CDFA Brownfields Finance Update - April 6, 2021

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Features

The American Jobs Plan From a Real Estate Investor Perspective

President Biden's American Jobs Plan aims to spend approximately $2.25 trillion on infrastructure. The plan includes a $5 billion investment in the remediation and redevelopment of Brownfield and Superfund sites to help spur the reuse of thousands of former industrial and energy sites. The U.S. Department of Energy also would be involved by providing retooling grants for idled factories through its Section 132 program.

Green Space Redevelopment in Denver, CO Brings Community Health Benefits

Platte Farm Open Space sits on a former brownfield site that was once a dumping ground for trash and industrial pollution. The project received a $550,000 grant from the Colorado Department of Public Health and Environment to help with the construction and maintenance of the site, plus part of a neighborhood-wide $447,000 investment in energy efficiency and clean energy from Xcel Energy.

$6.9M TIF District Created for Kingsway Elevation District in St. Louis, MO

The St. Louis Board of Alderman unanimously passed two bills to create a TIF district for the Kingsway Elevation District, which requested $6.9 million of the $78.4 million development cost. They plan to utilize Missouri Brownfield Tax Credits, Federal and Missouri Historic Tax Credits, Federal New Markets Tax Credits, and MSD Project Clear grant funds.

Michigan Strategic Fund to Support Detroit Food Storage Facility, Other Community Revitalization Projects

Detroit's Eastern Market will be getting a new food storage facility that includes a cooler and freezer, loading docks, shipping, receiving, and office areas. The project is expected to generate $33 million in private investment, resulting in performance-based grants for $800,000 from the Michigan Business Development Program and $200,000 from the Jobs Ready Michigan Program.

Groundwork Rhode Island Launches EPA Green Jobs Training Across the State

Four Rhode Island communities will benefit from a green jobs training program funded by the U.S. Environmental Protection Agency. Groundwork Rhode Island was selected by the EPA for a $200,000 environmental workforce development and job training grant. They focus on environmental justice by training adults who have experienced barriers to employment and those who live in areas historically affected by hazardous waste and brownfield sites.

Affordable Housing Emerges as High Priority for Camden, ME Brownfield Site

Camden's former tannery brownfield is inching closer to redevelopment after accepting proposals last year for project ideas on the site. The town manager is now moving forward on a negotiated purchase and sales agreement with a Cranesport LLC, whose industrial eco-village plan for the site will include affordable housing as well as a common market, incubator spaces, and an event venue.

Vacant Building Site to Be Cleaned Up With Brownfields Grant from MassDevelopment

The Boston Planning & Development Agency announced that MassDevelopment has awarded the agency a $250,000 Brownfields Redevelopment grant to provide environmental remediation at P3 in Roxbury. P3 is a 7.7-acre vacant piece of land owned by the BPDA with the potential to contribute to the economic development of the neighborhood while advancing the community's commitments to affordable housing, arts and culture, and equity.

Nassau, NY IDA Approves Amazon's $72 Million Investment for Warehouse

The Nassau County Industrial Development Agency has approved Amazon's investment of nearly $72 million to construct a new warehouse and distribution facility. Amazon will also cap the current brownfield-classified contaminated site that has been left vacant for decades. The Nassau IDA has approved a 15-year PILOT (payments-in-lieu-of-taxes) agreement.

Upcoming Events

CDFA Food Systems Finance Webinar Series: Financing Food-Centered Redevelopment
Tuesday, April 13, 2021 - 2:00 PM - 3:30 PM Eastern

During this installment of the CDFA Food Systems Finance Webinar Series, we will explore how investing in food-centered redevelopment can restore local food systems infrastructure, catalyze additional neighborhood development, and protect healthy, sustainable communities.

Intro Opportunity Zones Finance WebCourse
April 28-29, 2021 - Daily: 12:00 - 5:00 PM Eastern

The Intro Opportunity Zones Finance WebCourse will bring together program designers, fund managers, communities, investors, and policy experts to educate and review the most up-to-date thinking and strategies on how to maximize Opportunity Zone designations and how best to attract zone investments. This interactive webcourse will help communities bring all economic development stakeholders to the table, and have a firm understanding of how the development finance toolbox can both encourage and supplement Opportunity Fund investments.

CDFA Brownfields Technical Assistance Program

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Brownfields Financing Headlines

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Highlights from the Online Resource Database

Superfund Redevelopment Using Opportunity Zone Tax Incentives
Brownfield Financing | Community Development | Opportunity Zones | Redevelopment | Tax Credits

Opportunity Zones are a powerful way to encourage revitalization in economically distressed communities. Redevelopment of current or former Superfund sites may qualify for Opportunity Zone tax benefits. View this EPA fact sheet for more information.

There are over 300 Superfund National Priorities List sites and thousands of Superfund removal sites located in or partially in Opportunity Zones. This webinar discussed Opportunity Zone tax benefits in the context of redeveloping Superfund sites and other types of contaminated properties and how communities, local governments, and developers can utilize these benefits.

>>> EXPLORE ONLINE RESOURCE DATABASE

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