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CDFA Brownfields Finance Update - August 6, 2019

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Brownfields Financing Update
August 6, 2019
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Brownfields Finance Update


Pietro Florentini Opens New Facility in Weirton, WV
The U.S. Environmental Protection Agency joined the Governor of West Virginia, U.S. Senators and Representatives from West Virginia, and the CEO of Pietro Fiorentini Group for the ribbon cutting of a new, state of the art $9 million manufacturing facility built on a former Brownfields site at the Three Springs Business Park.

New Medical Building Approved for Downtown Grand Rapids, MI
The City of Grand Rapids Brownfield Redevelopment Authority has approved the next phase of the Grand Rapids Innovation Park at the northeast corner of Michigan Street and Monroe Avenue. The next construction will be a 200,000 square foot medical innovation building which will be partially occupied by Michigan State University.

Fiat Chrysler Gets Another $92.8M for Mack Avenue Plant Project
The Michigan Strategic Fund approved a brownfield redevelopment plan that will capture $92.8 million worth of local and state taxes over 30 years and divert them to the automaker to help support its Mack Engine Plant expansion, a $1.7 billion project that is expected to create about 3,850 full-time jobs in the city.

Carnegie Mellon to Buy into Hazelwood Green
Carnegie Mellon University plans to have a direct presence at the new master plan development to come at Hazelwood Green, the 178-acre brownfield redevelopment along the Monongahela River. The university announced that it has established options to buy 8.3 acres of land at Hazelwood Green for future expansion.

'The Mid' Hotel Receives Incentives to Build on Brownfield
The governing body of the Michigan Economic Development Corp. approved the addition of The Mid development to brownfield incentives packages. The plan increases reimbursements to the city of Detroit from $8 million to more than $58 million through the tax capture of eligible activities over 30 years that began in 2015.

Vicksburg Paper Mill Project Receives $30M in State Funding
The State of Michigan has approved a $30 million dollar tax incentive in an $80 million project to convert an abandoned paper mill in Vicksburg into a new hotel. The grant comes by way of a Transformational Brownfield Plan program through the Michigan Strategic Fund.

Two CT Projects Receive $600K in Brownfield Grants
Two grantees in Connecticut were selected to receive $600,000 in funding from the U.S. Environmental Protection Agency's Brownfields Program. The funds from this grant program were awarded to The Connecticut Brownfield Land Bank Inc. and the town of Stafford to help with the assessment and clean up of abandoned industrial and commercial properties.

Texarkana, TX Gets $400K in EPA Brownfields RLF
The EPA will provide Texarkana, Texas, $400,000 to clean up contaminated sites through the Brownfields Revolving Loan Fund. The funds are going to communities that have demonstrated success in using their RLF funds to clean up and redevelop brownfield sites. CDFA also authored a Roadmap to Redevelopment Report for Texarkana.

EPA Announces $3.9M for PA Brownfields
These grants fulfill several of President Trump's top priorities simultaneously: helping communities in need transform contaminated sites into community assets that not only create jobs and jumpstart economic development but also improve public health and the environment.

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Brownfields Financing Headlines

Chevron Mulls Array of Gulf of Mexico Deepwater Development Projects
S&P Global | Aug. 5 | Brownfield Financing

Brownfield Work Continues in Lorain County, OH
The Morning Journal | Aug. 5 | Brownfield Financing

Lawmakers Approve $55M Family Court in New Rochelle, NY
Daily Voice | Aug. 5 | Brownfield Financing

Rockford, IL OKs Deal to Revamp Former Trekk Building
RRstar | Aug. 5 | Brownfield Financing | Tax Increment Finance (TIF)

Groundbreaking $31M Revitalization of Bennington's Putnam Block
Vermontbiz | Aug. 5 | Brownfield Financing

EPA to Close Las Vegas, NV Finance Center, Relocate Employees to Consolidate Workforce
Federal News Network | Jul. 30 | Brownfield Financing | Federal | U.S. Environmental Protection Agency (EPA)

Vermont Receives $3M in EPA Grants for Brownfields
Vermontbiz | Jul. 25 | Brownfield Financing

Brownfield Grant and Loan for New LSSU Facility
wnmufm.org | Jul. 24 | Brownfield Financing

EPA Announces $3.3M in Brownfield Grants to Seven Virginia Communities
EPA | Jul. 24 | Brownfield Financing

German Manufacturer Expanding in Albion, MI
WILX | Jul. 23 | Brownfield Financing

Lansing, MI Farnum Building Plan Heads to City Council
FOX 47 | Jul. 22 | Brownfield Financing

Third Solar Farm in Olean, NY
Olean Times Herald | Jul. 18 | Brownfield Financing

City of Aiken, SC Identifies 60 Potential Sites for Brownfield Grants
Aiken Standard | Jul. 17 | Brownfield Financing | Community Development

Fort Wayne, IN North River Site Lands Brownfield Grants
Inside Indiana Business | Jul. 16 | Brownfield Financing | U.S. Environmental Protection Agency (EPA)

Highlights from the Online Resource Database

Opportunity Zones in Conjunction with Brownfields & Redevelopment - Eugene Goldfarb
Brownfield Financing | Development Finance Toolbox | Opportunity Zones | Redevelopment
Eugene Goldfarb from the University of Illinois at Chicago discusses Brownfields and Redevelopment in conjunction with Opportunity Zones.

Opportunity Zones in Conjunction with Brownfields & Redevelopment - Jon Grosshans
Brownfield Financing | Development Finance Toolbox | Opportunity Zones | Redevelopment
Jon Grosshans from the U.S. EPA discusses Brownfields and Redevelopment in conjunction with Opportunity Zones.

Snohomish County Food Hub Roadmap to Redevelopment
Brownfield Financing | CDFA Original Research

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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