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CDFA Brownfields Finance Update - January 14, 2020

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Brownfields Financing Update
January 14, 2020
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Brownfields Finance Update


CDFA Legislation to Modernize Private Activity Bonds Introduced in Congress
The Council of Development Finance Agencies (CDFA) is pleased to announce that Representatives Stephanie Murphy (D-FL) and Darin LaHood (R-IL) have introduced the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA) in the U.S. House of Representatives as H.R. 5422. MAMBA would modernize the Internal Revenue Code (IRC) as it relates to small issue bonds, specifically the private activity bond rules for first-time farmers and manufacturing bonds.

CDFA Releases Roadmap to Redevelopment for One Monument Square in Troy, NY
The Roadmap to Redevelopment Report was developed through a 2-day process that included interviews with numerous stakeholders from the government, agriculture, business, and non-profit sectors. The plan provides a framework for the financing of the redevelopment of One Monument Square in Troy, New York.

Energy Developers Consider Brownfields as Federal Incentives Are Set to Expire
As federal tax incentives for wind and solar energy projects set to expire this year, project costs will increase, which is sure to impact the renewable energy market in 2020. One approach for utilities looking to develop renewable energy is to consider siting the project on brownfields to reduce project costs and speed up permitting timelines.

Texas Railroad Commission Offers Redevelopment Grants
The Outlets on Corpus Christi Bay in Robstown sit on 30 acres of what was once a brownfield site, one of many in Texas that has received or is eligible for a Texas Railroad Commission development grant. Brownfields Response Program grants offer cleanup money for brownfield sites: previously develop land with potential for redevelopment.

NY Gives $4.3M for 17 St. Lawrence County Brownfield Projects
Seventeen projects in St. Lawrence County will receive more than $4.3 million in state funding from Empire State Development. The biggest allotment among them is $1,322,000 for SUNY Canton's proposed Midtown Plaza Redevelopment into a mixed-use property.

Brownfield Redevelopment Becomes Big Opportunity Zone Winner in Final Treasury Regulations
The Treasury Department was convinced by EPA's case that Opportunity Zones need to cater to brownfield redevelopment to be successful. The final regulatory release develops clear and detailed pathways and preferences for real estate redevelopment.

$1.2M Remediation in Bellows Falls, VT Brings Opportunity
Environmental assessment work on the Paper Mill Property has been completed, and a Corrective Action Plan to remediate the property has been developed and approved. Almost $1.2 million in funding commitments have been secured.

13 Megadevelopments That Will Transform Chicago
Chicago developers are making bold plays to turn long-vacant brownfield sites, obsolete industrial corridors, and underutilized historic buildings into sprawling megadevelopments. The recent push to "go big" represents a desire by developers to land big corporate tenants and provide the related housing, retail, and other needs in surrounding mixed-use campuses.

Upcoming Events
CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: Forecasting the Bond Market in 2020
Tuesday, January 21, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast, hear from our experts as they dive into the data, examine the trends, and offer a preview of the bond market in 2020.

Fundamentals of Economic Development Finance WebCourse
January 29-30, 2020 - Daily: 12:00 - 5:00 PM Eastern
The Fundamentals WebCourse is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

CDFA Brownfields Technical Assistance Program

Brownfields Financing Headlines

New Sports Complex To Replace Longtime Brownfield Site
CandGnews | Jan. 6 | Brownfield Financing

Utica, MI Dog Park Near Completion
CandGnews | Jan. 6 | Brownfield Financing

Brownfield Cleanups Completed at Four Buffalo, NY Sites
The Buffalo News | Jan. 2 | Brownfield Financing

St. Clair Inn Contractor Receives Tax Incentives for Brownfield Redevelopment
Voice News | Dec. 31 | Brownfield Financing

Trico Building Cleaned Up in Buffalo, NY
The Buffalo News | Dec. 25 | Brownfield Financing | Tax Credits

Developer Eyes Brownfield Reimbursement in Grand Rapids, MI
Grand Rapids Business Journal | Dec. 20 | Brownfield Financing

Madison Heights, MI Provides $2.3M in Tax Relief for Shopping Center
G&G Newspapers | Dec. 19 | Brownfield Financing

Rock Climbing Gym to Replace Cereal Office Supply in Battle Creek, MI
WBCK | Dec. 17 | Brownfield Financing

Bill Passed The OH House to Allow Water Development Authority to Refinance Loans
Highland County Press | Dec. 16 | Brownfield Financing | Water Finance

GPI Seeks Assistance With Brownfield Redevelopment in Kalamazoo, MI
WWMT | Dec. 16 | Brownfield Financing

EPA and DOJ Announce $245M Agreement for Cleanup at the Allied Paper Superfund Site
EPA | Dec. 12 | Brownfield Financing

Madison Heights, MI OKs Brownfield Redevelopment Plan
Royal Oak Tribune | Dec. 12 | Brownfield Financing

The Former Carondelet Coke Site in St. Louis, MO Is Finally Redeveloped
St. Louis Post-Dispatch | Dec. 10 | Brownfield Financing | Tax Credits

Wheeling, WV Seeks Brownfield RLF
WTRF | Dec. 6 | Brownfield Financing | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

Paterson, NJ Looks to Remake Old Industrial Sites
NJ Spotlight | Dec. 6 | Brownfield Financing

Largest Housing Development in Detroit, MI in Over 30 Years Opened
Detroit Free Press | Dec. 5 | Brownfield Financing | Tax Increment Finance (TIF)

Lansing, MI City Council OKs $2M in Incentives for Redevelopment of Temple Club
Lansing State Journal | Dec. 5 | Brownfield Financing

Highlights from the Online Resource Database

Roadmap to Redevelopment Report: Troy, NY
Bond Finance | Brownfield Financing | CDFA Original Research | Community Development | Incentives | Property Assessed Clean Energy (PACE) | Public-Private Partnership (P3) Financing | Special Assessment Districts | State Finance Program | Tax Increment Finance (TIF) | U.S. Economic Development Administration (EDA) | U.S. Environmental Protection Agency (EPA) | Access to Capital | Energy Finance | Infrastructure Finance | Revolving Loan Funds (RLFs)
This report provides financing strategies for the redevelopment of One Monument Square in Troy, NY.

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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CDFA National Sponsors

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  • gener8tor
  • 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
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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