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CDFA Brownfields Finance Update - August 3, 2021

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Brownfields Financing Update
August 3, 2021
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Brownfields Finance Update

Features

Key Provisions for Land Revitalization in the Senate's Bipartisan Infrastructure Plan
The Senate has voted to take up a nearly $1 trillion national infrastructure plan after President Joe Biden and a bipartisan group of senators reached an agreement on major provisions of the package. Included in the bill is $21 billion to clean up superfund and brownfield sites, reclaim abandoned mine land, and cap obsolete gas wells.

Completion of $7M Mixed-Use Development in Buffalo, NY
A $7 million project to redevelop a brownfield into affordable housing and retail space in a revitalizing part of north Buffalo has been completed. Supported by the Better Buffalo Fund and located in the heart of the Hertel Avenue Business District, the five-story mixed-use building includes ground-floor retail space, residential apartments on the upper floors, and underground parking.

Des Moines, IA Apartment Projects Under Review for State Tax Credits
Roughly 370 new apartments could be coming to Des Moines if six proposals get approved under the state-administered Workforce Housing Tax Credits program, which focuses on projects that restore abandoned or dilapidated properties at brownfield or grayfield sites. They are also used for new construction in communities with demonstrated housing needs.

Consumers Energy Celebrates New Solar Power Plant in Cadillac, MI
The State of Michigan and the City of Cadillac have dedicated a third solar power plant for the company Consumers Energy, Cadillac Solar Gardens. The Cadillac Solar Gardens site is a repurposed brownfield land with a manufacturing history that dates to the late 1800s. Before the solar power plant, the site had been vacant for more than 30 years after the closure of an auto manufacturer.

Racine, WI Looks to Replenish Brownfield Loan Fund with EPA Grant
The city's brownfield remediation loan program may soon get a $500,000 boost thanks to an Environmental Protection Agency grant. The Finance and Personnel Committee has voted to move the federal grant forward so that city staff can accept the funds for the Brownfield Cleanup Revolving Loan Fund.

City Ogdensburg, NY and Local IDA Give Former Newell Building New Life
The City of Ogdensburg, in partnership with the St. Lawrence County Industrial Development Agency, has completed a $1.6 million cleanup and exterior rehabilitation of the 70,000 square foot building. This partnership allowed the building, which had fallen to the city through tax foreclosure, to be rehabbed instead of falling further into disrepair and risk being demolished.

Elected Officials and Partners Celebrate New Affordable Apartments in Smithfield, RI
Georgiaville Village Green has remediated a brownfield site with much-needed affordable family housing. Funding came from a variety of sources, including $7.95 million in LIHTC equity, $750,000 in Thresholds funding, a $650,000 Community Development Block Grant, a $200,000 grant from RIDEM, a construction loan from Citizens Bank, a mortgage from RIHousing, and $906,000 from the state-funded Acquisition and Revitalization Program.

Virginia State Brownfield Grant to Help Pay for Removal of Hazardous Materials at White Mill Project in Danville
A multimillion-dollar project to remove lead-based paint from the White Mill building will get a $500,000 boost from the state. Getting rid of toxic substances will cost roughly $3.5 million and is one of the first steps in the redevelopment of this historic building that is scheduled to begin this fall.

Upcoming Events
CDFA Federal Financing Webinar Series: Investing in Critical Community Facilities

CDFA-Bricker PACE Webinar Series: Best Practices for Marketing & Selling PACE Across All Market Sectors
Tuesday, September 29, 2021 - 2:00 PM - 4:00 PM Eastern
Now that the PACE marketplace has been "built", how does it become mainstream so that all property owners know about PACE? This workshop will explore proven methods for marketing and selling PACE to contractors, economic development agencies, commercial real estate professionals, and ultimately the property owner.

Intro Tax Credit Finance WebCourse
September 29-30, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low-income housing, historic preservation, and state-specific programs.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

Bluestone Family Practice Opens in Downtown Bluefield, WV
Bluefield Daily Telegraph | Aug. 2 | Brownfield Financing | Community Development | Healthcare | Rural Development | Social Finance | Health

Waterbury, CT to Announce $4M Brownfield Grant to Develop New Manufacturing and Residential Opportunities
Postx News | Aug. 2 | Brownfield Financing | Community Development | Housing Finance | Redevelopment

Mount Clemens, MI Mulls $10M Brownfield Project
Macomb Daily | Aug. 1 | Brownfield Financing | Economic Development | Redevelopment

Redevelopment Plans for Former Psychiatric Hospital in Westland, MI Get Major Boost
Hometown Life | Jul. 22 | Brownfield Financing | Economic Development | Historic Preservation | Redevelopment | Tax Credits | Brownfield Tax Credits

Amsterdam, NY Finalizing Plans for Brownfields
The Recorder | Jul. 21 | Brownfield Financing | Community Development | Rural Development

Zanesville, OH Hopes State Money Will Aid Cleanup of Former Lear Property
Times Recorder | Jul. 21 | Brownfield Financing | Economic Development | Redevelopment

City of Geneva, NY Looks to Create Larger Trail Network
Finger Lakes Times | Jul. 21 | Brownfield Financing | Community Development | Infrastructure Finance

Bloomfield, NM Hosts Community Workshop on How to Redevelop Old Refinery Site
Farmington Daily Times | Jul. 16 | Brownfield Financing | Community Development | Economic Development | Redevelopment

Houston, TX to Receive $600K in Brownfield Assessment Funding
BIC Magazine | Jul. 15 | Brownfield Financing | Community Development | Economic Development | Redevelopment

Company Plans to Rehabilitate Downtown Ionia, MI Building
Ionia Sentinel-Standard | Jul. 13 | Brownfield Financing | Economic Development | Historic Preservation | Housing Finance | Redevelopment | Tax Increment Finance (TIF)

College Park, GA Receives $1.5M EPA Brownfield Grant
City of College Park | Jul. 12 | Brownfield Financing | Redevelopment | U.S. Environmental Protection Agency (EPA)

Partnership a 'Milestone' in Lincoln, NE Fledgling Urban Ag Program
Lincoln Journal Star | Jul. 9 | Brownfield Financing | Community Development | Economic Development | Food Systems Finance | Social Finance

Developer Breaks Ground on Affordable Housing Units in Glen Cove, NY
LI Herald | Jul. 8 | Brownfield Financing | Housing Finance | Social Finance | U.S. Dept. of Housing & Urban Development (HUD)

Ansonia, CT Receives $1M to Clean Up Industrial Site
Valley Independent Sentinel | Jul. 8 | Brownfield Financing | Community Development | Economic Development | Redevelopment

Ohio Budget Bill Delivers New Incentive Opportunities
Vorys | Jul. 1 | Brownfield Financing | Economic Development | Food Systems Finance | Incentives | Member News | Revolving Loan Funds (RLFs) | State Finance Program



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

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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