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CDFA Brownfields Finance Update - March 5, 2024

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Brownfields Financing Update
March 5, 2024
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Brownfields Finance Update


Last Call to Apply for the 2024 Caren S. Franzini Fellowship!
The Caren S. Franzini Fellowship was created to develop and recognize outstanding women in the field of development finance for their leadership and dedication to the advancement of the industry. This 6-month fellowship program, run through the CDFA Foundation, is open to women employed by a CDFA member organization who have worked in the development finance industry for less than 10 years. Apply by Friday, March 15!

U.S. Interior Department Releases Draft Guidance for $1.5B to Address Legacy Pollution
The U.S. Department of the Interior released draft guidance to states on how to apply for up to $30 million each in matching grant funding available under the Bipartisan Infrastructure Law (BIL) to create jobs and clean up polluting and unsafe orphaned oil and gas wells across the country. Investments to date through the Department's Orphaned Wells Program Office, created by the BIL, are estimated to have supported 7,213 jobs and contributed over $900 million across the country. 

Register Today for the 2024 Federal Policy Conference!
Reserve your spot at the 2024 CDFA Federal Policy Conference on April 2-3, 2024, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and Grow America, will bring together leaders from the Biden administration, Congress, federal agencies, nonprofit organizations, and finance agencies who will discuss a range of federal legislative and policy topics. Interact with reps from the Department of the Treasury, the Small Business Administration, and the Environmental Protection Agency. Space is limited; act fast!

Groundwater Contamination at Nanuet, NY Thruway Plaza Prompts Cleanup
Thruway Plaza in Nanuet has applied to the New York State Department of Environmental Conservation's Brownfield Cleanup Program to remediate chlorinated solvents and petroleum products in the groundwater at the site. The likely source of the groundwater pollution was a dry-cleaning facility that operated at the former shopping center from 1992 through 2013.

Toby Rittner Featured in The Bond Buyer, Discussing Bonds & TIF to Support Casino Development in Aurora, IL
Toby Rittner, CDFA President and CEO, was interviewed by The Bond Buyer to discuss the city of Aurora's strategic use of bonds and tax increment financing (TIF) districts to support a new casino development. Within the $360 million total cost, the city's $50 million will come from a taxable bond issue, with the bonds paid back using revenues from the increment of one of Aurora's TIF districts. While sharing TIF components, Mr. Rittner also addressed the importance of trust, transparency, and inclusiveness.

Six Communities in Virginia Receive Brownfield Site Restoration Grants
Six communities in Southwest Virginia will receive grants totaling over $1.7 million from the Virginia Brownfields Restoration and Economic Redevelopment Assistant Fund (VBAF). The City of Danville Industrial Development Authority, the Town of Floyd, the City of Martinsville, Orange County, the Orange County Economic Development Authority, and the Town of Pound in Wise County received funding.

New CDFA-Bricker Graydon Webinar Series: Transforming Communities with Targeted Tools
Register now for the new CDFA-Bricker Graydon Webinar Series on Transforming Communities with Targeted Tools! This event series will highlight how targeted tools - like tax increment finance (TIF), property-assessed clean energy (PACE) finance, and special assessment districts - can be used to revitalize communities by addressing specific geographic areas and difficult-to-finance sectors within a community.

$458K to Cornerstones of Care for Brownfields Job Training in Kansas City, MO
EPA Region 7 Administrator Meg McCollister presented a $458,000 ceremonial check to Cornerstones of Care for a Brownfields Job Training Grant. Through its Build Trybe training program, Cornerstones of Care plans to train 50 students and place at least 25 in environmental jobs.

Upcoming Events
2024 CDFA Federal Policy Conference

SSBCI Learning Series - Promoting Success: Best Practices for Highlighting SSBCI Programs
March 12, 2024 - 2:00 PM - 4:00 PM Eastern
SSBCI is routinely heralded as the "most important small business program you've never heard of." In this session, speakers will discuss the importance of highlighting success and provide best practices for demonstrating the economic benefits of SSBCI programs.

CDFA-TEDC Webinar: Creative Approaches and Strategies for Bond Financing
March 20, 2024 - 10:30 AM - 12:00 PM CT
During this installment of the CDFA-TEDC Webinar, speakers will introduce the different types of bonds relevant to economic development practitioners, explore the significant role these tools play in mobilizing capital, and how to best deploy this form of financing.

Brownfields Financing Headlines

Changes Come to Tazewell, VA With a Redevelopment Grant
WVVA | Mar. 1 | Brownfield Financing | Community Development | Redevelopment

Seaford, DE Looks to Revamp Old Power Plant
WBOC | Feb. 27 | Brownfield Financing | Community Development | Redevelopment

Janesville, WI Council Plans Next Steps for Former GM Assembly Plant Site
WMTV 15 News | Feb. 27 | Brownfield Financing | Community Development | Redevelopment

Huge Demolition Project in Akron, OH
Fox 8 | Feb. 26 | Brownfield Financing | Community Development | State Finance Program

Tinley Park, IL Mental Health Facility Demolition to Begin Following Cleanup Efforts
Fox 32 | Feb. 26 | Brownfield Financing | Community Development | Redevelopment | State Finance Program

New Luxury Community Breaks Ground in Fort Worth, TX
Multi-Housing News | Feb. 23 | Brownfield Financing | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Haines, AK Looks to Clean Up 130 Truckloads of Contaminated Soil
KHNS | Feb. 19 | Brownfield Financing | Community Development | State Finance Program

$11.4M Downtown TIF Development on the Ballot in St. Albans, VT
WCAX 3 | Feb. 19 | Brownfield Financing | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

Danville, VA Banks a $500K Grant to Fix up the Former Masonic Temple
abc 13 News | Feb. 13 | Brownfield Financing | Community Development | Redevelopment | State Finance Program

New York Governor Advances Proposals to Build More Than 5,300 Units of Housing
New York State Governor's Office | Feb. 9 | Brownfield Financing | Community Development | Housing Finance

Orange County, VA Projects Get Grant Funding for Brownfield Remediation
CBS 19 News | Feb. 7 | Brownfield Financing | Community Development | State Finance Program

Michigan Senator Commends State Funding for Cleanup of Former Buick City Site
Office of Senator John Cherry | Jan. 31 | Brownfield Financing | Community Development | State Finance Program

$87.5M in Site-Ready Grants Includes $17.5M for Lowell, MI
Wood TV | Jan. 30 | Brownfield Financing | Community Development | State Finance Program

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.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300


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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon 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
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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