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CDFA Brownfields Finance Update - October 5, 2021

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Brownfields Financing Update
October 5, 2021
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Brownfields Finance Update

Features

Reshaped by Crisis, an ‘Anti-Biennial' Reimagines Chicago, IL
The largest architecture show in North America has turned vacant lots in the city's struggling neighborhoods into stages for experimental design. Instead of having international design elites gather in the Cultural Center's ornate Beaux Arts galleries for months of parties, chatter, and provocative ideas, the 2021 CAB is centered on more than a dozen site-specific installations mostly located in struggling neighborhoods on Chicago's South and West sides.

Agenda Announced for the 2021 CDFA Virtual National Summit, November 1-5
Throughout 2021, CDFA has focused on four key concepts: Restore, Preserve, Invest, and Protect. These themes formed the basis of our work this past year and will guide our discussions during the upcoming Summit. Registration is open and the full agenda is now available online. Join us in November to find new ways of helping your community with development finance!

Meet the Virginia Conservationist Trying to Turn Old Coalfields Into Solar Farms
Two solar projects are on the verge of coming to a full boil. The Nature Conservancy is partnering with utility giant Dominion Energy to install roughly 50 megawatts of solar power on 1,200 acres of brownfields. The former Red Onion surface mine and surrounding properties are in Virginia's Wise and Dickenson counties. Dominion is seeking to expand its renewable energy portfolio because the Virginia Clean Economy Act, which took effect in July 2020, requires the utility to generate 100% carbon-free electricity by 2045.

In Illinois, Energy Law's Coal-To-Solar Commitments Spark Hope, Skepticism
The sweeping energy bill that passed in Illinois this month promises a "just transition" for communities that are affected by power plant closings. The law includes incentives to build solar and storage on the site of former coal facilities. The provisions are complicated and limited but could create many construction jobs and tax revenue depending on how companies like Vistra Energy embrace the concept.

Fulton County, NY Set to Host Brownfields Summit
Local, state, and federal officials are set to gather at the Johnstown-Gloversville Holiday Inn for a two-day "Mohawk Valley Brownfield Development Summit". The summit is being organized by the leadership of the Mohawk Valley Regional Economic Development Council, which oversees the six counties in the Mohawk Valley. Brownfield properties in the Mohawk Valley could be looked at for an estimated $2 billion worth of private investment.

Abandoned Springfield, VT Factory the Focus of Event Hailing Brownfields Cleanup Money
An abandoned and sprawling machine tool factory at the gateway to downtown, long a ghostly reminder of the region's economic decline, will finally be demolished and the site remediated. It will receive an estimated $3.7 million administered through Vermont's Brownfield Economic Revitalization Alliance program.

Vermont Officials Highlight $25M in New State Funding for Remediating and Redeveloping Brownfields Sites
Vermont Governor Phil Scott joined state, local, and federal officials to detail $25 million in new state funding to clean up brownfield sites. This investment represents a significant milestone, marking the first time state dollars have been allocated to brownfield sites.

Plans Revived for $3.6M Housing Development at Vacant Church in Grand Rapids, MI
The stalled redevelopment of a vacant church into apartment units on Grand Rapids' west side is back on track. The project developer is requesting reimbursement of up to $697,910 over 25 years for eligible brownfield work to the site. The total capital investment in the project is expected to be about $3.6 million.

Tennessee Approves $65M Incentive for Oracle's Nashville Project
The Tennessee Comptroller State Funding Board has approved $65 million in FastTrack grants for Oracle's new Nashville campus, including an investment of $175 million in public infrastructure that included a pedestrian bridge over the Cumberland River, a sewer pump, brownfield remediation, and a waterfront park. In turn, Oracle has agreed to create 5,989 net new jobs and spend $1.35 billion on the project within the next five years.

Upcoming Events
CDFA Virtual National Summit

CDFA-Bricker PACE Webinar Series: PACE 2.0 - The Next 10 Years
Tuesday, November 30, 2021 - 2:00 PM - 4:00 PM Eastern
It has been approximately 10 years since the first PACE programs began. During this workshop, our speakers will provide insights related to expanding PACE assessments to benefit buildings and properties for other non-energy related improvements such as indoor air quality, lead water pipe replacement, surface storm water mitigation, and sewer overflows.

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

Legacy Development Considers Plans for Oak Street Mixed-Use Project
The Buffalo News | Oct. 4 | Brownfield Financing | Economic Development | Historic Preservation | Redevelopment | Urban Development

City of Perry, GA Looking to Get $500K for Site Cleanup
13WMAZ | Oct. 4 | Brownfield Financing | Economic Development | Redevelopment

Jaffrey, NH Seeks Contractors for Brownfields Assessments
Monadnock Ledger-Transcript | Oct. 4 | Brownfield Financing | Economic Development | Redevelopment

Grant Will Allow Reuse of Elmira, MI Site as Energy Distribution Center
The Petoskey News-Review | Sep. 27 | Brownfield Financing | Economic Development | Energy Finance | Redevelopment

Former Jackson, MI Elementary School Could Become $7.5M Apartments and Office Space
MLive | Sep. 27 | Brownfield Financing | Economic Development | Historic Preservation | Housing Finance | Redevelopment

West Michigan Redevelopment Projects Awarded $4.6M in State Brownfield Funding
MiBiz | Sep. 27 | Brownfield Financing | Economic Development | Housing Finance | Redevelopment

Aiken, SC Awarded $300K EPA Grant to Study Contaminated Properties
Yahoo News | Sep. 27 | Brownfield Financing | Economic Development | Redevelopment

Big Award From State to Help Redevelop Site in Winchendon, MA
The Gardner News | Sep. 24 | Brownfield Financing | Economic Development | Redevelopment

Reimagined Outdoor Space Proposed to Replace Windsor, CT Brownfield
WTNH | Sep. 24 | Brownfield Financing | Economic Development | Redevelopment | State Finance Program

EDA Awards Denison Development Alliance $500K Grant for Johns Manville Planning
The Herald Democrat | Sep. 22 | Brownfield Financing | Economic Development | Redevelopment | Planning Program Grants

South Amboy, NJ Brownfield Site Acquired for Offshore Wind Energy Hub
New Jersey Business Magazine | Sep. 20 | Brownfield Financing | Green Finance | Infrastructure Finance | Redevelopment

Two Decades After It Was First Planned, Indeck Niles Energy Center is Near the Finish Line
South Bend Tribune | Sep. 20 | Brownfield Financing | Economic Development | Infrastructure Finance | Redevelopment

How Public-Private Partnerships Transformed St. Albans City, VT
Vermont Biz | Sep. 17 | Brownfield Financing | Economic Development | Public-Private Partnership (P3) Financing | Redevelopment | Tax Increment Finance (TIF)

Springfield, VT Offers $25M in New Funding for Clean Up and Redeveloping Brownfields Sites
Vermont Biz | Sep. 16 | Brownfield Financing | Infrastructure Finance

Developers Break Ground On Riverfront Mixed-Use Development in Downtown Traverse City, MI
The Ticker | Sep. 15 | Brownfield Financing | Economic Development | Housing Finance | 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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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.