About

Advocacy

Events

Membership

Sponsor

Education

Newsletters

Resources

Technical Assistance

×

CDFA Brownfields Finance Update - November 5, 2019

Having trouble viewing this newsletter? View it online.
Brownfields Financing Update
November 5, 2019
Subscribe
View Archives
Brownfields Finance Update

Features

First Brownfield Solar Project in MI Shows Promise
The solar project at the Mitchell-Bentley site in Cadillac triggered $1 million in state grants and loans through Michigan's brownfield redevelopment program. The city will pay off the loan portion through increased property tax revenue from future development on the site. Consumers Energy plans to spend $700,000 to build the solar project, which was matched by a $700,000 state cleanup grant.

St. Louis, MO TIF Commission Recommends Millions in Subsidies
The Tax Increment Financing Commission on endorsed millions of dollars in subsidies for two major developments. On the first project, it is seeking $14.1 million in TIF assistance, with about $1.4 million of that coming from a new sales tax district. The remainder of its financing would come from a $55 million loan and $22.5 million in equity. The second one received $3.8 million in TIF assistance for its 100-unit Hibernia project in Dogtown.

The $50M Cambria Hotel in Detroit, MI Breaks Ground using PACE, TIF, Opportunity Fund
At the western edge of downtown, construction has officially begun on Detroit's latest luxury hotel. Financing was compiled from a variety of sources, including $6.8 million in energy-efficiency PACE loans—the largest so far supplied in the state—$8.4 million in Brownfield Tax credits, Opportunity Zone financing, loans from TCF Bank and Invest Detroit, as well as investor equity.

EPA Selects 26 Organizations to Receive $5.1M in Environmental Workforce Grants
The U.S. Environmental Protection Agency (EPA) announced the selection of 26 organizations to receive a total of $5.1 million in grants for environmental job training programs across the country. These grants help to create a skilled workforce in communities where EPA brownfields assessment and cleanup activities are taking place.

Buffalo, NY Redevelopment Boom is Extending to Broadway District
After years of neglect, developers are once again giving their regards to more impoverished areas such as Broadway. One thing spurring interest is the availability of "relatively cheap properties" and vacant land, the availability of brownfield and historic tax credits, and the incentives and demand for affordable housing, as potential drivers.

Austin-Based Dine-In Movie Chain Is Coming to Des Moines, IA
A rapidly expanding dine-in movie theater chain based in Austin, Texas, will likely anchor a five-story commercial structure planned as part of the development called the Fifth in downtown Des Moines. The board is expected to approve a tax credit not to exceed $800,000 for the project. The tax credit would come from the state's Redevelopment Tax Credit Program.

EPA Announces $125M for the Nuclear Metals Superfund Site in Concord, MA
The U.S. Environmental Protection Agency announced the filing of a consent decree with the four parties responsible for contamination at the Nuclear Metals Superfund site in Concord. Under the agreement, the United States, on behalf of the U.S. Army and U.S. Department of Energy, along with Textron Inc. and Whittaker Corporation, will address the cleanup of the site at an estimated cost of approximately $125 million.

New Bill for OH Brownfields
GOPC partnered with environmental professionals, legal experts, and other redevelopment organizations to craft and promote a new brownfield regulatory bill that, so far, appears to be a textbook example of how proposed legislation in Ohio becomes law. House Bill 168 breezed through the Ohio House of Representatives on a unanimous vote. Advocates believe it will be approved by the Senate and signed by the Governor before the end of the year.

Upcoming Events
CDFA National Development Finance Summit

CDFA-Bricker PACE Webinar Series: New Construction PACE
November 18, 2019 - 11:00 AM - 1:00 PM Eastern
In this webinar, the discussion will focus on the use of PACE financing as a tool in new construction projects. Learn from industry leaders and finance experts about how C-PACE can be a tool for new commercial development. PACE as a new form of capital provides unique alternatives to close financing gaps and to replace developer equity in projects under development.

CDFA // BNY Mellon Development Finance Webcast Series: Unlocking Capital for Native American Communities
Tuesday, November 19, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will discuss financing tools for Native American-owned businesses to assist in strengthening tribal nation's local economies.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

EPA Grant of $445,000 Will Fund Brownfields Programs in LA
EPA | Nov. 4 | Brownfield Financing

Niagara County, NY Will Receive EPA Grant and RLF Funding
Niagara-Gazette | Nov. 4 | Brownfield Financing | Revolving Loan Funds (RLFs)

State Approves $29M Mixed-Use Development in Downtown Ferndale, MI
The Oakland Press | Nov. 4 | Brownfield Financing

Danbury P & Z Clears Path For New Housing Facility
patch.com | Nov. 4 | Brownfield Financing

Funding Granted to Help Remediate Nine Brownfields in RI
Eco RI News | Nov. 1 | Bond Finance | Brownfield Financing

Chasing Away NJ's Economic Ghosts by Transforming Blight and Brownfield Sites
NJ Spotlight | Nov. 1 | Brownfield Financing | Municipal Securities Rulemaking Board (MSRB) | Opportunity Zones | Tax Credits

Dalles, OR Seeks EPA Grant
The Dalles Chronicle | Nov. 1 | Brownfield Financing

Waukegan, IL Approves Deal with EPA to Clean Brownfield for Residential Development
Chicago Tribune | Nov. 1 | Brownfield Financing | Housing Finance

Missoula, MT Approves EPA Cleanup Revolving Loan Fund for Redevelopment
Missoula Current | Nov. 1 | Brownfield Financing | Revolving Loan Funds (RLFs)

Closed School to be Cleaned, Reborn as Veterans' Housing
WHYY | Nov. 1 | Brownfield Financing | Housing Finance

Trinity Financial Completes 102-Unit Housing Development in MA
New England Real Estate Journal | Nov. 1 | Brownfield Financing | Tax Credits

Can Anything be Built in Detroit, MI Without Subsidies?
Detroit Development News | Nov. 1 | Brownfield Financing | Tax Increment Finance (TIF)

Final CT Hospital Cleanup Now Estimated at $9M
The Day | Oct. 29 | Access to Capital | Brownfield Financing | Tribal Finance

OR Brewery Seeks Tax Incentive for Expansion
The Astorian | Oct. 25 | Access to Capital | Brownfield Financing | Food Systems Finance | Incentives | Tax Credits

IRS Very Seriously Considering EPA's Opportunity Zone Comments
Bloomberg Environment | Oct. 7 | Brownfield Financing | Economic Development | Federal | Internal Revenue Service (IRS) | Opportunity Zones | U.S. Environmental Protection Agency (EPA)



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

Archives

Displaying 1 - 30 of 59

November 5, 2019
October 1, 2019
September 3, 2019
August 6, 2019
July 2, 2019
June 4, 2019
May 7, 2019
April 2, 2019
March 5, 2019
February 5, 2019
December 4, 2018
October 6, 2018
October 2, 2018
September 4, 2018
August 7, 2018
July 3, 2018
June 5, 2018
May 1, 2018
April 3, 2018
March 6, 2018
February 6, 2018
January 2, 2018
December 5, 2017
November 7, 2017
October 3, 2017
September 5, 2017
July 4, 2017
June 6, 2017
May 2, 2017
April 4, 2017




CDFA National Sponsors

  • Alaska Industrial Development and Export Authority
  • 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
Become a Sponsor