CDFA Brownfields Finance Update - September 1, 2020

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Features

CDFA Releases Stillman College Roadmap to Redevelopment Report

The Roadmap to Redevelopment Report was developed through a 2-day process that included interviews with numerous stakeholders from the government, college, business, and non-profit sectors. The plan provides a framework for the financing of a redevelopment on Stillman College's Campus.

California Land Recycling Conference: Communities Rising

The California Land Recycling Conference 2020 is an invaluable virtual gathering that brings together leaders who are working to build community resilience through brownfield remediation and land recycling. Using a mixed media approach of recorded speakers, live panel discussions, and customized breakout sessions, the conference is focused on the most relevant topics in funding, housing, regulatory frameworks, and technical guidance to help our region spark economic recovery through strategic land reuse.

Anaerobic Digester, Urban Farm Project Secures Final Funding for $32M Campus

Following a $10 million award from the Pritzker Traubert Foundation, a final $3 million in state funding helped close the deal. This includes $2 million from Gov. J.B. Pritzker's Rebuild Illinois capital plan and a $1 million loan from the Illinois Environmental Protection Agency's Brownfield Redevelopment Loan Fund. Additional project financing comes from a range of other sources, including a U.S. EPA brownfield cleanup grant.

Funding Available For Competitive Round Of Brownfields Redevelopment Fund

The Baker-Polito administration and MassDevelopment announced a new round of available funding from the Brownfields Redevelopment Fund to support the environmental assessment and cleanup of contaminated and challenging sites across the Commonwealth. Municipalities, municipal agencies and authorities, economic-development and industrial corporations, and economic-development authorities may apply for up to $100,000 in site-assessment funding or up to $250,000 in remediation funding.

Holland, MI Council Reviews Housing Incentives Policy

The policy outlines the city's goals for housing development in the city, which include supporting the development of a balance of housing at all price points and using incentives like tax breaks to fill gaps in the housing market — such as the need for housing for lower income households. The tally will help the city evaluate what kinds of tax incentives — such as tax abatements, PILOTs (payment in lieu of taxes) and brownfield tax increment financing — the city council may be willing to consider for a given housing project.

Washington County, MD Adopts Tax Credit for Brownfield Sites

The Washington County Board of Commissioners voted to adopt a property-tax credit program to encourage redevelopment of sites with hazardous substances that need to be remediated. The program is for qualified Brownfield sites. The program will provide a 50% to 70% credit of the remaining tax liability, after other credits are applied, tied to the increase in the property's assessed value because of improvements made.

CDFA Releases the Mt. Vernon, WA Roadmap to Redevelopment

The City of Mount Vernon is a small, picturesque city situated at the foothills of the Cascade Mountain Range in Northern Washington located nearly halfway between Seattle and Vancouver British Columbia. Its quaint streets are lined with small businesses that keep its downtown lively and its citizens happy. However, the current library is approaching the end of its lifetime as the citizens need more out of the library than the building can provide.

WVDEP Announces Brownfield Revolving Fund Program

In an effort to assist local governments, nonprofits, and private sector businesses clean up properties contaminated by petroleum or hazardous substances – known as brownfields – the West Virginia Department of Environmental Protection (WVDEP) announced the creation of the Brownfield Revolving Fund. The loan fund was authorized by the West Virginia Legislature through the West Virginia Voluntary Remediation and Redevelopment Act and was capitalized by an $820,000 grant from the United States Environmental Protection Agency.

Upcoming Events

CDFA Brownfields Financing Webinar Series: Brownfields and Opportunity Zones
Septermber 10, 2020 - 1:00 PM Eastern

Join CDFA as we closely examine the current regulations of Opportunity Zones, how communities are preparing themselves for Opportunity Zone investments, and how this tool can fit into the captial stack of a brownfield site in your community.

CDFA // BNY Mellon Development Finance Webcast Series: Understanding The Municipal Liquidity Facility
Tuesday, September 15, 2020 - 1:00 PM Eastern

During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, finance experts will discuss the Municipal Liquidity Facility's requirements, market trends since the MLF's launch, and what can be done to make the MLF an attractive option for issuers.

CDFA-Bricker PACE Webinar Series: PACE Program Capitalization
Tuesday, September 22, 2020 - 11:00 AM - 1:00 PM Eastern

PACE program financing can be provided through private third parties, public bonds, or a combination of both, and within those options, there are many creative approaches being implemented across the nation. In 2017, The Kresge Foundation made a $3 million program-related investment into the St. Paul Port Authority's "Trillion BTU" and "MinnPACE" loan programs. This was a first of its kind PRI to help the community on-board PACE. This webinar will explore this and other creative methods that communities can utilize to capitalize their PACE program.

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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