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Brownfields Financing Update
April 4, 2017
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Brownfields Finance Update

Features

Federal Brownfield Program in Question, but Connecticut's Program Remains Strong
President Donald Trump has proposed sharp cuts to the federal agency that helps turn brownfields into productive properties, but Connecticut officials say that won't keep the state from pressing forward with its own brownfield programs.

Park Place Brownfield Plan Gets Final OK, in Traverse City Michigan
The brownfield plan outlines $2.6 million in local eligible reimbursement funding in relation to the demolition of the Park Place dome and construction of a new conference center,

Historic Tax Credits Bring Jobs, People to Downtown Cleveland
Historic Tax Credits have assisted in the conversion of former office space to housing as one of the drivers responsible for lowering downtown Cleveland's office vacancy rate. In the last year alone, 70 businesses signed leases projected to lead to the creation or retention of over 6,900 jobs.

Big Dig Coming Soon to Clean Up Albany's Quackenbush Square
Pioneer Companies of Syracuse, that has proposed a mixed-use development on a brownfield site that would connect downtown Albany with other redevelopment projects happening in the city's warehouse district. The project was awarded $1.2M through the Capital Region's Regional Economic Development Council for site remediation.

Tax Breaks Sought to Turn Former St. Paul's School into Apartments in Buffalo New York
Developers who want to put a "faith-built" apartment community in a former Kenmore church school are seeking $215,000 in tax breaks from the Erie County Industrial Development Agency to support the  conversion. the developers plan to pursue $1.5 million in state and federal historic tax credits.

Tax Credits, Loans Approved for Housing Units at Former Factory Building in Olneyville Rhode Island
 Rhode Island Housing's Board of Commissioners on Thursday approved tax credits and loans as part of a $21.9-million financing plan for the former Imperial Knife Factory in Olneyville, which is slated to be reused as 60 apartments.

City of Richmond Indiana, Hires Company to Manage Old Hospital Project
The city of Richmond has hired TRC Environmental Corporation to manage the first phase of the remediation and demolition project at the former Reid Hospital campus.The contract's cost is being divided between the city and Wayne County.

Jolly Pumpkin Owner Plans 'Meat-Themed' Restaurant on in Midtown 'Innovation Corridor
An owner of Jolly Pumpkin Artisan Ales is expected to open a restaurant in a vacant Midtown building as part of a $1 million Michigan Strategic Fund loan approved Tuesday in Lansing.

Learning from Buffalo and Denver: Can Tax Credits Help Restore Polluted Sites?
Tax credits can help clean up pollution and renew communities, three experts from Buffalo and Denver told Oregon leaders and professionals during a visit to Portland last week – but it's important to think carefully as they're set up.

Developers Propose Ambitious Residential Community on Broadway in Buffalo, NY
A trio of developers specializing in affordable housing wants to undertake a signature project by turning13-acre empty lot  where Buffalo Forge Manufacturing once stood with 185 apartments and retail space.

OSU-Cascades May Use Landfill Dirt to Fill Pumice Mine
A study for OSU-Cascades shows the school's planned expansion could use material from a demolition landfill to grade and fill an adjacent pumice mine. This action can save the school nearly 30,000 fewer cross-town truck trips.

Garver Feed Mill Redevelopment gets Critical Tax Credits
Developers have secured final financing for the $19.8 million redevelopment of the landmark Garver Feed Mill on the East Side, a huge step in bringing the long-delayed project to reality.

Developers Find New Uses for Holyoke Properties
The City of Holyoke has worked with developers and businesses to create solutions for some of its most challenging sites, and these efforts are yielding concrete results, with more than $100 million of investments in the pipeline.

Ishpeming City Council Supports Senior Housing Development
The Ishpeming City Council unanimously approved an ordinance allowing Payment in Lieu of Taxes, or PILT, for a proposed Community Action Alger-Marquette senior citizen housing development .

Millions in Investments Will Support Erie Revitalization Efforts
Secretary Dennis Davin announced $3.6 million in new state investments designed to spur economic development and support revitalization throughout the City of Erie. This announcement follows the nearly $10 million in recent commitments from administration to support growth and development in Erie.

Upcoming Events
CDFA Summer School

Brownfields In-Person Project Marketplace
May 16, 2017 - Denver, CO
CDFA is bringing a unique technical assistance opportunity to Colorado in conjunction with this year's Colorado Financing Roundtable. During the Brownfields Project Marketplace, communities will be presenting their current brownfield redevelopment projects to our audience and advisors in exchange for financing recommendations specific to their projects. Roundtable attendees are encouraged to listen to the community presentations and engage in constructive discussions and networking. Participating communities are eligible to receive free registration for CDFA's Colorado Financing Roundtable on May 16th.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

$2M PlazaCorp Redevelopment to Create 30 Jobs in Downtown Kalamazoo
MLive | Mar. 23 | Brownfield Financing

Oshkosh Receives State Funding for Brownfields
KFIZ | Mar. 11 | Brownfield Financing

New Bedford Mayor Tells Congress of Brownfields Successes
South Coast Today | Mar. 6 | Brownfield Financing


Highlights from the Online Resource Database

2017 CDFA Brownfields Financing Webinar Series: Financing Brownfields with Private Activity Bonds (PABs)
Brownfield Financing
Presentation slides from the Brownfields Financing Webinar Series: Financing Brownfields with Private Activity Bonds (PABs)


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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