CDFA Brownfields Finance Update - September 5, 2017
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| Features |
Hazardous to Healthy: Financing Solutions for Recovering Brownfields
In this webinar, our experts focus on projects that took a health-based approach to restoring hazardous properties by reinventing them as parks, healthcare facilities, and grocery stores.
Developers, Inquire about Michigan Brownfield Incentive
Incentive awards will be capped at a total of $1 billion by the time it sunsets in December 2022, including $800 million for income and withholding tax captures and $200 million for construction phase exemptions, according to MEDC guidelines. Income and withholding tax captures will be limited to $40 million per year, though no more than a quarter of that could go to a single project.
People Inc, City of Buffalo Break Ground on Jefferson Avenue Apartments
The price tag for the project is $24 million dollars. Funding is provided by the City of Buffalo, Empire State Development, New York State Housing Finance Agency, New York State Housing and Community Renewal and the New York State Office for Persons with Developmental Disabilities. Federal and state tax credits also factor in the financing.
JobsOhio Helps Drive Down the Cost of Brownfield Redevelopment
From June 2016 through May 2017, JobsOhio invested $19,200,000 of loan proceeds, $23,107,858 in grants, and $1,230,928 in Phase II grants into 56 projects that leveraged $239,956,277 of private capital investment. Because of these investments 2,194 jobs will be created with a cumulative payroll of $105,487,317 and the retention of 10,344 jobs.
MakerSpace Picks Up the Pace in Claremont, NH
The beginnings of the Claremont MakerSpace project go back to September 2015 when a $250,000 grant was received from Northern Border Regional Commission to help finance restoration of the 11,000-square-foot brick building that was left standing after most of structure was demolished to build a parking garage.
Historic Mill Becomes Advertising Office in Cuyahoga Falls, Ohio
The development was financed with both federal and state HTCs.The development also received a $900,000 construction loan from a local bank, a $65,000 Ohio Jobs project grant and about $25,000 in Community Development Block Grant (CDBG) funding from the city of Cuyahoga Falls.
Solar Brightfields: Gigawatts of Clean Energy Potential on America's Landfills and Brownfields
Local governments and property owners win by returning unusable land to productive use while generating new income and property tax revenue. Utilities and solar developers win by building profitable solar generation close to areas of high electricity demand while avoiding siting conflicts in land-constrained areas. Residents win through reduced local power plant emissions and expanded access to local high-tech jobs.
Winona Port Authority Explores Using Property Tax Dollars for Development in Minnesota
Winona's Port Authority is starting a process to establish funding support for two area building projects through tax districts. The developers total cost estimate is $7.6 million, of which $800,000 seems eligible for reimbursement by TIF funds.
Madison, WI City Council Approves $1.6M for Environmental Cleanup at Garver Feed Mill Site
The Council approved an additional $1.6 million primarily for the environmental remediation and site restoration costs in addition to an already-budgeted $1.82 million grant to assist in financing the redevelopment. Baum Development's $19.8 million project would convert the former working feed mill into an artisan food production facility with up to 50 micro-lodging units on the surrounding five acres.
Neogen Announces Plans for $1.3M Redevelopment of Vacant Property in Lansing, MI
The $1.3 million redevelopment plan, which is contingent upon city approval of brownfield redevelopment incentives, would bring 25 new full-time jobs and $414,273 in new taxes to Lansing. City officials hope that redeveloping the blighted property at 1000 South Hosmer Street could also be a catalyst for future redevelopment.
Brownfields Reauthorization Act Moves to House Floor
The Brownfields Reauthorization Act, authored by Reps. Katko (R-NY) and Esty (D-CT) is on its way to a House of Representatives floor vote. The bill reauthorizes the Brownfields Program through 2022 at $200 million/year, with an additional $50 million annually to states for their brownfields cleanup programs.
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| Upcoming Events |
Brownfields In-Person Project Marketplace
November, 16, 2017 - Atlanta, GA
CDFA is bringing a unique technical assistance opportunity to Georgia in conjunction with this year's National Development Fianace Summit. During the Project Marketplace, communities will be presenting their current redevelopment projects to our audience and advisors in exchange for financing recommendations specific to their projects. Summit 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 the Summit.
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| CDFA Brownfields Technical Assistance Program |
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| Brownfields Financing Headlines |
Perkins Park: From Brownfield to Green Space in Newburyport, MA
Newburyport Daily News | Aug. 29 | Brownfield Financing
Brownfield Property Owners See New Options Shining Down on Them: Solar
Star Tribune | Aug. 29 | Brownfield Financing
New Development Coming to Former Visteon Property in Shelby Township, MI
C & G News | Aug. 29 | Brownfield Financing | Tax Increment Finance (TIF)
MSHDA Awards $2.6M to MI Communities for Blight Elimination
WLUC | Aug. 10 | Brownfield Financing
MI Brownfield Projects Receive Tax Incentives
Grand Rapids Business Journal | Aug. 4 | Brownfield Financing
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| Highlights from the Online Resource Database |
2017 CDFA Brownfields Financing Webinar Series: Hazardous to Healthy: Financing Solutions for Recovering Brownfields
Brownfield Financing
Presentation slides from the Brownfields Financing Webinar Series - Hazardous to Healthy: Financing Solutions for Recovering Brownfields
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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.
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Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net
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