Technical Assistance


CDFA Brownfields Finance Update - August 4, 2020

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Brownfields Financing Update
August 4, 2020
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Brownfields Finance Update


CDFA Announces the CDFA-Frost Brown Todd Infrastructure Finance Collaboration
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.

Proposed Tax Credit Could Help Brownfield Developers
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.

Poland-Based Manufacturer to Establish Aluminum Can Manufacturing Facility
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. 

$3M in Brownfields Funding Now Available in Rhode Island
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.

$10M in Housing Tax Incentives Awarded for Projects That Redevelop Properties
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. 

511 Woodward Project Moving Forward in Downtown Detroit, MI After Fund Approval
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.

Brownfield Status Sought for Hotel Project
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.

Land Bank Board Discusses Possible Acquisition of Former Rocky Fork Truck Stop Property
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."

Upcoming Events
CDFA Federal Financing Webinar Series: TBD

CDFA-PFM Capital Markets Webinar Series: Today's Bond Regulatory Environment
August 20, 2020 - 2:00 - 3:30 PM Eastern
During this installment of the CDFA-PFM Capital Markets Webinar Series, experts will analyze how recent regulatory actions will impact how banks buy bonds and how deals are priced.

CDFA-Bricker PACE Webinar Series: Policy and the Future of PACE
Tuesday, August 25, 2020 - 11:00 AM - 1:00 PM Eastern
This webinar will examine the next decade of PACE with a forward-looking view of how PACE will continue to evolve nationwide. PACE experts will explore ways in which the industry can expand PACE use to places that have yet to take advantage of this modern development finance tool. Learn how to tackle public policy hurdles and how to educate community leaders on the pros of PACE while ensuring accountability, transparency, and program effectiveness.

CDFA // BNY Mellon Development Finance Webcast Series: Investing in Childcare Facilities
Thursday, August 27, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will showcase various childcare facilities financing programs from across the country and highlight projects that have successfully utilized these tools.

CDFA Brownfields Technical Assistance Program

Brownfields Financing Headlines

Three Years In, Statewide Brownfield Incentive Overwhelmingly Funds Detroit, MI Work
Crain's Detroit Business | Aug. 4 | Brownfield Financing

Cleanup Begins on North Berkeley Rail Trail
Morgan Messenger | Aug. 3 | Brownfield Financing

Twin Pines to Build 21 Apartments After Grants Come Through
Valley News | Aug. 3 | Brownfield Financing

Kalispell Makes Good Use of Brownfields Program
Daily Interlake | Aug. 3 | Brownfield Financing

State Brownfield Funds Will Help Pay for Redevelopment of Village Mall in Farmington
Hometown Life | Aug. 3 | Brownfield Financing

EPA Seeks Comment on Proposed $11.8M Superfund Site in Martinsville, IN
EPA | Aug. 3 | Brownfield Financing

Construction Begins This Fall on Meijer Store on Detroit, MI's East Side
The Detroit News | Aug. 3 | Brownfield Financing

Cleveland Township, MI to Take Action on Blighted Sugar Loaf
Record Eagle | Jul. 19 | Brownfield Financing

Environmental Contamination Concerns Taint Oscar Mayer Redevelopment Plan
Wisconsin State Journal | Jul. 19 | Brownfield Financing

EPA Issues $4.1M Cleanup Plan for North Alcoa Site in East St. Louis, IL
EPA | Jul. 16 | Brownfield Financing | Water Finance

Norwich Hospital Site Bonding Released
Norwich Bulletin | Jul. 15 | Brownfield Financing

Standing Rock Tribe Cleans up Old Sitting Bull College Site
Bismarck Tribune | Jul. 12 | Brownfield Financing

Solar Farm Planned at Former Franklin County, OH Landfill Site
The Dispatch | Jul. 9 | Brownfield Financing | Energy Finance | Green Finance | Public-Private Partnership (P3) Financing | Case Studies | Case Studies | Case Studies

$100M in Funding Approved for Hampton Roads Water Improvement Projects
Augusta Free Press | Jul. 9 | Brownfield Financing | Revolving Loan Funds (RLFs) | Water Finance

State Tax Changes Effective July 2020
Tax Foundation | Jul. 9 | Brownfield Financing | Tax Credits

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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