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Food and Agriculture Finance Update - November 14, 2017

CDFA Food and Agriculture Finance Update
November 14, 2017
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NCOSAFP & CDFA Food & Agriculture Finance Update


Chicago Food Policy Action Council Secures Good Food Purchasing Program
The Chicago Food Policy Action Council (CFPAC) applauded the City of Chicago for adopting a resolution that will transform the way agencies purchase food and will work by promoting health and well-being to Chicagoans while creating a sustainable, socially responsible food system that has the potential of returning millions of dollars to local, food-based businesses and entrepreneurs.

Baton Rouge Calls for Food Access Funding
As the Metro Council prepares to take up Mayor Sharon Weston Broome's proposed $918 million budget for next year, Together Baton Rouge is calling on the mayor to fund an initiative she backed on the campaign trail to increase food access in the parish's many food deserts.

Springfield, MA, Approves $7.5M in Bonds to Fund Food Service Center
The Springfield, Massachusetts, City Council approved a bond order of $7.5 million for the second phase of an estimated $21 million, state-of-the-art food service building on Cadwell Drive in East Springfield.

Year-Round Market Searching for Funding in Louisville, KY
Louisville may soon join the list of cities that have a year-round indoor farmer's market. The Logan Street Market, backed by Mike Safai, is tentatively scheduled to open next year in the Shelby Park neighborhood. Financing the project will come from donations, banks, and sponsorships for equipment.

After More Delays, Garver Feed Mill Redevelopment to Move Forward in Madison, WI
After missing two more deadlines, a developer is poised to meet final city conditions and start a much-anticipated, long-delayed $19.8 million remake of the crumbling, landmark Garver Feed Mill and surrounding property on the East Side. The building will be redeveloped into an artisan food production facility.

Chicago Food Business Incubator Uses NMTC
The 67,000-square-foot facility in Chicago's East Garfield Park plans to support local food and beverage entrepreneurs by providing them with tools, resources and networking opportunities that will encourage success. The project was made possible by $8 million in city funding plus support through the New Markets Tax Credit. .

Federal Reserve Bank of Boston to Host Food Finance Meeting on November 15
The Federal Reserve System and USDA have partnered to develop a book, entitled Harvesting Opportunity, focused on the community and economic development opportunities of investing in regional food systems. In connection with the book's release, the Fed and USDA are co-hosting regional meetings to advance local work on regional food systems strategies.

$130M Approved for Starbucks Coffee Plant Expansion in GA
Augusta's economic development agency recently signed off on a $130 million industrial revenue bond issue to fund Starbucks' plant expansion.

$1.5M HFFI Loans Fund Food Market in Vinton County, OH
The 12,000 sq. ft. Campbell's Market which opens this month was paid for with $1.5 million in incentives and loans to the Campbell Family, through the Healthy Food Financing Initiative. 

VEDA Approved $198.9M in Financings in FY17, Ag Highest Ever
VEDA approved 344 financings in FY2017 totaling nearly $199 million. Of the $199 million, VEDA made 135 loans for $26.5 million through the Authority's agricultural lending program, the Vermont Agricultural Credit Corporation (VACC) in FY 2017 -- outpacing all prior years.

Impact Investors Flock to Sustainable Agriculture
Behind a high-profile obsession with the "Next Big Thing" in venture capital, a number of impact investors are also raising capital for other types of food and agriculture projects that they believe have the potential to fix a broken food system.

New EDA RLF Will Assist HI Agriculture Businesses
The funding is expected to create and retain 120 jobs in Hawaii and help to expand Hawaii's agricultural job market, contribute to the development of a growing, self-sufficient food system throughout the state, and increase access to locally sourced, healthy food.

Upcoming Events
CDFA Florida Conference

The National Council of State Agricultural Finance Programs provides national representation for states that operate finance programs for farmers, ranchers, and the agricultural industry. Organized in 1984, the NCOSAFP is a non-profit organization that provides a forum for sharing ideas and serves as an information clearinghouse for its member state agencies. The Council provides information about state programs on farm finance issues and legislation developing in Washington, D.C. In addition, the Council is involved in the promotion and support of rural economic development programs. For more information about NCOSAFP, visit www.stateagfinance.org.

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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