Plan Approved to Redevelop Building in Ishpeming City, MI
The Ishpeming City Council unanimously approved a brownfield plan that will help the developer of the Anderson Building on Main Street. Currently the property is being taxed at just under $30,000 when complete, that value is expected to go up to $600,000. The brownfield plan would allow the increment to be captured to reimburse the developer for eligible expenses.
BUILD Act Includes Added Protection and Incentives for Brownfield Redevelopment and Renewable Energy
The BUILD Act provides additional protections, resources and incentives to both public and private brownfield redevelopments and encourages the development of renewable energy and energy-efficiency projects on brownfield sites, amending several provisions of the Comprehensive Environmental Response, Compensation & Liability Act, 42 U.S.C. §§ 9601 et seq.
U.S. Sen. Murphy Offers Tax Incentive Bill for Brownfield Redevelopment
Sen. Chris Murphy has introduced The Creating Livable Environments and New Usable Property (CLEAN UP) Act, which would enable developers to fully deduct the costs of environmental cleanups on brownfield sites in the year those costs are incurred.
What Detroit Tells Us about Conventional Financing and Economics of Revitalization
In order to fuel Detroit's momentum, developers and civic officials in Detroit need to continue to encourage banks, pension funds, and life insurance companies to participate in investing in the city's renaissance. Getting more institutions involved helps disperse the risk. Banks have lending limits, and they are going to put only so much money into any one city—no matter how much positive development has been established.
VEDA Approves $8.6M in Financing for Economic Development Projects
During the last quarter, the Vermont Economic Development Authority (VEDA) approved $8.6 million in loans to help support brownfield, commercial, agricultural, and small business projects throughout Vermont. Since inception, VEDA has provided over $2.49 billion in financing assistance to thousands of eligible Vermont enterprises.
New TIF Approved to Help Fund Cook's Redevelopment of GE Site in Kokomo, IN
Cook Group Inc. will receive $5 million in county tax revenue to help cover some of the cost to renovate the former General Electric Appliances plant. Overall, Cook plans to invest $125 million into renovating the site. Improvements plan include a 1.5-mile public walking path around the property, landscaping, redevelopment of office and manufacturing space and parking lot improvements.
Baltimore to Seek up to $100M for East Baltimore Development Plan
Baltimore Housing officials next month plan to ask for a city TIF deal of between $50 million and $100 million to help redevelop a wide swath of East Baltimore, including an overhaul of the Perkins Homes public housing complex.
Pallone's Bipartisan Brownfields Bill Passes in Omnibus
As part of the omnibus spending package, the House of Representatives passed legislation to reauthorize the Brownfields program authored by Congressman Frank Pallone, Jr. (NJ-06). Pallone led efforts to negotiate and pass the reauthorization legislation out of the Energy and Commerce Committee.
MassDevelopment Issues $65M Tax-Exempt Bond
NEC Member MassDevelopment recently issued a $65.6 million tax-exempt bond for Lawrence General Hospital, an acute care community hospital serving the Merrimack Valley region in Massachusetts.
Ambitious Redevelopment Seeks $1.35M to Clean Up Shuttered Mill in Vicksburg, MI
Tuesday, the county Board of Commissioners authorized its Brownfield Redevelopment Authority to apply for a $1.25 million DEQ loan and $100,000 grant to mitigate contamination of a former Vicksburg paper mill. Paper City Development LLC. plans redevelop the long-vacant mill complex into an $50 million brewery and mixed-use space.