Development Finance Review Weekly - June 23, 2022
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Features |
Denver, CO Airport Plans to Issue Nearly $4B in Debt As It Looks Ahead to More Projects
Denver International Airport has won city leaders' approval to issue nearly $4 billion in bonds, a massive amount that will help pay both for big-ticket projects and to refinance old debt. The new bonds include one that will replace a short-term $700 million bond issued last year to raise immediate cash for the projects while DIA was working out its longer-term capital plans.
UAPB Helps Arkansas' Small Farmers Obtain USDA-NRCS Funding
Socially-disadvantaged farmers in Arkansas benefit from a decades-old partnership between the University of Arkansas at Pine Bluff and the U.S. Department of Agriculture Natural Resources Conservation Service. UAPB and NRCS work together to provide timely information and resources to minority farmers and landowners to aid them with conservation.
Act Now to Claim Federal Water Infrastructure Dollars
The bipartisan infrastructure package Congress passed last fall appropriated a landmark $8.3 billion for investment in western water, along with $50 billion earmarked for projects to bolster resilience to climate change. Collectively, the infrastructure package is the largest investment in water infrastructure and the resilience of physical and natural systems in American history.
Avalon Housing Awarded $1.5M in Tax Credits for Affordable Housing in Ann Arbor, MI
A 50-unit affordable housing portion of sustainable housing development in Ann Arbor on Platt Road, The Grove at Veridian, has received $1.5 million in tax credits. Avalon Housing will help develop the new units, which are part of 150 planned for the mixed-income housing site near County Farm Park by Tree Town real estate firm Thrive Collaborative.
Tax Credit Promoted for Investments in Underserved Mississippi Communities
U.S. Senators Roger Wicker and Cindy Hyde-Smith joined Senators Mark Warner and Chris Van Hollen, in introducing the Community Development Investment Tax Credit Act (S.4418). The legislation would promote economic development in rural, minority, and low-income communities through a tax credit structure to attract greater private-sector investments in CDFIs.
Muscatine, IA Council Moves Closer to Establishing TIF District Along Riverfront
The Muscatine City Council voted to approve the establishing of a Tax Increment Finance district along the riverfront. The proposal is for a five-story, mixed-use building with a residential mix of studios. The ground floor would consist of 6,000 square feet of micro-retail and retail space. TIF rebates over 15 years could provide a total rebate of $4 million.
New TIF Districts Move Forward in Greenfield, IN
The creation of two new special taxing districts moved one step closer to completion this week as county officials hurry ahead of an upcoming state law. If the expected total costs and benefits of proposed investment in an innovation development district are over $2 billion, the state can create and manage the district on its own without the involvement of local leadership.
The Infrastructure Bill and the Future of the Freight Transportation Industry
When President Joe Biden signed the $1.2 trillion infrastructure bill in November, it sent ripples of hope and speculation across the freight industry. Trucking associations and supply chain experts voiced strong support for what improved highways, bridges, and roads will do for freight carriers, shippers, and brokers.
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Upcoming Events |
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News from |
The latest municipal finance headlines from The Bond Buyer.
Alabama Plans $725M Sale of Tax-Exempt Prison Revenue Bonds
Alabama vowed last year it would go forward with a project to build two new prisons and next week it plans to fulfill its promise to do it, even as it jettisoned the controversial private-prison model that caused it so much grief. The Alabama Corrections Institution Finance Authority will price $725 million of tax-exempt revenue bonds.
American Dream Mall in NJ Faces New Bond Woes
The municipal bonds that helped finance the nation's second largest mall are showing signs of wobbling. The American Dream mall in East Rutherford, New Jersey, was delayed for years, then opened shortly before the COVID-19 pandemic.
CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. The Bond Buyer offers CDFA State and Local Members a 55% discount off of the Issuer Rate. Contact CDFA for more information.
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Upcoming Webcasts |
CDFA EC-Tech Initiative Info Session
June 30, 2022 - 4:00 - 5:00 PM Eastern
The CDFA EC-Tech (Equitable Capital Technology) Initiative is a comprehensive solution for DFAs working to implement stronger lending for minority business owners. This informal event is an opportunity for organizations interested in joining to see a demonstration of Presta's end-to-end lending platform and have questions answered about applying to or participating in the initiative.
CDFA // BNY Mellon Development Finance Webcast Series: Development Finance and the Cannabis Industry
Tuesday, July 19, 2022 - 2:00 PM - 3:00 PM Eastern
Across the country, 18 states have legalized recreational marijuana, and this list is expected to continue growing in the years to come. In this webcast, we will explore the creative financing approaches that are providing capital to the emerging cannabis industry, and the economic benefits to states that have legalized the sale of recreational and medical marijuana.
CDFA Infrastructure Finance Learning Series: Preparing for Federal Grant Applications
Tuesday, August 9, 2022 - 1:00 PM - 4:00 PM Eastern
Applying for federal grants is a competitive process that requires a significant amount of time and planning prior to submission. It is essential for applicants to know how to navigate the available funding sources and prepare the necessary information to apply well in advance. This session will provide guidance and best practices on the various components of a federal grant application.
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This Week's Headlines |
US Ignite Says Cities Need All the Help They Can Get Navigating Broadband Funding
Fierce Telecom | Jun. 23 | Community Development | Infrastructure Finance
Hydroponic Lettuce Grower Raises $300M in New Capital
Food Business News | Jun. 21 | Access to Capital | Agriculture Finance | Food Systems Finance
Miami-Dade County, FL Urges Feds to Push Down Loan Interest on Farmland
Miami Today | Jun. 21 | Access to Capital | Agriculture Finance | Federal | Legislative | Rural Development | U.S. Dept. of Agriculture (USDA)
Michigan Milling Company Adding New Flour Mill
World-Grain | Jun. 21 | Access to Capital | Agriculture Finance | Incentives | Rural Development | State Finance Program
Supply Change Capital Closes Equity Investment from Bank of America
PRNewswire | Jun. 21 | Access to Capital | Food Systems Finance | Incentives | Innovation Finance | Social Finance
Tennessee Agribusinesses Can Apply for Ag Enterprise Fund Cost Shares
The Greenville Sun | Jun. 21 | Access to Capital | Agriculture Finance | State Finance Program
BFA Announces $61M in New Lending Programs for New Hampshire Businesses
InDepthNH | Jun. 20 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs) | Rural Development | Social Finance | State Finance Program
Covington, KY Officials Get State Approval for $45M TIF District
News-Graphic.com | Jun. 20 | Economic Development | Redevelopment | Tax Increment Finance (TIF)
Oklahoma Ag Department Offers Funding Opportunities
The Journal Record | Jun. 20 | Access to Capital | Agriculture Finance | Rural Development | State Finance Program
Arkansas Awaits $81.7M for Rural Businesses
Arkansas Democrat Gazette | Jun. 17 | Access to Capital | Federal | Rural Development | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury
Community Development Agency Approves Construction of Senior Townhomes in Lexington, KY
Lexington Clipper-Herald | Jun. 17 | Housing Finance | Redevelopment | Tax Increment Finance (TIF)
Emerging Minnesota Farmers Get a Boost in the Form of Down Payment Assistance
Minnpost | Jun. 17 | Access to Capital | Agriculture Finance | Legislative | State Finance Program
MOBUCK$ for Missouri Small Businesses, Farms, and Communities Seeking Affordable Capital
KTTN | Jun. 17 | Access to Capital | Agriculture Finance | State Finance Program
USDA Announces Assistance for On-Farm Food Safety Expenses for Specialty Crop Growers
USDA | Jun. 17 | Access to Capital | Agriculture Finance | Federal | U.S. Dept. of Agriculture (USDA)
Bill Introduced to Boost Economic Growth in Black, Brown & Low-Income Communities
Mark R. Warner | Jun. 16 | Access to Capital | Community Development | Economic Development | Legislative | Tax Credits
Boosting Rural America's Housing Supply with USDA's Construction-to-Permanent Financing Program
USDA | Jun. 16 | Access to Capital | Federal | Rural Development
Grow-NY Wants to Award $3M to Agrifoodtech Startups
AgFunder Network | Jun. 16 | Access to Capital | Agriculture Finance | Food Systems Finance | Innovation Finance | Resiliency
New Delta Protections Part of House Water Infrastructure Bill
Oakdale Leader | Jun. 16 | Legislative | Water Finance
$20M Bond Referendum May Help Pay for Dams in NC
Stateportpilot.com | Jun. 16 | Bond Finance | Infrastructure Finance
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New Additions to the Online Resource Database |
Treasury SSBCI FAQs Updated 06-22-2022
Access to Capital | Economic Development | Federal | State Small Business Credit Initiative (SSBCI)
This document outlines the U.S. Department of the Treasury's State Small Business Credit Initiative (SSBCI) Frequently Asked Questions which were updated on June 22, 2022. Some of the questions answered in this document include the upcoming SSBCI Capital Program deadlines, the process for application approval, and when the applications will be reviewed.
Food Innovation: Investing to Feed Our Future
Access to Capital | Agriculture Finance | Federal | Food Systems Finance | Innovation Finance | Resiliency
The Franklin Templeton Institute, a global investment management organization, released its latest insights paper, "Food innovation: Investing to feed our future," focusing on the innovation and investments needed to feed a growing global population in the face of climate change and geopolitical conflict.
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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. Their firm serves local, regional and national clients in a practice that spans a wide range of disciplines. They encourage their attorneys to take...
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McGuireWoods
With 1000 lawyers and 21 strategically located offices worldwide, McGuireWoods LLP uses client-focused teams to serve public, private, government, and nonprofit clients from virtually every area of the law. To complement their services, they offer...
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MuniCap, Inc.
MuniCap, Inc. is a public finance consulting firm based in Columbia, Maryland that specializes in the public finance aspects of redevelopment. MuniCap is headquartered in Columbia, Maryland, with additional offices located in Dallas, Texas,...
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CDFA Bookstore |
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Tax Increment Finance Best Practices Reference Guide 2nd Edition
The Tax Increment Finance Best Practices Reference Guide 2nd Edition addresses what TIF is, why it should be used, and how best to apply the TIF tool. This guide highlights both TIF and special assessment projects across the country and how they can be applied to address common economic development issues.
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New Members |
Central Ohio Community Improvement Corporation - Columbus, OH
Northern Tier Regional Planning and Development Commission - Towanda, PA
Virginia Department of Transportation - Richmond, VA
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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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