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CDFA Brownfields Finance Update - February 4, 2020

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Brownfields Financing Update
February 4, 2020
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Brownfields Finance Update

Features

Center for Creative Land Recycling to Host 2020 National Brownfields Leadership Summit
Join the National Brownfields Coalition, the Center for Creative Land Recycling, and Smart Growth America for the nation's leading brownfield education and advocacy event! Hear the latest about federal policy and funding for brownfield-relevant programs, and get your questions answered.

NJEDA and NJIT Partner to Create Brownfields Assistance Center
The New Jersey Economic Development Authority (NJEDA) Board of Directors today approved a memorandum of understanding (MOU) with the New Jersey Institute of Technology (NJIT) to establish the NJ Brownfields Center at NJIT (Brownfields Center).

Capital View Apartments Now Leasing Thanks to Brownfield Tax Credits
Two decades after a devastating fire made the building's apartments uninhabitable, has been renovated and is accepting rental applications. The overall project ended up with a price tag of $14.7 million, with Eyde Co. receiving approval for a $2.4 million low-interest loan from the Michigan Economic Development Corp. and a $1.3 million Brownfield tax credit from the city.

Proposed Fund Would Provide Assistance for Renewable Energy Projects on Former Coal Sites in VA.
As proposed, the program would award grants on a competitive basis in the amounts of $500 per kilowatt of nameplate capacity from renewable energy sources on land that was previously mined for coal and $100 per kilowatt of nameplate capacity from renewable energy sources on brownfields.

Buffalo, NY Has Already Identified Incentives for Brownfield Waiting for Redevelopment
The parcel has already been issued a Downtown Mixed Used designation. Among a number of tax incentives available there are also Brownfield and Environmental Incentives, as follows: Niagara County Brownfield Loan Program, New York Brownfield Cleanup Tax Credits, National Grid Brownfield Redevelopment Assistance.

MA State Officials Announce $2.6M in Brownfield Redevelopment Awards
Massachusetts state officials have announced more than $2.6 million in Brownfields Redevelopment Fund awards to support the environmental assessment and cleanup of 16 contaminated locations, including the former Westford Anodizing site.

House Ways and Means Committee Unveils Infrastructure Proposal
The House Ways and Means Committee has released its much-anticipated infrastructure proposal. It includes $760 billion over five years for transportation, broadband, water, wastewater, and brownfields redevelopment. It also would expand many existing clean energy financing programs as well as tax credits like the NMTC, LIHTC, and HTC.

Brownfields Are Indeed Opportunity Zones
The Treasury Department specifically noted that "cleaning up and reinvesting in brownfields increase local tax bases, facilitates job growth, utilizes existing infrastructure, takes development pressures off of undeveloped, open land, and both improves and protects the environment." This confirmation provides investors with the certainty they have been looking for when looking at potentially marrying Opportunity Zone investments with State-based brownfield programs.

Three Unique Detroit, MI Brownfield Projects Are Moving Forward
Three unique Detroit residential and commercial development, including a new "food hub" in Eastern Market, received key approvals for millions in incentives and public subsidies from the Michigan Strategic Fund.

Upcoming Events
CDFA Federal Policy Conference

CDFA Brownfields Webinar Series: Catalytic Brownfield Financing Solutions
Tuesday, February 25, 2020 - 1:00 PM Eastern
Join CDFA and experts from across this country as we closely examine the development finance tools that have made these projects successful and how they can be applied to a brownfield site in your community.

Intro Bond Finance WebCourse
February 26-27, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

Developer Secures $18M in Low-Interest Loan for Brownfield
The Morning Sun | Feb. 3 | Brownfield Financing

EPA Funding Spurs Investment in Lovelock, NV Site
Northern Nevada Business View | Feb. 3 | Brownfield Financing

Battle Creek, MI Uses TIF to Restore Brownfield for Rock Climbing Gym
Battle Creek Enquirer | Feb. 3 | Brownfield Financing | Tax Increment Finance (TIF)

Pittsburg, PA Utilizes EPA Funding to Clean up, Assess Riverfront
East Bay Times | Feb. 3 | Brownfield Financing

GCEDC Considers Ellicott Station Incentive Application
The Batavian | Feb. 3 | Brownfield Financing

Oakland County, MI Seeks Assistance From the EPA
The Oakland Press | Feb. 3 | Brownfield Financing

Portland, CT Receives State Money to Clean Up Riverfront Property
The Middletown Press | Feb. 3 | Brownfield Financing

$1.5M From GE Settlement to Fund 6 Housatonic River Watershed Restoration Projects
MASS Live | Feb. 3 | Brownfield Financing

Boardman Lake Trail Lands $900K in Brownfield Funds
The Ticker | Jan. 31 | Brownfield Financing

EPA Funding Allows Duofold Site to Enter Second Phase
Observer-Dispatch | Jan. 31 | Brownfield Financing

North Shore CDC Receives $150K in Brownfield Assistance
Gloucester Daily Times | Jan. 30 | Brownfield Financing

Fitchburg, MA Receives $87K in Brownfield State Funding
Sentinel & Enterprise | Jan. 30 | Brownfield Financing

Mixed-Use Project in Detroit, MI Nets $4.9M in State Funding
Crain's Detroit Business | Jan. 22 | Brownfield Financing

MI Approves $2.27M in Financing for Detroit's Eastern Market Food Hub
Crain's Detroit Business | Jan. 22 | Brownfield Financing | Energy Finance | Food Systems Finance | Incentives

City, Community Group Differ on Redevelopment Plan for Pillsbury Mills Site in Springfield, IL
The State Journal-Register | Jan. 16 | Brownfield Financing | Community Development


Highlights from the Online Resource Database

Moving America and the Environment Forward Framework
Bond Finance | Brownfield Financing | Community Development | Energy Finance | Federal | Green Finance | Housing Finance | Infrastructure Finance | Innovation Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | Water Finance
"Moving America and the Environment Forward" is a House Ways and Means Committee statement of principles on how the committee wants to approach an infrastructure bill. It includes $760 billion of proposals.


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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CDFA National Sponsors

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