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CDFA Brownfields Finance Update - August 1, 2023

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Brownfields Financing Update
August 1, 2023
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Brownfields Finance Update

Features

CDFA's Greenhouse Gas Reduction Fund Coalition Featured in Politico
CDFA's CEO, Toby Rittner, was interviewed by Politico about the Greenhouse Gas Reduction Fund and the national coalition that CDFA is building to apply for a grant under the Clean Communities Investment Accelerator competition.

EPA Celebrates $500K Cleanup Grant for Polluted Brownfields Site in Providence, RI
This federal brownfields funding will accelerate budding progress at What Cheer Flower Farm and transform the derelict former Colonial Knife site into a thriving, inviting urban flower farm and community asset. The grant funds will be used to clean up the 2.7-acre site located at 63 Magnolia Street in the City of Providence's Olneyville, which is currently contaminated.

New Brownfield Redevelopment Law Amendments in Michigan
Governor Gretchen Whitmer signed a series of bills that will dramatically update the state's brownfield redevelopment laws to allow the use of tax increment financing for housing projects on brownfield sites and expand the kinds of taxes capturable by transformational brownfield plans (TBPs).

Port of Cincinnati, OH Targets Former Brownfields for Cleanup and Redevelopment
The Port of Greater Cincinnati Development Authority and the city have received more than $23 million aimed at identifying and cleaning up and reusing aging and dirty former industrial sites, with $1.3 million in new money announced.

Primer on California's Tax Increment Financing Tools 2nd Edition
The California Association for Local Economic Development (CALED) created a technical committee on tax increment financing to share knowledge and resources to help communities leverage these tools. This primer was prepared by CALED's technical committee members to give local governments and economic development organizations a practical guide to various tax increment financing tools, with an emphasis on EIFDs and CRIAs, to assist in the deployment of these emerging tools.

U.S. EPA Celebrates $13.7M for Brownfields Cleanup in Massachusetts
The U.S. Environmental Protection Agency (EPA) highlighted brownfields funding for the City of Worcester and other organizations across Massachusetts. The EPA selected 14 communities to receive 14 grants totaling $8,7 million in competitive EPA Brownfields funding, made possible largely due to the Bipartisan Infrastructure Law. The EPA also announced an additional $5 million for existing revolving loan fund (RLF) programs.

Buick City, MI Brownfield Plan Would Capture $70M for Redevelopment
The company planning to redevelop the former Buick City complex in Flint is asking the city to approve a brownfield plan that would provide more than $70 million in captured taxes as it begins the laborious task of heavy construction in an environmentally sensitive area.

New Jersey Institute of Technology Awarded $10M for Technical Assistance Program
The New Jersey Institute of Technology (NJIT) has been awarded $10 million by the U.S. Environmental Protection Agency to provide technical assistance, guidance, and resources to state, regional and local governments, tribes, nonprofits, and other stakeholders involved in brownfield redevelopment.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Bond Rating Agency Trends
August 8, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will discuss rating agency trends and take a look at new initiatives being implemented that improve municipalities' bond ratings to attract new economic development.

CDFA Food Systems Finance Webinar Series: Investment Tools & Food Systems
August 29, 2023 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we explore how these programs can offer unique financing solutions and catalyze investment in local and regional food systems.

Brownfields Financing Headlines

Authority in Rome, GA Working to Develop a List of Properties Considered Brownfields
Northwest Georgia News | Jul. 30 | Brownfield Financing | Community Development | Local Finance Program | Redevelopment

Council Approves Grants for Site Cleanup, Job Creation, and Housing in St. Paul, MN
St. Paul, MN | Jul. 29 | Brownfield Financing | Community Development | Economic Development | Housing Finance | Redevelopment

The Franklin Regional Council of Governments Awarded $500K to Assess Contaminated Sites in Greenfield, MA
The Recorder | Jul. 27 | Brownfield Financing | Community Development | Redevelopment

Planned Senior Affordable Housing Complex Seeks Brownfield Funding in Traverse City, MI
Traverse Ticker | Jul. 25 | Brownfield Financing | Community Development | Housing Finance | Redevelopment

$500K Federal Grant to Help Cleanup Brownfield Site in Newport, RI
The Newport Buzz | Jul. 24 | Brownfield Financing | Community Development | Redevelopment | Revolving Loan Funds (RLFs)

Remediation Begins at Hotel Louise in Washington, NC with Brownfield Cleanup Grant
The Washington Daily News | Jul. 23 | Brownfield Financing | Historic Preservation | Redevelopment

Brownfields Cleanup of Old Corning Glass Plant Begins in Paden City, WV
Tyler Star News | Jul. 18 | Brownfield Financing | Community Development | Redevelopment

Caribou, ME on Track to Cleanup Hazardous Waste Threatening Riverfront
The County | Jul. 15 | Brownfield Financing | Economic Development | Redevelopment

Undeniable Value: Developing Solar on Brownfields and Landfills
Solar Builder Magazine | Jul. 14 | Brownfield Financing | Energy Finance | Green Finance | Redevelopment

Map Identifies Dekalb County, GA Brownfield Sites
Planetizen | Jul. 12 | Brownfield Financing | Economic Development | Incentives | Redevelopment

U.S. EPA Awards Methuen, MA $500K for Downtown, Eastern Industrial Area Brownfields
WHAV-LP | Jul. 10 | Brownfield Financing | Community Development | Redevelopment

Worchester, MA Redevelopment Receives $2M EPA Brownfields Cleanup Funding
Worchester Business Journal | Jul. 10 | Brownfield Financing | Economic Development | Redevelopment

Millions Going to Bristol, Bridgeport, and New Haven, CT to Cleanup Sites
CT Insider | Jul. 5 | Brownfield Financing | Local Finance Program | Redevelopment

Freeport, IL to Demolish Two Condemned Buildings Using $1.7M from the EPA
WTVO | Jul. 3 | Brownfield Financing | Economic Development | Redevelopment


Highlights from the Online Resource Database

Primer on California's Tax Increment Financing Tools 2nd Edition
Brownfield Financing | Economic Development | Housing Finance | Infrastructure Finance | Tax Increment Finance (TIF)
The California Association for Local Economic Development (CALED) created a technical committee on tax increment financing (TIF) to share knowledge and resources to help communities leverage these tools. This primer was prepared by CALED's technical committee members to give local governments and economic development organizations a practical guide to various tax increment financing tools, with an emphasis on EIFDs and CRIAs, to assist in the deployment of these emerging tools.


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
info@cdfa.net

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