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CDFA Brownfields Finance Update - October 6, 2018

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Brownfields Financing Update
October 6, 2018
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Brownfields Finance Update


CDFA Consults on Redevelopment of Historic Pajama Factory in Williamsport, PA
CDFA is pleased to release the latest Roadmap to Redevelopment report for the Pajama Factory in Williamsport following a site visit in August. The report provides financing strategies to accelerate the redevelopment of an eight-building complex into a creative community featuring artist residences and work studios, retail opportunities, and event space.

Brownfield Land Map Tool Could Help Local Authorities Identify Housing Sites
The National Housing Federation (NHF) has identified and mapped more than 17,000 brownfield sites, totalling around 27,700 hectares, which could provide space for more than 961,000 homes. This tool has the potential to help tackle the housing crisis, when applied on a wider scale, says the National Federation of Builders (NFB).

Brownfields Grant to Help Build Solar Farm in South Kingstown, RI
The state is helping a private company build a solar farm on Gravelly Hill Road, the state Department of Environmental Management said. The Gravelly Hill Farm Solar Array will collect $306,000 to clean up the property, which was formerly a dump. The project is expected to create 40 construction jobs and two permanent jobs.

DEM in RI Awards $2.6M in Brownfields Grants to 12 Projects
The Rhode Island Department of Environmental Management (DEM) has announced its latest round of Brownfields Grant Awardees. This round of awards will see 12 projects across six cities and towns split $2.6 million in funding that was made available by the 2016 Green Economy Bond.

Funding Announced for Cleanup of 11 Former PA Industrial Sites
Governor Tom Wolf announced 11 new approvals through the Industrial Sites Reuse Program (ISRP) that will clean up former industrial sites in Pennsylvania to prepare them for occupation by businesses and residential properties. Because no redevelopment can occur at these properties if they still contain environmental contamination, developers must first undergo extensive environmental cleanup before the property can be put into productive reuse.

100 Resilient Cities Receives $200K Grant for Community Development Finance Pilot
The Bank of America Charitable Foundation has granted $200,000 to 100 Resilient Cities (100RC) to engage the community development finance sector in resilience projects. The project will help the cities in the 100RC network, 25 of which are in the United States, identify resources to help their urban resilience projects come to fruition.

NJ EDA Launches 21st Century Redevelopment Program
The New Jersey Economic Development Authority (EDA) announced a program that will provide planning grants for communities to develop solutions for repurposing local vacant or underutilized commercial and retail properties. The program will provide planning grants for communities to develop solutions for repurposing local vacant or underutilized commercial and retail properties.

MA Extends Brownfields Tax Credit Program Until 2023
The Brownfields Tax Credit program is important to incentivize innocent developers (i.e. those that did not contaminate the property or own the property when it was contaminated) to clean up and develop contaminated sites. Currently, there are an estimated 40,000 hazardous waste sites in Massachusetts ranging from small oil spills to Superfund sites.

DEED Awards $2.16M for Redevelopment Projects in MN
The agency awarded seven grants under its Redevelopment Grant Program for projects in Battle Lake, Edina, Fridley, Mankato, Minneapolis (two) and Winona, Minnesota. In addition, DEED approved a loan from its Demolition Loan Program for a project in Braham. The projects will create or retain 1,822 jobs and increase local tax bases by $2.6 million.

Upcoming Events
CDFA National Development Finance Summit

Financing Economic Recovery in the Wake of Disaster
November 14, 2018 - 2:00 - 4:00 PM Eastern
In this CDFA webinar, you'll learn from experienced development finance practitioners on how to finance the recovery and redevelopment of communities following a disaster, as well as the types of finance tools available to communities on the federal, state, and local level.

CDFA - PFM Capital Markets Webinar Series
November 28, January 11, February 7, March 14, April 16, May 7 - Monthly: 2:00 - 3:30 PM Eastern
The Webinar Series will feature the industry's top leaders discussing case studies, challenges, opportunities and critical issues in today's capital markets. Topics covered include bond market insights, understanding the regulatory environment, refunding and structuring strategies, effects of tax reform, and tips for engaging municipal advisors.

CDFA Brownfields Technical Assistance Program

Brownfields Financing Headlines

Newport, RI Properties Awarded $250K Each for Remediation/Redevelopment
NEWP | Nov. 1 | Brownfield Financing

Tour Showcases Brantford, Canada Brownfield Projects
The Expositor | Nov. 1 | Brownfield Financing

Wilmington, DE Planners Talk Brownfield Redevelopment Plan
Delaware Public Media | Nov. 1 | Brownfield Financing

Ford City, PA Manufacturer Seeks Option on Brownfield Property
The Kittanning Paper | Nov. 1 | Brownfield Financing

$400K Grant Helps Clean up Former Cranston, RI Police Station
Cranston Patch | Nov. 1 | Brownfield Financing

$50M Mill in Vicksburg, MI Gets Council Approval
Second Wave | Nov. 1 | Brownfield Financing

Warren, MI OKs $4.3M for Construction of Second Civic Center
Macomb Daily | Oct. 22 | Brownfield Financing | Tax Increment Finance (TIF)

ID RLF Receives $19M Boost From U.S. EPA
Idaho Press | Oct. 22 | Brownfield Financing | Revolving Loan Funds (RLFs)

Two Industrial Sites in Berks, PA Receive Grants for Environmental Cleanup
Reading Eagle | Oct. 19 | Brownfield Financing

IL City Plans to File for Abandonment to Clean Up Property
Sauk Valley | Oct. 17 | Brownfield Financing | Economic Development

Former Pittsburg, KS Smelter Site Being Cleaned up for Redevelopment
The Joplin Globe | Oct. 17 | Brownfield Financing

Former Claremont, NH Hazwaste Site Deemed Ready for Development
NH Business Review | Oct. 17 | Brownfield Financing

Loan Approved for Environmental Cleanup in Hammond, IN
Chicago Tribune | Oct. 11 | Brownfield Financing | Revolving Loan Funds (RLFs)

Clock Shop Lofts Get $800K Clean Up Loan
New Haven Independent | Oct. 10 | Brownfield Financing | Revolving Loan Funds (RLFs)

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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