Highland Park, IL Moving Ahead with $1.7M TIF District Lighting Project
Chicago Tribune | Jun. 10 | Tax Increment Finance (TIF) | Urban Development

Bronx, NY Apartments Receive $160M Rehabilitation
Bronx Times | Jun. 10 | Bond Finance | Housing Finance | Tax Credits | Urban Development

U.S. Opportunity Zone Legislation Is Moving Capital
Real Capital Analytics | Jun. 10 | Opportunity Zones

NOPEC Offer Financial Info to Help Business Energy Projects
The Morning Journal | Jun. 10 | Community Development | Property Assessed Clean Energy (PACE)

P3s Could Help Solve MI's Road-Funding Crisis
Crains Detroit Business | Jun. 10 | Infrastructure Finance | Public-Private Partnership (P3) Financing

AL Governor Signs State Incentive for OZ Investments
Novogradac & Company | Jun. 10 | Opportunity Zones | State Finance Program

SC JEDA Issues $67M for Senior Living Community
SC JEDA | Jun. 9 | Bond Finance | Community Development | Member News

Federal Agreement on Water Infrastructure Disaster Response Benefits NE
The Fence Post | Jun. 7 | Disaster Recovery & Relief | Infrastructure Finance | Revolving Loan Funds (RLFs) | State Finance Program | U.S. Environmental Protection Agency (EPA) | Water Finance

MD Governor Presses Forward with $11B Traffic Relief Plan
Transportation Today | Jun. 7 | Infrastructure Finance | Public-Private Partnership (P3) Financing

Delaware Clean Water Bill Faces Opposition Over Proposed Funding
Delaware Public Media | Jun. 7 | Bond Finance | Legislative | Water Finance

Rosemount, MN Explores How TIF Could Spark Downtown Redevelopment
Farmington Independent | Jun. 7 | Tax Increment Finance (TIF) | Urban Development

Flower Mound, TX Issues $30.5M in Bonds to Pay for Road, Park and Utility Projects
The Cross Timbers Gazette | Jun. 7 | Bond Finance | Infrastructure Finance | Water Finance


National Sponsor Spotlight

Ice Miller LLP Ice Miller LLP
Ice Miller is nationally recognized for its public-private partnerships (P3s), municipal bond and economic development experience. Ice Miller is a full service law firm dedicated to helping our clients stay ahead of a changing world. With over 340...
KeyBanc Capital Markets KeyBanc Capital Markets
KeyBanc Capital Markets is an investment banking firm serving issuers of tax-exempt debt for over 40 years. Their team identifies opportunities, designs financing structures and develops an array of solutions that meet and exceed clients' financial...
Kutak Rock LLP 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...

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 Development Bond Finance Reference Guide
The Development Bond Finance Reference Guide provides practitioners with a solid foundation for understanding the use of tax-exempt bonds, with an emphasis on small issue industrial development bonds and 501(C)(3) bonds.

New Members

Vermont Department of Economic Development - Montpelier, VT

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