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CDFA Brownfields Finance Update - March 3, 2020

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Brownfields Financing Update
March 3, 2020
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Brownfields Finance Update

Features

CDFA Releases the Brownfields to Brightfields Roadmap to Redevelopment
The Roadmap to Redevelopment Report was developed through a 2-day process that included interviews with numerous stakeholders from the government, agriculture, business, and non-profit sectors. The plan provides a framework for the financing of the redevelopment of the Anoka-Ramsey landfill in Ramsey, MN.

FL House Plan Would Allow Tourist Tax Money to Be Used for Water Quality Projects
The Florida House Ways & Means Committee reviewed a wide range of state tax revisions that are certain to be unpacked and dissected over the last month of the legislative session. One proposal is giving cities more control over how tourist development dollars are spent and allowing counties to use TDT revenues for water quality projects.

CDFA Releases the Former Native Service Hospital Roadmap to Redevelopment
The Roadmap to Redevelopment Report was developed through a 2-day process that included interviews with numerous stakeholders from the government, agriculture, business, and non-profit sectors. The plan provides a framework for the financing of the redevelopment for the Former Native Alaska Service Hospital.

VT Seeks to Expand TIF Program to Smaller Projects
The proposed Project-Based TIF program would enable Vermont's rural communities to be approved to use municipal and education tax increment financing from select parcels to fund qualifying infrastructure projects (i.e. stormwater, wastewater, brownfield remediation and redevelopment, transportation enhancements, etc.) that will spur specific private development.

New Tax Plan for Former Frenchtown Ceramics Site
The Frenchtown Borough Council held an informational meeting for the general public to answer questions regarding the proposed redevelopment. The proposed PILOT program term would be for 30 years. The developer would pay the municipality 95% of the revenue generated from the housing development. That equates to 27% on every dollar received or $340,000 in the first year of project completion.

TN Governor's Bills, Business Tax, Highlight House Calendar
House Bill 2227: Creates a rural Brownfield Tax Credit Enhancement Program which involves sites in rural communities where former industries once stood. "House Bill 2227 will allow companies looking to reinvest in these properties and the communities they serve to receive a tax credit to encourage them to relocate and create new jobs".

Incentive Package Would Help Law Firm Move Into Long Vacant Covington, KY Building
As part of an incentive package by the city commission, the developer would be the beneficiary of industrial revenue bonds resulting in a 20-year payment-in-lieu-of-taxes situation, where for the first fifteen years, 20 percent of the actual property tax would be paid to the city. The package would also include a benefit from the city's TIF district to offer a payroll tax benefit.

Red Cedar Proposal Rejected, Jeopardizing Funding
Plans to redevelop the former Red Cedar Golf Course may have hit a financial roadblock after the Michigan Economic Development Corp. turned down funding for the project in its current form. And without support from the MEDC, millions of dollars that could have been captured as part of a tax-increment financing plan to construct the project might no longer be available for developers to spend.

Upcoming Events
CDFA Federal Policy Conference

CDFA // BNY Mellon Development Finance Webcast Series: To TIF or Not to TIF?
Tuesday, March 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series experts will examine the best strategies local governments and analysts are using to determine appropriate TIF assistance levels.

Intro Tax Credit Finance WebCourse
March 25-26, 2020 - Daily: 12-5pm (Eastern)
The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low income housing, historic preservation, and state-specific programs.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

East Jordan City Commission OKs Brownfield Redevelopment Plan for Co-Op Site
News-Review | Mar. 2 | Brownfield Financing | Tax Increment Finance (TIF)

Barcalo Redevelopment Ready to Start With $1M in Tax Breaks
The Buffalo News | Mar. 2 | Brownfield Financing

Council Recommends Tax Incentive Programs Continue After Job Creation and Reinvestment
WDTN | Mar. 2 | Brownfield Financing | Tax Increment Finance (TIF)

Northside Neighborhood Approved Brewery, Outdoor Beer Garden
WWMT | Feb. 28 | Brownfield Financing | Tax Increment Finance (TIF)

LENOWISCO Begins Economic Development Site Assessments on Brownfield Sites
Times News | Feb. 28 | Brownfield Financing

Off-Site Drilling Required for Duofold Study
Times Telegram | Feb. 28 | Brownfield Financing

Garfield Township Commits Additional $200K to Boardman Lake Trail
The Ticker | Feb. 27 | Brownfield Financing

Mixed-Use Development Planned for Kzoo's Northside
WKZ | Feb. 27 | Brownfield Financing

Brownfield, Superfund Efforts are Win-Win at Tonawanda Coke
The Buffalo News | Feb. 26 | Brownfield Financing

Belfast, ME Seeks to Promote Development with New Brownfields Grant
Village Soup | Feb. 25 | Brownfield Financing

Demolition of Jones Grocery Has Begun
My San Antonio | Feb. 20 | Brownfield Financing

Aurora, IL Announces Intention to Establish TIF District
Chicago Tribune | Feb. 18 | Brownfield Financing | Tax Increment Finance (TIF)

New Brownfield Authority Established in Roscommon County
Up North Voice | Feb. 7 | Brownfield Financing | Tax Increment Finance (TIF)

GCEDC Board Approves Assistance for Two Downtown Projects
The Batavian | Feb. 7 | Brownfield Financing

Former Daily News Site to Become Premium Apartments
Midland Daily News | Feb. 7 | Brownfield Financing

Contaminated Property Redeveloped Into Dollar General
Up North Live | Feb. 5 | Brownfield Financing


Highlights from the Online Resource Database

2020 CDFA Brownfields Financing Webinar Series: Catalytic Brownfield Financing Solutions
Webcasts | Brownfield Financing
Throughout the last 5 years, the Council of Development Finance Agencies, through a partnership with the US EPA, has implemented an extensive package of brownfields technical assistance including a specialized resource center, targeted webinars, brownfield marketplaces in person and online, and 36 Project Response Team Site Visits to communities across the country. We have closely examined the development finance tools that have made these projects successful and how they can be applied to a brownfield site in your community.


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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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • Petros PACE Finance
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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