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CDFA Brownfields Finance Update - June 4, 2019

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Brownfields Financing Update
June 4, 2019
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Brownfields Finance Update

Features

Brownfield Redevelopment in CT Thriving Thanks to Concerted Efforts
In the past 15 years, Connecticut has developed new financing programs to supplement taxpayer dollars and created liability relief to shield municipalities and developers from responsibility for pollutants dumped by past owners. Over the past decade, the state also has pumped more than $206 million into grants and loans for brownfield cleanups.

Missoula, MT Council Approves $610K Loan to Developers for Environmental Cleanup
The City Council's Administration and Finance Committee unanimously approved a $610,000 loan agreement with Riverfront Triangle Partners LLC to clean asbestos and other hazardous materials in buildings within the Riverfront Triangle. It's the next step toward the site eventually becoming a major hotel and convention center.

Stakeholders Debate Property Status as the Buffalo, NY Site Garners Interest
The Tonawanda Coke site could be redeveloped in five years if the 160-acre site gets cleaned up under the state's Brownfield Cleanup Program as some stakeholders hope. Other stakeholders believe that a Superfund designation is warranted. Meanwhile, several data center operators have expressed interest in the site.

Several Brownfield Megadevelopments Set to Transform Chicago, IL
Chicago developers are making bold plays to turn long-vacant brownfield sites, obsolete industrial corridors, and underutilized historic buildings into megadevelopments. Lincoln Yards, a 55-acre, $6 billion mixed-use development, is being built on remediated brownfield land. So too is The 78, a mixed-use, transit-oriented neighborhood on 62-acres of former brownfield space.

WA Legislature Approves Tax Increase, Providing Additional Funds to Brownfields
The Washington Legislature passed SB 5993. SB 5993 increases the tax on petroleum that primarily funds the state's contaminated site cleanup program, protects the funds from being used for other purposes, and expands the Washington State Department of Ecology's authority to issue cleanup grants under the Model Toxics Control Act.

TN Amends Brownfield Tax Increment Finance Law, Creating New Opportunities
Tennessee SB0355 has been signed into law. The bill eliminates restrictions and limitations in the state's Brownfield TIF Law. By expanding the range of brownfield sites eligible for tax increment financing under the Brownfield TIF Law, SB0355 creates significant new funding opportunities for brownfield redevelopment in economically disadvantaged areas, including qualified opportunity zones.

CDFA Now Accepting Applications for Online Brownfields Project Marketplace!
CDFA's next Brownfields Project Marketplace will be held online on July 18. The Marketplace is FREE brownfields financing technical assistance. The Marketplace is an open forum that connects communities looking to finance brownfield redevelopment projects with development financiers and brownfield project experts.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

Bridgeport, CT Brownfield Rises from Blight to Center of Revitalization
CT Post | Jun. 3 | Brownfield Financing | Community Development | Economic Development | Tax Credits

A Decade Later, St. Louis, MO Site Cleanup Still Not Finished Despite Financing
St. Louis Post-Dispatch | Jun. 3 | Brownfield Financing | Redevelopment | Tax Credits

OH House Passes Bill Establishing Defense for Purchasers of Contaminated Properties
Greater Ohio Policy Center | Jun. 1 | Brownfield Financing | State Finance Program

Baraga County, MI to Launch New Brownfield Authority
The Daily Mining Gazette | May. 31 | Brownfield Financing

Brownfield Assessment Grant Awarded to Weirton, WV Business Park Developer
The Weirton Daily Times | May. 30 | Brownfield Financing

Lofts Planned for $4.5M Redevelopment of Historic Pontiac, MI Site
The Oakland Press | May. 23 | Brownfield Financing | Historic Preservation | Housing Finance

Child Care, Apartments Planned in $14M Kalamazoo, MI Brownfield Redevelopment
M Live | May. 23 | Bond Finance | Brownfield Financing | Housing Finance

Warehouse in Long Island City, NY to Undergo Environmental Cleanup
QNS | May. 23 | Brownfield Financing | Redevelopment

House Proposes LIFT America Act
U.S. House of Representatives | May. 22 | Brownfield Financing | Energy Finance | Federal | Infrastructure Finance | Legislative | Tribal Finance | Water Finance

Over 700 Acres of Brownfield Land in Dallas, TX is Now an Opportunity Zone
Builder | May. 20 | Brownfield Financing | Community Development | Opportunity Zones

$76K Brownfield Grant to Fund Cleanup of Former Rockbestos Site in Clinton, MA
May. 19 | Brownfield Financing | Redevelopment

Repowering Old Mines With New Energies in the Southwestern U.S.
Clean Technica | May. 19 | Brownfield Financing | Energy Finance | Green Finance | Redevelopment

Three Parcels in Escanaba, MI Designated Brownfields
Daily Press | May. 14 | Brownfield Financing | Community Development | Tax Increment Finance (TIF)

Town of St. Johnsbury, VT Awarded $35K in Cleanup Funding
VT Digger | May. 9 | Brownfield Financing | Community Development | Revolving Loan Funds (RLFs) | Rural Development

Public Input Sought for Brownfield Redevelopment in Norfolk, VA
ABC 13 | May. 9 | Brownfield Financing | Redevelopment


Highlights from the Online Resource Database

St. Luc's Cultural Immersion Center Roadmap to Redevelopment
Brownfield Financing | CDFA Original Research
This report provides financing strategies for St. Luc's Cultural Immersion Center in Arnaudville, Louisiana. St. Luc's is a proposed hands-on immersive engagement center for Cajun, Creole, and French language and culture.

Brownfields Redevelopment Financing Webinar Series: New Community Financing Strategies for Brownfields: Opportunity Zones
Brownfield Financing | Webcasts

2019 CDFA Brownfields Financing Webinar Series: New Community Strategies for Brownfields: Opportunity Zones
Brownfield Financing | Opportunity Zones | Webcasts


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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