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CDFA Brownfields Finance Update - April 7, 2020

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Brownfields Financing Update
April 7, 2020
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Brownfields Finance Update

Features

CDFA Publishes COVID-19 Resource Center, Will Host Weekly Briefings
CDFA developed the COVID-19 Resource Center to serve as a central hub of everything the development finance world is doing to mitigate the impacts of COVID-19. CDFA's Weekly Development Finance COVID-19 Briefings will highlight these mitigation and recovery efforts.

Pollution Cleanup in Charleston, SC Prepares for Peninsula's Largest Development
Having already undergone $47 million of cleanup work to bring the Magnolia site up to federal standards for industrial development. Another $30 million is being spent by the latest owner, Highland Resources, to make it suitable for residential development.

Toledo, OH Issues Loans, Grants Loan Deferrals
In response to the COVID-19 pandemic, the Kapszukiewicz administration will grant a six-month deferral on principal and interest payments on all Enterprise Development Loans and Brownfield Revolving Loan Fund loans issued by the city of Toledo.

Additional $5M In Brownfield RLF Funding
The Small Business Liability Relief and Brownfields Revitalization Act authorizes the EPA to make additional funds available in any year based on the demand for the funding. Due to high demand, the EPA announced that it is offering an additional $5,000,000 to recipients of its Brownfield revolving loan fund agreements in fiscal year 2020.

NJIT Launches NJ Brownfields Assistance Center
New Jersey communities grappling to bring damaged properties to productive reuse will now be able to turn to New Jersey Institute of Technology experts for advice, as the university recently launched NJ Brownfields Assistance Center. The New Jersey Economic Development Authority provided NJIT with the funding to establish the center.

EPA Gives More Time to Applicants for Brownfield Funding
The EPA is extending by two weeks, to April 22, its deadline for Brownfields Revolving Loan Fund applications due to the coronavirus. The EPA made an additional $5 million available in March.

Superfund and Windfall Liens
The EPA listed the cleanup of contaminated properties and their return to productive economic and community use as one of its top three priorities. Among its goals, the Agency stated that it wants to make 255 additional Superfund sites and 3,420 additional brownfield sites ready for anticipated use by September 2022.

Midland City, MI Council Approves Tax Incentive
The council hosted a public hearing to approve a Brownfield tax incentive for the former Midland Daily News building located in downtown Midland, which was purchased by Shaheen Development in 2017.  To help cover the cost of the environmental remediation costs, Shaheen applied to the city for a $2.9 million Brownfield tax incentive, which would capture the new taxable value of the property once developed, and reimburse Shaheen up to that amount.

Upcoming Events
Intro Property Assessed Clean Energy (PACE) Finance WebCourse

CDFA-ARI Rural Finance Webinar Series: COVID-19 Response Resources for Local Leaders
Wednesday, April 15, 2020 - 1:00 PM - 2:30 PM Central
During the first installment of the CDFA-ARI Rural Finance Webinar Series, we will explore the immediate response and resources at the state, local, and national levels that local leaders can use to reduce the impact of this crisis.

CDFA Food Systems Finance Webinar Series: Disaster Recovery for the Food System
Thursday, April 16, 2020 - 2:00 PM Eastern
During the first installment of the CDFA Food Systems Finance Webinar Series, we will explore creative financing efforts being launched to support our local food economies during this time of unprecedented crisis.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

Lendlease Sells 16-MW Solar Project to NextEra Energy
Solar Power World | Apr. 3 | Brownfield Financing | Energy Finance

EPA Reviews of Maine Superfund Sites
EPA | Apr. 6 | Brownfield Financing

What's in the New York Budget That Could Affect Your Business
Albany Business Review | Apr. 3 | Brownfield Financing | Disaster Recovery & Relief | COVID-19

EPA Selects $21M Cleanup Plan at the St. Regis Superfund Site
EPA | Apr. 2 | Brownfield Financing

New York Environmental Regulator Issues Guidance on Cleanup Activities
National Law Review | Mar. 31 | Brownfield Financing | Disaster Recovery & Relief | COVID-19

EPA Finishes Work at Former Tonawanda Coke Site
The Buffalo News | Mar. 27 | Brownfield Financing

EPA Amends Cleanup Plan for Zone 1 of USS Lead Superfund Site
EPA | Mar. 27 | Brownfield Financing

Red Cedar Officials Evaluating Options After Brownfield Denial
Lansing Michigan Journal | Mar. 24 | Brownfield Financing

Two Projects Would Mean More Places to Live in Downtown Marine City
The Times Herald | Mar. 22 | Brownfield Financing | Tax Increment Finance (TIF)

EPA Releases Proposed Cleanup Plan for Keystone Corridor Superfund Site
EPA | Mar. 18 | Brownfield Financing

Traverse City, MI Could Buy More Land
Traverse City Record Eagle | Mar. 16 | Brownfield Financing | Tax Increment Finance (TIF)

EPA Begins Review of Woodford, VT Superfund Site
EPA | Mar. 13 | Brownfield Financing

EPA Begins Review of Massachusetts Superfund Sites
EPA | Mar. 13 | Brownfield Financing

Stafford, CT Ramps up Effort to Remediate Brownfields
Journal Inquirer | Mar. 13 | Brownfield Financing

EPA Reviews Rhode Island Superfund Sites
EPA | Mar. 12 | Brownfield Financing



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
info@cdfa.net

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CDFA National Sponsors

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  • Z. The Bond Buyer
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