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CDFA Brownfields Finance Update - December 5, 2017

Brownfields Financing Update
December 5, 2017
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Brownfields Finance Update


Bipartisan Bill - Brownfields Enhancement, Economic Redevelopment and Reauthorization Act Passes House Vote
The House voted 409-8 to pass legislation that would revamp a popular U.S. EPA land cleanup program. The "Brownfields Enhancement, Economic Redevelopment and Reauthorization Act," or H.R. 3017, would give fresh congressional approval to EPA's program for remediating and redeveloping former industrial or commercial sites where there is real or perceived environmental contamination.

The ObscureTax Break Behind Charlotte, NC's Biggest New Developments
To encourage both redevelopment and cleanup, the state's "brownfields" program offers developers big tax breaks and legal protection from liability if they stick to a state-approved cleanup plan. Although it's not discussed much, the brownfields program is driving some of the most prominent redevelopment efforts in Charlotte.

The City Of Savage, MN Uses TIF to Clean Former Oil Site
The city purchased the property about a year ago for $309,000. Cleaning up the former oil station site will cost about $500,000 to $550,000. The assessed value of the building stands at about $1.9 million. The city will recoup about $890,000 during the 25-year life of the tax-increment financing district.

Tax Credits will Complete Financing for $30M Downtown YMCA in Kansas City, MO
The new Y project, which is redeveloping the 20,000-square-foot Lyric building and adding 45,000 square feet north of it, was announced in May 2015. Since that time, $7.1 million has been raised through donations. In addition, the YMCA will be able to utilize $16.9 million from the 11th Street Corridor Tax Increment Financing Plan to redevelop the Lyric site, which has been vacant since 2012.

Columbus OKs Incentives for Quarry Project, Grandview Crossing and Short North Offices
The city will establish a new tax increment financing district at each site, as well as a Community Reinvestment Area with a 15-year, 100 percent real property tax abatement. It will also offer an Enterprise Zone Agreement for a 10-year, 75 percent property tax abatement related to the office space built at each project.

CT Allocates $13.6M for Brownfields
Connecticut will spend $13.6 million to assess or redevelop brownfield sites in 14 municipalities. The newest round of funding will pay to remediate and revitalize 89 acres of blighted properties. The state has invested more than $220 million in brownfield redevelopment since 2012.

After 25 Years, Brownfield Cleanup Still Totals Millions in Michigan
Since the program was launched in 1992, the program has awarded $200 million in brownfield grants and loans for 350 projects in Michigan, said the Department of Environmental Quality (DEQ). Just last year, $6.1 million was awarded for 26 new projects.

Leaders in Shawnee, KS Consider Tax Breaks to Encourage Redevelopment
Shawnee City Council to vote on a TIF deal that would save a developer $25M for 25 years to redevelop a strip mall into 530 apartment units, an underground parking garage and 11 buildings to house restaurants and retail businesses.

Senate Tax Reform Retains LIHTC, PABs, HTC, and NMTC
The Senate Finance Committee's new tax reform legislation is much better for affordable housing, community development, historic preservation, and renewable energy than the House tax reform legislation, which the Ways and Means Committee favorably reported to the full House.

After More Delays, Garver Feed Mill Redevelopment to Move Forward in Madison, WI
After missing two more deadlines, a developer is poised to meet final city conditions and start a much-anticipated, long-delayed $19.8 million remake of the crumbling, landmark Garver Feed Mill and surrounding property on the East Side. The building will be redeveloped into an artisan food production facility.

Upcoming Events
Fundamentals of Economic Development Finance WebCourse

CDFA Online Brownfields Project Marketplace
January 18, 2018 - 12:00 - 5:00 PM Eastern
CDFA is excited to offer the Brownfields Project Marketplace as an opportunity for communities to receive free technical assistance related to the redevelopment and financing of brownfield projects. Join us online on January 18, to consult with financing professionals and brownfield project experts who can help identify potential resources for your brownfield project.

Contact Blake Williams to register your project!

CDFA Brownfields Technical Assistance Program

CDFA Releases Redevelopment Financing for The Steelworks Center of the West - Pueblo, CO
The Steelworks Center of the West is planning the rehabilitation of the former Colorado Fuel and Iron Company office building. The space will serve as an expanded museum for exhibitions memorializing the history of the coal and steel industries in the West. In the latest Roadmap to Redevelopment report, CDFA provides financing recommendations for the project.

Brownfields Financing Headlines

New Britain, CT Lawmakers Announce $1.7 Million For Brownfields Cleanup
Hartford Courant | Dec. 1 | Brownfield Financing

Transforming a Bay Area Brownfield Into a Green Jewel
Next City | Nov. 13 | Brownfield Financing

Brownfields to Playfields in Carlisle PA
WITF | Nov. 13 | Brownfield Financing

Highlights from the Online Resource Database

Financing the Brookfield Building Redevelopment
Brownfield Financing | Redevelopment
Brad Elmer from Baker Tilly presents on the capital stack that was necessary to finance the redevelopment of the historic Brookfield Building in downtown Kansas City, Missouri.

Creative Brownfield Financing Solutions: Palm Beach County
Brownfield Financing
Sherry Howard and Carol Thompson from Palm Beach County as well as William Loewenstein from Community Initiatives Development Corporation present on the structure that Palm Beach County, FL operates to remediate brownfields.

Overland Industrial Park: The Past, Present and Future
Bond Finance | Brownfield Financing | Revolving Loan Funds (RLFs)
Colin Kalvas from Bricker and Eckler and Paul Toth from the Toledo-Lucas County Port Authority discuss the myriad steps required to remediate the Overland Industrial Park in Toledo, OH.

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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