The Council of Development Finance Agencies has partnered with Frost Brown Todd and its affiliate FBT Project Finance Advisors on the new CDFA Intro Infrastructure Finance WebCourse and the CDFA Finance Toolbox video series. This collaboration will focus on financial challenges and opportunities facing communities working to develop or upgrade energy, water, broadband, disaster recovery, transportation, and other services, and provide expert analyses to inform the development finance industry.

Washington County is proposing a property-tax credit program for sites with hazardous substances that are remediated. The proposal would provide a 50% to 70% credit of the remaining tax liability after other credits are applied, tied to the increase in the property's assessed value due to improvements made.

The CANPACK Group will redevelop a former brownfield site in Lackawanna County, establishing an aluminum can manufacturing facility and North American Center of Excellence. For this important brownfield redevelopment project, CANPACK received a proposal from the Department of Community and Economic Development for $6 million in Redevelopment Assistance Capital Project funding. 

The Department of Environmental Management announced new funding opportunities for the cleanup and redevelopment of contaminated properties, known as brownfields, across Rhode Island. In all, $3 million is available. Redevelopment/reuse plans that support a positive impact on the community with amenities available for public use and targeted community engagement opportunities for designated Environmental Justice areas will be scored favorably.

The Iowa Economic Development Authority today announced nearly $10 million in Workforce Housing Tax incentives for 19 projects across the state. According to a news release, the program provides tax benefits to developers to provide housing, with projects focused on using abandoned, empty, or dilapidated properties. 

To alleviate the brownfield conditions of the site, the MSF approved a brownfield work plan, including state tax capture valued at $1.49 million, for the city of Detroit Brownfield Redevelopment Authority. In addition, local support, including participation in the brownfield work plan, includes a value of $72,414. The development authority is also seeking a 12-year abatement of the Obsolete Property Rehabilitation Act valued at $846,407.

Costs for environmental work, demolition, and development associated with the project will likely be high. Based on preliminary estimates, environmental activities eligible for brownfield funding are expected to cost $454,515. Non-environmental activities eligible for brownfield funding are estimated to cost $7,337,930. Under the agreement, the DDA will forgo tax capture on the property until brownfield-eligible environmental activities are reimbursed.

According to the Ohio Development Services Agency, "The Abandoned Gas Station Cleanup Grant will provide funding to assess and clean up BUSTR Class C sites (underground storage tanks with documented petroleum releases). Local government entities who own the eligible property or who have an agreement with the landowner may apply. The applicant and property owner cannot have contributed to the prior release of petroleum or other hazardous substance on the site."

CDFA-PFM Capital Markets Webinar Series: Today's Bond Regulatory Environment
August 20, 2020 - 2:00 - 3:30 PM Eastern

CDFA-Bricker PACE Webinar Series: Policy and the Future of PACE
Tuesday, August 25, 2020 - 11:00 AM - 1:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Childcare Facilities
Thursday, August 27, 2020 - 1:00 PM Eastern

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