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CDFA Brownfields Finance Update - April 2, 2019

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Brownfields Financing Update
April 2, 2019
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Brownfields Finance Update


Project Converting Factory to Lofts Wins Approval of Buffalo, NY Planning Board
A developer won approval for his $23 million project to convert an old factory into 80-85 apartments, 20,000 square feet of mini self-storage units, and around 65 parking spaces. The project also includes a remediation under the state Brownfield Cleanup Program, as well as use of both brownfield and historic tax credits.

Capital Stack Filled for Mixed-Use Redevelopment Project in Harlem, NY
Happy Living Development landed a $138M construction loan, and by bringing Enhanced Capital into the deal - who provided a mezzanine loan secured by brownfield tax credits - filled a void in the capital stack. When completed, the building will comprise 155 condominium units, a Fresh Food grocery store on the ground-floor, and parking spaces.

Flint, MI Grocery Project Would be Financed through CDBG, NMTCs, and TIF
The Fresh Start Hutchinson Neighborhood Grocery Store would be financed/funded through a $2.6 million HUD loan, a $1.5 million CRA grant from the state, $3 million in New Market Tax Credits, and tax increment financing. The proposed 25,000 square foot grocery store would be built in what is considered to be a food desert.

Brownfield Community Solar Project Completed In VT
A community solar array (a "brightfield") has been completed in Vermont. The project is located at a remediated brownfield property that was formerly used as a saw mill and lumber treatment facility. The solar array is expected to produce approximately 900,000 kWh per year, enough to power approximately 125 homes annually.

Will the IRS Include Brownfields Properties in OZ Regulations?
For brownfields properties, the “original use” and the “substantial improvement” requirements are potentially problematic. The EPA’s comments to the IRS recommend defining “original use” to incorporate brownfields properties located in QOZ as well as treating the environmental assessment, cleanup and other site preparation costs as expenses meeting the “substantial improvement” test.

City of Goshen, IN Creates Loan Fund for Polluted Properties
Through the new city program, grant and loan money up to a maximum of $500,000 per grant or loan is now available for developers in both the private and public sector who own, lease or have a purchase agreement in place for a brownfield property and who desire to assess or remediate it.

How Restore PA Could Help Combat Blight
Restore Pennsylvania, the $4.5 billion bipartisan proposal funded through a commonsense severance tax would help create new development opportunities and green space by providing financial resources at the local level to establish land banks and acquire and demolish blighted buildings.

Upcoming Events
CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: Emerging Structures for Investing in Low-Income Communities
Tuesday, April 23, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, our expert speakers will discuss the financing structure that supported Plaza 122, a place based specific solution for a community in need.

CDFA Brownfields Technical Assistance Program

Brownfields Financing Headlines

Brownfield Remediation Work Begins in Bristol, CT
The Bristol Observer | Apr. 1 | Brownfield Financing

Cleanup Loan Approved for East Chicago, IL Senior Housing Site
The Chicago Tribune | Apr. 1 | Brownfield Financing | Redevelopment | Tax Credits

Escanaba, MI Discusses Future of Empty Super One Foods Building
Upper Michigan's Source | Mar. 27 | Brownfield Financing | Redevelopment

22-Year Long Brownfield Remedial Investigation in St. Helens, OR Almost Complete
The Chronicle Online | Mar. 27 | Brownfield Financing | Redevelopment

Dormant Glass Plant Gets Funding from PA for Redevelopment
Observer-Reporter | Mar. 27 | Access to Capital | Brownfield Financing | Public-Private Partnership (P3) Financing | Redevelopment

Waterford, MI Approved for $12.9M Brownfield Tax Increment Financing
MI Headlines | Mar. 26 | Brownfield Financing | Tax Increment Finance (TIF)

Herkimer County, NY Hires Firm for EPA Site Assessments
Observer-Dispatch | Mar. 25 | Brownfield Financing

Developer Seeks to Demolish Former ExxonMobil Lab as Part of Remediation Project
The Buffalo News | Mar. 22 | Brownfield Financing | Redevelopment

Red Cedar Development Could Forever Change Lansing, MI
The State News | Mar. 21 | Brownfield Financing | Community Development | Tax Increment Finance (TIF) | Water Finance

Developer Asks City to Help Pay For Site Remediation
Herald and News | Mar. 17 | Brownfield Financing | Redevelopment

Chattanooga, TN to Begin Strategic Cleanup of Asbestos-Ridden Mill Site
ABC News Channel 9 | Mar. 16 | Brownfield Financing

Dollar General Looks to Locate New Store on Former Brownfield
MLive | Mar. 13 | Brownfield Financing

NJ Governor Proposes Renewed Brownfields Tax Credit
Insider NJ | Mar. 11 | Brownfield Financing | State Finance Program | Tax Credits

Highlights from the Online Resource Database

2019 CDFA Brownfields Financing Webinar Series: Brownfields to Brightfields - Redevelopment for a Brighter Future
Brownfield Financing | Webcasts
During this webinar, our panel of experts discussed when developing a Brightfield makes sense, how to overcome obstacles to Brightfield projects, and how to catalyze investment in the area surrounding a Brightfield.

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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CDFA National Sponsors

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
Become a Sponsor