Development Finance Review Weekly - March 7, 2019
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Feature |
Commentary: The Problem With Opportunity Zones
By waiving capital-gains taxes for long-term investments in more than 8,000 designated census tracts around the country, Opportunity Zones are intended to stimulate commerce and create jobs in economically distressed communities. Unfortunately, without strong reporting requirements, it will be impossible to determine the true value of the incentive.
Reps. Blumenauer and Walorski Introduce the Move America Act
Reps. Earl Blumenauer (D-OR) and Jackie Walorski (R-IN) have introduced the Move America Act, which would support national water and transportation infrastructure. The bill creates a new category of PABs called Move America Bonds, and creates Move America Credits to leverage private equity investment at a lower cost for states.
Chicago, IL's Lincoln Yards Tweaks Plan Again, Adds More Affordable Housing
Developer Sterling Bay announced more tweaks to its controversial Lincoln Yards master plan—just two days before the $6 billion North Branch project is scheduled to go before the city's Zoning Committee for another key vote. The massive $6B TIF district was approved by the Chicago CDC in February.
Senate Leadership Unveils Tax Extender and Disaster Relief Act
Chairman Grassley (R-IA) and Ranking Member Wyden (D-OR) have announced legislation that would retroactively extend tax provisions that expired at the end of 2017 and 2018 through the balance of this year and provide disaster tax relief benefits to individuals and businesses affected by major disasters occurring in 2018.
$7.8M PACE Financing Supports Energy Upgrades in L.A. Property
CleanFund has announced the provision of $7.8 million for the energy, water, and related infrastructure improvements supporting the adaptive re-use of The Garland, a Los Angeles mixed-use property in the burgeoning Broadway Theater District that is also home to the Globe Theatre.
RESEED Recovery Fund Available for NC and SC Farmers
The RESEED Recovery Fund provides affordable loans to farmers in North Carolina and South Carolina who were affected by Hurricanes Florence and Michael. Any NC or SC farmer or value-added producer with documented farm sales of more than $5,000 in 2017 or 2018, who sustained damage from Hurricanes Florence or Michael is eligible. Loans range in size from $2,500 to $10,000.
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Upcoming Events |
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News from |
The latest municipal finance headlines from The Bond Buyer.
Revenue Bond Deal Funds Electric Transmission Network
The Lower Colorado River Authority, one of the largest wholesale electricity providers in Texas, will take out commercial paper and callable bonds with $369.7 million of revenue refunding bonds. The bonds issued for LCRA's Transmission Services Corp. will retire about $300 million of commercial paper and private notes.
Sen. Schumer Pushes for Solution to Stalled Gateway Project
Complaining of obstructionist politics, Sen. Chuck Schumer has announced that he will propose a legislative solution to jump-start the stalled Gateway project. The Gateway Project is a $12.7 billion plan to upgrade the 110-year-old rail tunnel that links Manhattan and New Jersey.
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 Quarterly Legislative Update: 2019 Q1
March 13, 2019 - 2:00 PM Eastern
The CDFA Legislative Team will be hosting its first Quarterly Legislative Update of 2019, where we'll discuss the latest news on CDFA advocacy efforts. The primary topics for discussion will include a progress report on pending CDFA legislation, a discussion of the 2019 CDFA Policy Agenda, as well as what to expect from Congress in the coming months.
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This Week's Headlines |
Five Ways Congress May Try to Fix the Highway Trust Fund
Roll Call | Mar. 6 | Legislative | Public-Private Partnership (P3) Financing | U.S. Dept. of Transportation (DOT)
City of Owensboro, KY Unveils New Interactive, Online Map
Messenger-Inquirer | Mar. 6 | Innovation Finance | Tax Increment Finance (TIF)
Belle Plaine, MN Takes First Steps Toward TIF-Funded Apartments
Belle Plaine Herald | Mar. 6 | Community Development | Tax Increment Finance (TIF)
Tapping Immigrant Roots to Side-Step Traditional Food Financing
Daily Planet | Mar. 5 | Access to Capital | Food Systems Finance
Covington, OH Aims to Create Downtown District
Piqua Daily Call | Mar. 5 | Revolving Loan Funds (RLFs) | Special Assessment Districts
The Chobani Food Incubator for Young Food Startups
Business Insider | Mar. 5 | Food Systems Finance
Petoskey, MI Taking Early Steps to Ready 'Priority' Sites for Development
Petoskey News-Review | Mar. 4 | Brownfield Financing | Redevelopment | Tax Increment Finance (TIF)
Researchers Question Automation Incentives
Smart Incentives | Mar. 4 | Incentives
Focusing on Mitigating Risks a Helpful Redevelopment Strategy
Port Strategy | Mar. 3 | Brownfield Financing | Green Finance | Recommended Practices | Redevelopment
In Wake of Cancer Cluster Concerns, EPA Tests Soil in South Patrick Shores, FL
Graham Media Group | Mar. 3 | Brownfield Financing | Disaster Recovery & Relief | U.S. Environmental Protection Agency (EPA)
Private Money Takes On Bigger Role in Airport Projects
The New York Times | Mar. 3 | Public-Private Partnership (P3) Financing
Removing Lead from MN Water Could Cost $4B
Star Tribune | Mar. 1 | Revolving Loan Funds (RLFs) | Water Finance
How the P3 Approach Solves Ocean Pollution
Forbes | Mar. 1 | Public-Private Partnership (P3) Financing
MD Offers Energy Storage Tax Credit
Microgrid Knowledge | Mar. 1 | Energy Finance | State Finance Program | Tax Credits
KY Education and Workforce Development Officials Working Together
The Lane Report | Mar. 1 | Economic Development
WEDC Budget Proposal Aims to Reduce Outsourcing, Encourage Renewable Energy
The Journal Times | Mar. 1 | Economic Development | Energy Finance
Lancaster, PA Pushes State to Allow RLF Program
Lancaster Online | Mar. 1 | Access to Capital | Revolving Loan Funds (RLFs)
Restructure Loan Program Available for MN Farmers
Wahpeton Daily News | Mar. 1 | Access to Capital | Agriculture Finance
Louisa County, VA Proposes Fund to Support Small Businesses
The Virginian | Mar. 1 | Access to Capital | Revolving Loan Funds (RLFs)
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National Sponsor Spotlight |
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NW Financial Group, LLC
NW Financial Group LLC is the premier Financial Advisory / Municipal Underwriting firm in the Northeast whose experienced professionals provide unparalleled expert advice to States, Local Governments and Authorities. The professionals that make up...
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SB Friedman Development Advisors
SB Friedman Development Advisors is a real estate and development advisory firm specializing in development strategies and public-private partnerships. Founded in 1990, they work with public, private and institutional clients. Their mission is to...
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Squire Patton Boggs
Squire Patton Boggs has come together to combine the strength, influence and resources of Squire Sanders and Patton Boggs. Their global team of over 1500 lawyers across 44 offices in 21 countries is ready to support their clients – wherever law,...
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Partner Spotlight |
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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 |
Greater Chillicothe & Ross County Development - Chillicothe, OH
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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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