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CDFA Brownfields Finance Update - May 2, 2017

Brownfields Financing Update
May 2, 2017
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Brownfields Finance Update


CDFA National Summit Call for Submissions
CDFA is accepting sessions submissions for the 2017 National Development Finance Summit in Atlanta this November. Session submissions on deals, projects or programs that include multiple funding sources are highly encouraged. Submissions are due by May 12, 2017.

Past Success has Tennessee Concerned About Federal Brownfield Cuts
The Tennessee Department of Environment and Conservation has called federal brownfields grants the "unsung hero of Tennessee's economic resurgence." TDEC Commissioner testified that A dollar invested (through brownfields) yields at least $18 in private investment."

Castle Rock, CO Council Approves Tax Deal to Finance $300M Landfill Redevelopment
Once completed, the $300 million effort is slated to include a 250-room, full-service hotel, 250,000 square feet or more of new retail space and around 480,000 square feet of offices. The agreement authorizes the specially formed Miller's Landing Business Improvement District to sell tax-exempt bonds to finance the landfill and public improvements work

Death of EB-5 Program Could Halt Brownfields Projects
Development finance experts, including CDFA President & CEO Toby Rittner, argue that growing foreign investment in U.S. brownfields redevelopment projects may drop dramatically if the EB-5 program is eliminated.

CO's Proposed Solution to Old Coal Facilities? Bonds.
Colorado may have found an interesting solution to the stranded assets that are relics of the transition to clean energy. Two Democratic lawmakers have proposed measures that would create ratepayer-backed, AAA rated, commercial bonds. These securities would be used by utilities to refinance retiring coal plants, of which there are many.

Sen. Murphy Highlights Importance Of Federal Cleanup Cash During Ansonia, CT Tour
U.S. Sen. Chris Murphy toured downtown Ansonia to tout the "CLEAN UP" Act. It's an acronym for "Creating Livable Environments And New Usable Property." The bill would resuscitate two expired tax credits that are crucial to brownfield redevelopment in CT.

Ogdensburg Bonds $500,000 While Waiting on State Grant for Demolitions
City Council recently voted to borrow $500,000 to cover the cost of demolishing two downtown buildings while it waits for a state grant to the municipality to pay for removing the eyesores.

Recycling Facilities Could Be A Reality in Pawnee County, OK
The Pawnee County Special Project Authority, plans to purchase a landfill, and operate an biomass process facility which uses steam and chemicals to transform 85 percent of garbage into a sellable product. This leaves only 15 percent to be placed in the ground as opposed to the 100 percent now going in to landfills.

Vermont Mall Project Back on Track with Rouse Involvement
With an influx of cash, a transformative project can begin in Burlington,VT to remediate and redevelop a dated and failing suburban mall with a vibrant mixed use neighborhood.

Lucky's to Anchor Redevelopment at "The Corners" in Denver
Grocer will be the anchor to The Corners redevelopment project, to offset remediation and public improvement costs, the developer was awarded a $6.2 million tax-increment financing package.

Canopy Street Grocery, Apartments, One of Five TIF Projects on Council Agenda in Lincoln, NE
The TIF proposals included the 15-story building, a 153-apartment complex, an office building on Innovation Campus, and redevelopment of the Lincoln Commercial Club project.

Upcoming Events
CDFA Summer School

Brownfields In-Person Project Marketplace
May 16, 2017 - Denver, CO
CDFA is bringing a unique technical assistance opportunity to Colorado in conjunction with this year's Colorado Financing Roundtable. During the Brownfields Project Marketplace, communities will be presenting their current brownfield redevelopment projects to our audience and advisors in exchange for financing recommendations specific to their projects. Roundtable attendees are encouraged to listen to the community presentations and engage in constructive discussions and networking. Participating communities are eligible to receive free registration for CDFA's Colorado Financing Roundtable on May 16th.

CDFA Brownfields Financing Webinar:Reviving Commercial Activity on Former Manufacturing Sites
June 15, 2017 - 2:00 - 3:30 PM Eastern
Join CDFA, our technical assistance partners, and experienced brownfield communities as we discuss how the finance toolbox can be used to compliment the redevelopment and cleanup of your brownfield project.

CDFA Brownfields Technical Assistance Program

Brownfields Financing Headlines

Freshwater Plaza in Milwaukee, WI Finalizing Leases With Commercial Tenants
Milwaukee Independent | May. 1 | Brownfield Financing

After Long Delay, Developer Moving to Restart Royster Corners Project
Wisconsin State Journal | Apr. 12 | Brownfield Financing | Tax Increment Finance (TIF)

MDEQ to Pay for Cleanup of St. Clair Inn Property
The Voice | Apr. 12 | Brownfield Financing

Youth Sports Megaplex Proposed for Summit Place Mall Site in Oakland County, MI
Detroit Free Press | Apr. 12 | Brownfield Financing

Highlights from the Online Resource Database

Combining Financing Tools for Missouri Development - City of Springfield
Brownfield Financing | Development Finance Toolbox | Economic Development | Revolving Loan Funds (RLFs) | Special Assessment Districts | Tax Increment Finance (TIF)
Combining multiple incentives successfully requires attention to detail and often some creative structuring. Identifying program requirements and balancing the applicable incentives are steps that must be established early on for any potential project. Sarah Kerner with the City of Springfield explores cast study in the city that have successfully navigated these programs and applied creative capital stacks.

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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