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CDFA New York/New Jersey Financing Roundtable Newsletter - December 2013

CDFA New York/New Jersey Financing Roundtable Newsletter - December 2013
December 18, 2013
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CDFA New York/New Jersey Financing Roundtable Newsletter

Feature

NJEDA Now Accepting Applications for Incentive Programs
The New Jersey Economic Opportunity Act of 2013 streamlines New Jersey's five existing economic development incentive programs into two; the Grow New Jersey Assistance (Grow NJ) Program will be the State's main job creation and retention incentive program and the Economic Redevelopment and Growth (ERG) program will be New Jersey's key developer incentive program.

NYSERDA Recognized for Innovative Energy Efficiency Financing
The Bond Buyer recognized NYSERDA's recent bond issuance in coordination with the New York State EFC as a unique financing collaboration between two State authorities that reflects Governor Cuomo's strategic statewide plan to scale up clean energy through creative financing mechanisms, enhance New York's competitiveness for clean energy businesses, and make the state's energy systems more resilient.

P3 Projects at Rutgers University
Chris Paladino with New Brunswick Development Corporation presents on various P3 projects that have transformed the nature of the tool by taking on a new shape.

New Initiative: Start-Up NY
Start-UP NY was launched in October 2013 and is already proving itself. The tax-free prospect is for start-up or expanding businesses in New York, or out-of-state companies that relocate to New York. It is administered by the university community and will use space available on the many campuses statewide, as Executive Vice President Leslie Whatley explains.

Accessing Capital Through EB-5 Foreign Investment
A few of EB-5 New York State Regional Center's successful deals are highlighted in this presentation by President Bill Gresser. He provides an overview of the program and delves into its benefits, structure and how the regional centers are involved.

Current Outlook for the Municipal Bond Market
John Hallacy with Assured Guaranty describes the market trends for municipal bonds, their yields, expenditures and issuance.

Report: NY Brownfield Program Ineffective for Environment
The state's brownfield program has become a real-estate development boondoggle that does little to clean up blighted and polluted territories, according to an unpublished report prepared for the state by a Cuomo-appointed tax commission. The tax credit analysis can be found later in this newsletter.

New York/New Jersey News

Moody's Lowers NJ Debt Outlook to Negative
The Star-Ledger | Dec. 18 | Bond Finance | State Finance Program

Report Questions Effectiveness of Business Subsidies
The Legislative Gazette | Dec. 18 | Economic Development | Legislative | State Finance Program | Tax Credits

Ginsberg's Foods Expansion to Result in 51 New Jobs
Times Union | Dec. 18 |

Tax-cut Debate Erupts Anew in Trenton
The Inquirer | Dec. 18 | Economic Development | Legislative | State Finance Program | Tax Credits

NY Community Bancorp Gets Nassau Tax Breaks
Long Island Newsday | Dec. 18 | Economic Development | Tax Credits

Atlantic City Hopes Economic Incentives Will Add Good Jobs
Press of Atlantic City | Dec. 18 | Economic Development | Local Finance Program

Christie Approves $60M to Grow Tech/Bio Industry in NJ
Bioresearch Online | Dec. 18 | Economic Development | Innovation Finance | Member News | State Finance Program | Tax Credits

DANC to Launch $1M Agribusiness Loan Fund for Value-added
Watertown Daily Times | Dec. 18 | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development

NYC Biotech Industry Bolstered
Crain's New York Business | Dec. 16 | Economic Development | Innovation Finance | Local Finance Program

Cuomo Announces $715.9M Through Regional Councils
Office of the Governor of New York | Dec. 16 | Access to Capital | Economic Development | State Finance Program

Long Island Power Authority Deal Offers First-of-Kind AAAs
Bloomberg | Dec. 12 | Bond Finance | Disaster Recovery & Relief | Infrastructure Finance

Doubts About State-Mandated Power Contracts
Chadbourne & Parke LLP | Dec. 12 | Energy Finance | Infrastructure Finance | State Finance Program

Bill Could Create $200M Loan Pool for Green Infrastructure
Burlington County Times | Dec. 12 | Access to Capital | Energy Finance | Green Finance | Legislative | State Finance Program

Tappan Zee Builds Up Steel Business
Sun Gazette | Dec. 12 | Economic Development | Infrastructure Finance

Opinion: Now is Time to Streamline ED in Cayuga County
Auburn Citizen | Dec. 11 | Economic Development | Member News

Trenton Council to Borrow $11.5M to Repay Hotel Debt
Times of Trenton | Dec. 9 | Bond Finance | Local Finance Program

News Briefs: New Markets Tax Credits
Novogradac & Co | Dec. 6 | Community Development | Tax Credits | U.S. Dept. of Treasury CDFI Fund | Federal


New Additions to the Online Resource Database

NY State Business Tax Credits: Analysis and Evaluation
Brownfield Financing | Economic Development | State Finance Program | Tax Credits
Gov. Cuomo appointed a commission to publish this study on tax breaks and their effectiveness on the New York economy. Causing the most controversy is the Brownfield Tax Credit Program, which environmental advocates say does nothing to help the environment, only the pockets of real estate developers.

Laying the Energy Financing Landscape
Access to Capital | Bond Finance | Energy Finance | Green Finance | State Finance Program
Katie Kramer with CDFA provides a brief introduction and overview of the energy landscape as well as insight into some of the most innovative energy financing programs across the country.

New Jersey's Tax Incentive Tool Kit
Community Development | Food Systems Finance | State Finance Program | Tax Credits
Maureen Hassett with New Jersey Economic Development Authority presented on Tax Credit programs available for business expansion and development, such as ERGs and Grow NJ.

Unlocking Energy Finance with the New York Green Bank
Energy Finance | Green Finance | State Finance Program
Greg Hale, Senior Advisor to the Chairman of Energy & Finance for New York State, describes the formation of the famous $1B Green Bank deal, how New York is capitalizing the program, its guiding principles and typical deal structure.

Bonds as the Bedrock of Development Finance
Bond Finance
Caren Franzini discusses the benefits of tax-exempt bond finance and explores varied case studies to illustrate their structures.


Sponsors

Venue Sponsor

BNY Mellon

Conference Founding Sponsor

Hawkins Delafield & Wood LLP New Jersey Economic Development Authority Stern Brothers & Co. U.S. Bank

Conference Supporting Sponsor

Franzini Consulting, LLC Think Forward Financial, LLC


New Members

New York Grant Company - New York, NY


The Council of Development Finance Agencies 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 about CDFA, visit www.cdfa.net or e-mail info@cdfa.net.


Council of Development Finance Agencies
85 E. Gay Street, Suite 700
Columbus, OH 43215
(614) 224-1300
info@cdfa.net

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CDFA National Sponsors

  • Alliant Insurance Services, Inc.
  • BNY Mellon
  • Bricker Graydon LLP
  • Business Oregon
  • CohnReznick
  • Frost Brown Todd LLP
  • Grow America | Formerly NDC
  • Hawes Hill and Associates LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stifel Nicolaus
  • The Bond Buyer
  • U.S. Bank
  • Wells Fargo Securities
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