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CDFA Brownfields Finance Update - September 3, 2019

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Brownfields Financing Update
September 3, 2019
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Brownfields Finance Update

Features

Spokane University District Gets Brownfield Grant
Spokane's University District has received $600,000 in federal grant money that's hoped to help clear the way for further development in parts of the 770-acre district. Generally speaking, the team plans to pick the sites from about 80 different parcels across 90 acres, which were identified in the grant specifically as underused or vacant.

$10M Investment into Shiawassee County, MI Creates 80 Jobs
Two development projects in Shiawassee County are expected to create 80 jobs and generate a total capital investment of $10.1 million. The authority received Michigan Strategic Fund approval of a brownfield plan which includes $988,500 in local and school tax capture to support a speculative building development.

Lynn, MA Brownfield Site Will Be Developed into Housing
The property last housed a gas station 20 years ago and a $200,000 clean-up has turned a contaminated lot on Western Avenue into a place for new homes. If the development gets the green light, when completed, it would result in 16 new townhouses and eight single-family homes in the neighborhood.

Financing for Sewer Plant in John Day, OR Top $13M
The city of John Day hopes to line up about $13.4 million in total financing by next fall for construction of a new sewage treatment plant. Green identified five funding sources that include a combination of grants and loans from state and federal sources.

NJ Governor Conditionally Vetoed Bill to Extend the Economic Opportunity Act
Gov. Phil Murphy conditionally vetoed a bill that would have extended the Economic Opportunity Act in its entirety to Jan. 31, 2020, seven months beyond its sunset date of June 30, 2019. The bill now goes back to the Legislature for approval – or rejection – of Murphy's recommendations. The suggestions outlined in Murphy's conditional veto are similar to the proposal he first offered his legislative counterparts last year.

Rushville, IN Utilizes Brownfield Grant for Redevelopment
City officials used the grant for work and assessment at 10 sites in Rushville including the Durbin Campaign Quarters, Campaign Flats, Knights of Pythias Hall and other locations. The EPA's investment was $61,205 and another $26,000 went toward the workforce development training center in downtown Rushville.

Rosina Plans to Add 40 Jobs with $58M Expansion
Rosina Food Products is planning to build a plant in West Seneca as part of a $58 million expansion that is expected to create 40 new jobs. Under the Brownfield Cleanup Program, the company could receive a tax credit equal to half of its cleanup costs and a 20% tax credit for qualified investments in the property.

Former La-Z-Boy Site Land Transfer for Demolition
Cochran said the city has been approved for a Pre-Demolition Hazardous Materials Abatement Loan from the Downriver Community Conference Brownfield Consortium and U.S. Environmental Protection Agency. The rest of the demolition cost will be paid for using brownfield bonds, with the city reimbursing itself for the total demolition cost using Brownfield Tax Increment Financing (TIF).

Upcoming Events
CDFA National Development Finance Summit

CDFA // BNY Mellon Development Finance Webcast Series: Fill In The Gaps with New Markets Tax Credits
Tuesday, September 17, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, learn from expert speakers as they discuss their plans for the recent allocation of New Markets Tax Credits, past projects, and best practices.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

Missoula County, MT Will Use $300K Grant to Assess ‘Brownfields' for Cleanup
Missoula Current | Aug. 30 | Brownfield Financing

KY Department of Environmental Protection Awarded $1.2M Grant for Cleanup
Grant News | Aug. 30 | Brownfield Financing

Fort Gay, WV Receives Brownfields Grant for Lock House Project
Herald Dispatch | Aug. 30 | Brownfield Financing

Ponderay, ID Receives Brownfield Grant
Bonner County Daily Bee | Aug. 30 | Brownfield Financing

Howell, MI Approves Brownfield Plan for Pearl Building Project
whmi.com | Aug. 29 | Brownfield Financing | Tax Increment Finance (TIF)

Northland Workforce Training Center Reaches Milestone
Chronicle Express | Aug. 29 | Brownfield Financing | Tax Credits

Oak Park Awarded $600K Grant for Historic WWJ Building Revitalization
CBS Detroit | Aug. 29 | Brownfield Financing

Work on Ishpeming Site Continues with EGLE Grant
Mining Journal | Aug. 29 | Brownfield Financing

Old Big-Box Site Redevelops in Lansing, MI
Lansing City Pulse | Aug. 29 | Brownfield Financing

National Grid Assisting Thriving Business Hub with $100K Investment
CSR Wire | Aug. 28 | Brownfield Financing

Cheboygan, MI Car Dealership Will Expand with Help of EGLE Grant
Up North Voice | Aug. 19 | Brownfield Financing

Brownfield Grant to Help Revitalize Vacant Broadcast Station
US News | Aug. 18 | Brownfield Financing

Youngstown, OH Seeks EPA Help for Masters Tuxedo Site
Business Journal Daily | Aug. 13 | Brownfield Financing

Legal Considerations Around Brownfield Remediation
Waste 360 | Aug. 13 | Brownfield Financing

Waterville, MI Planning Board City Council Move Lockwood Mills Project Forward
Central Maine | Aug. 7 | Brownfield Financing | Housing Finance | Tax Credits | Tax Increment Finance (TIF)


Highlights from the Online Resource Database

Federal Financing Programs Targeting Opportunity Zones
Federal | Opportunity Zones | U.S. Dept. of Agriculture (USDA) | U.S. Dept. of Commerce (DOC) | U.S. Dept. of Health & Human Services (HHS) | U.S. Dept. of Housing & Urban Development (HUD) | U.S. Dept. of Interior - National Park Services (NPS) | U.S. Dept. of Justice (DOJ) | U.S. Dept. of Transportation (DOT) | U.S. Dept. of Treasury | U.S. Environmental Protection Agency (EPA) | U.S. Small Business Administration (SBA) | Access to Capital | Brownfield Financing | Community Development | Green Finance | Housing Finance | Infrastructure Finance | Rural Development | Social Finance | Tribal Finance | Urban Development
The White House Opportunity & Revitalization Council released a list of over 160 federal financing programs that give preference to projects located in Opportunity Zones.


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

  • 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
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  • 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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