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CDFA Brownfields Finance Update - November 2, 2021

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Brownfields Financing Update
November 2, 2021
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Brownfields Finance Update

Features

Ohio's New State Tax Credit Program Designed to Transform Communities
In late 2020, Ohio enacted Senate Bill 39, which provides for significant tax savings for transformational mixed-use developments. The objective of the law is to encourage downtown revitalization through the authorization of up to $100 million in non-refundable insurance premiums and state tax credits per year through 2023.

Financially Attractive Development Opportunities Within Lackawanna, NY Brownfield Opportunity Area and Opportunity Zone
The Lackawanna Plant ceased operations some 40 years ago, leaving several hundred acres of developable land, which is serviced by road, rail, and water. The site is positioned to take advantage of New York state's lucrative Brownfield Clean Up Program, cash-back tax incentives, and Federal Opportunity Zone tax benefits.

Maryland Eyes New Rules for Fuel Storage at Marinas; Incentives for Green Energy on Brownfield Sites
The state of Maryland is looking at new regulations for fuel and storage tanks at marinas and new incentives to encourage green and renewable energy developments on brownfield sites. The Maryland Department of the Environment is accepting public comments on the regulatory and economic development changes.

New $76M Affordable Housing Development and Fresh Food Market in Buffalo, NY
Governor Kathy Hochul announced a new $76 million development with 201 mixed-income affordable homes and a 22,000-square-foot fresh food market will open soon in Buffalo's Central Business District. State financing includes $10.5 million in permanent tax-exempt bonds, $21.8 million in equity from Federal and State Low-Income Housing Tax Credits, a $19.1 million subsidy from New York State Homes and Community Renewal, and $12 million in equity from state Brownfield tax credits.

From Train Engines to Startup Hub: New Coworking Space Opens at Hazelwood Green in Pittsburgh, PA
The roundhouse, built 133 years ago to service train engines at the former LTV Coke Works site, is part of the sprawling 178-acre project now known as Hazelwood Green. The site is being transformed from a brownfield into a hub for startups, companies, and the community. The roundhouse renovation was supported through funding by the Richard King Mellon Foundation and the Heinz Endowments.

Solar Project Helps to Reclaim Site of Notorious Woburn, MA Toxic Waste Case
A community solar installation generating power for low-income residents and homeless shelters at a Boston property previously best known for its role in a notorious toxic waste case in the 1980s. The installation is located at a site owned by UniFirst, which will receive lease payments for use of the site. The project is expected to save housing nonprofit Heading Home and other low-income Boston-area residents thousands of dollars on energy costs each year, while also helping spread the message that clean energy is for everyone — regardless of income.

EPA Strategic Plan Touts Climate, Environmental Justice Goals
EPA released its draft strategic plan that will help the agency chart its course over the next several years. The agency will reduce the number of water systems not in compliance with health standards from 3,508 to 600 by September 2026. The agency also wants to get human exposure under control at an additional 60 Superfund sites and clean up another 650 brownfield properties by then, according to the plan.

Construction Starts on Lear Seat Plant at Old Cadillac Site in Detroit, MI
Named the M3 Commerce Center, the site along Gratiot Avenue and Conner will be home to Lear Corp. as it makes seats for GM's Factory Zero Assembly factory in Detroit/Hamtramck when it opens in mid-2022. The site was awarded $1 million from a Renew Michigan grant through the Wayne County Brownfield Development Authority to assist in remediating the site. The Michigan Economic Development Corp.'s Michigan Strategic Fund board approved $3.3 million in brownfield tax credits.

Upcoming Events
CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years

CDFA // BNY Mellon Development Finance Webcast Series: When it Comes to Financing Smart Cities, What Counts as Smart?
Tuesday, November 16, 2021 - 2:00 PM - 3:00 PM Eastern
The concept of Smart Cities is no longer brand new, yet most communities are still working to understand what kinds of smart infrastructure they want and need at the local level - and how to pay for it. Join CDFA for this next installment of the CDFA // BNY Mellon Development Finance Webcast Series to learn about what types of smart infrastructure projects are happening around the country and how these efforts are being financed.

Intro Property Assessed Clean Energy (PACE) Finance WebCourse
December 8-9, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Property Assessed Clean Energy (PACE) Finance WebCourse will explore the process of creating, operating, and maintaining a community-based PACE program. This two-day course will feature a comprehensive overview of PACE including program design, capital markets analysis, investor attraction, legal and regulatory considerations, market potential, and operations.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

Marquette County, MI Successful in Securing EPA Brownfield Assessment Grant Funding for a Second Time
Upper Michigans Source | Oct. 29 | Brownfield Financing | Economic Development | U.S. Environmental Protection Agency (EPA)

Kalamazoo, MI Plan to Replace Crumbling Buildings with ‘Vibrant' Housing Clears Hurdle
WOOD-TV | Oct. 29 | Brownfield Financing | Economic Development | Incentives | Redevelopment | State Finance Program | Tax Credits

Scenic Hudson, NY Working to Remediate Contaminated Sites
Mid Hudson News | Oct. 29 | Brownfield Financing | Economic Development | Redevelopment | State Finance Program

Jacksonville, FL Seeking Brownfields Grant with US EPA to Clean Up Potentially Contaminated Properties
WLDS | Oct. 27 | Access to Capital | Brownfield Financing | Economic Development | U.S. Environmental Protection Agency (EPA)

New Target Store Planned for Midtown Detroit, MI
ClickOnDetroit | Oct. 25 | Brownfield Financing | Economic Development | Housing Finance | Redevelopment | Urban Development

What's Next for the Former Marquette, MI Hospital After Agreement Reached with NMU Foundation
WJMN-TV | Oct. 25 | Brownfield Financing | Healthcare | Infrastructure Finance | Redevelopment | Revolving Loan Funds (RLFs)

Funding for Site Study Connected to Possible Goshen Brewing Co. Expansion Approved
The Goshen News | Oct. 25 | Access to Capital | Brownfield Financing | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs)

Vermont ACCD Announces $10M in Funding Available for Brownfields Remediation
Vermont Business Magazine | Oct. 18 | Access to Capital | Brownfield Financing | Economic Development | Housing Finance | Redevelopment | State Finance Program

Cleanup Completed at Poughkeepsie, NY Brownfield Site
Mid Hudson News | Oct. 18 | Brownfield Financing | Economic Development | Redevelopment | State Finance Program | Tax Credits

Plans to Start Franklin Street Brownfield Cleanup Next Month in Olean, NY
Olean Times Herald | Oct. 18 | Brownfield Financing | Economic Development | Redevelopment

Developers Aim to Improve Newaygo, MI Housing Market
Grand Rapids Business Journal | Oct. 18 | Brownfield Financing | Housing Finance | Infrastructure Finance | Redevelopment

Grand Rapids, MI to Consider $22M in Brownfield Incentives for 8-Story Spectrum Health Development
MiBiz | Oct. 14 | Access to Capital | Brownfield Financing | Infrastructure Finance

Iowa Governor Doubles Down on Rural Broadband Funding
Pen City Current | Oct. 13 | Brownfield Financing | Disaster Recovery & Relief | Rural Development | COVID-19

MI Grants $3.6M for Four Detroit Redevelopment Projects
dbusiness | Oct. 12 | Access to Capital | Brownfield Financing | Green Finance

Maine to Get $1.5M to Clean Up More Brownfields
U.S. News & World Report | Oct. 8 | Brownfield Financing | Economic Development | Federal | Redevelopment



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
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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