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CDFA Food and Agriculture Finance Update - June 11, 2019

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CDFA Food and Agriculture Finance Update
June 11, 2019
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CDFA Food & Agriculture Finance Update

Features

University of IL Builds New $20M Feed Mill with Bonds
The Department of Animal Sciences at the University of Illinois announced that work will begin on the $20 million state-of-the-art Feed Technology Center. It will be built and owned by Provident Foundation Inc., a nonprofit group that has been contracted. Bonds issued through the Illinois Finance Authority will pay for the projects. The UI will pay rent to cover the annual bond payments and take over ownership of the buildings once they're paid off.

How West Oakland, CA Financed Its Own Grocery Store
A direct public offering is not very likely to get a grassroots project, like Community Foods Market, all the financing that it needs. One angel investor provided a $970,000 loan at a nominal interest rate for the project to finally acquire a site. Northern California Community Loan Fund and Self-Help Federal Credit Union combined forces to make a bridge loan, as well as $11 million in New Markets Tax Credits.

Chicago, IL Food Hall Financed through TIF, NMTCs
Food halls — upscale relatives of the humble food court — have become common in and near Chicago's downtown, but not on the Far South Side. So a first-of-its kind project - the One Eleven Food Hall - in Pullman bears watching. The project was financed in part through $4.5 million in New Markets Tax Credits, $500,000 from TIF, and various microloans.

NJ EDA to Establish a Value-Added Dairy RLF
Legislation sponsored Assemblyman Eric Houghtaling requiring the New Jersey Economic Development Authority (EDA) to establish a "Value-Added Dairy Farming Program" cleared the Assembly Appropriations Committee. Under the bill (A-3810), the EDA must establish, maintain and administer a "Value-Added Dairy Farming Revolving Loan Fund," as part of the program.

TN FSA Offers Targeted Farm Loan Funding for Underserved Groups
USDA Tennessee Farm Service Agency (FSA) reminds producers that FSA offers targeted farm ownership and farm operating loans to assist underserved applicants as well as beginning farmers and ranchers. The FSA now offers Microloans through the direct loan program for financing needs of small, beginning farmer, niche and non-traditional farm operations, such as Community Supported Agriculture, restaurants, grocery stores, and more.

AgTech Company 'AppHarvest' Secures $82M to Build KY Greenhouse
AppHarvest announced it has closed an $82 million deal with Equilibrium Capital to build the company's 60-acre greenhouse in Morehead, Kentucky. AppHarvest's first controlled-environment agriculture facility will begin immediately and create 285 full-time permanent jobs, as well as 100 construction jobs. The facility will grow tomatoes and cucumbers to be distributed to America's top grocers.

Maine Harvest Credit Union, Focused on Ag, to Open
A six-year effort to create Maine's first credit union in three decades, and the first ever focused on farmers and food producers, is poised to become a reality. Maine Harvest Credit Union, which will offer loans to the agriculture and food producer industries, is waiting approval of its charter before it can start accepting members and offering loans.

Podcast: The Finance of Food
On this episode, Lindsay's guest is Tera Johnson, a food entrepreneur and founder of the Food Finance Institute. Years after founding the successful supplement business Tera's Whey, Johnson makes a living advising aspiring restaurateurs on how to manage and raise the money behind their food enterprise, through boot camps, consulting and her podcast Edible-Alpha.

Upcoming Events
CDFA Summer School

Intro Public-Private Partnership (P3) Finance WebCourse
June 19-20, 2019 - Daily: 12:00 - 5:00pm Eastern
The Intro Public-Private Partnership (P3) Finance WebCourse examines this emerging development finance model with a focus on how development finance agencies can adopt P3 principles to address a variety of projects. This course covers basic P3 concepts, key players involved in transactions, asset valuation, contract negotiation, risk assessment, revenue stream development, and feasibility analysis.

Food & Agriculture Finance News

Growing Small Businesses in Rural WI
Eagle Herald | Jun. 7 | Agriculture Finance | Rural Development

$1B Agriculture Package Approved for ME
Maine Biz | Jun. 6 | Access to Capital | Agriculture Finance | Economic Development | Food Systems Finance | Green Finance

A New Farm Bill for Tribal Students
AgriPulse | Jun. 6 | Agriculture Finance | Community Development | Legislative | Tribal Finance | U.S. Dept. of Agriculture (USDA)

Iowa City, IA Awards Nonprofit $45K to Open Local Food Hub
KCRG | Jun. 5 | Agriculture Finance | Community Development | Economic Development | Food Systems Finance

Canadian Company to Increase Loans to U.S. Farmers
Financial Post | Jun. 3 | Access to Capital | Agriculture Finance | Food Systems Finance

Hydroponic Tomatoes Facility Could Bring 50 jobs to Mason, IA
Globe Gazette | Jun. 3 | Agriculture Finance | Economic Development | Food Systems Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Senator Mark Warner: Congress Must Act to Assist Food Deserts
The Virginian-Pilot | Jun. 2 | Agriculture Finance | Community Development | Food Systems Finance | Legislative | Tax Credits

Community Supported Agriculture Expanding in MN
The Free Press | Jun. 1 | Agriculture Finance | Community Development | Food Systems Finance | Rural Development

Incentives Approved for Fredericksburg, VA Food Co-Op
Free-Lance Star | May. 30 | Access to Capital | Community Development | Economic Development | Food Systems Finance | Incentives

Investing in the Future of Food: Patient Capital
Food Navigator | May. 29 | Access to Capital | Community Development | Economic Development | Food Systems Finance

MN Brewery Moves Location with City RLF
Echo Press | May. 28 | Access to Capital | Economic Development | Food Systems Finance | Redevelopment | Revolving Loan Funds (RLFs)

New Farm Bill Could Help Black Farmers Tap Loans, Keep Land
AJC | May. 24 | Access to Capital | Agriculture Finance | Food Systems Finance | Rural Development

Speaking Up for an Equitable Food System
Resilience | May. 22 | Agriculture Finance | Community Development | Food Systems Finance

MN Senate Prioritizes Broadband, Value-Added Ag, and Affordable Housing
MNSRC | May. 22 | Agriculture Finance | Food Systems Finance | Housing Finance | Infrastructure Finance | Rural Development

They Grow the Nation's Food, but They Can't Drink the Water
The New York Times | May. 22 | Access to Capital | Bond Finance | Food Systems Finance | Infrastructure Finance | Water Finance

House Panel Votes to Boost Interior, EPA Budget by $1.7B
The Hill | May. 22 | Agriculture Finance | Legislative | U.S. Dept. of Interior - National Park Services (NPS) | U.S. Environmental Protection Agency (EPA)

Can Tech Extend Grocers' Reach to Food Deserts?
Grocery Dive | May. 22 | Community Development | Food Systems Finance | Public-Private Partnership (P3) Financing | Tax Credits

First Nations Grants 3 Tribes for "Changing Native Food Economies" Project
Yahoo Finance | May. 21 | Agriculture Finance | Community Development | Food Systems Finance | Tribal Finance

Rural America Is the Next Place to Pioneer
The Hill | May. 19 | Food Systems Finance | Infrastructure Finance | Opportunity Zones | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development

Where Do Food Banks Fit in to the Fight for a Green New Deal?
Civil Eats | May. 16 | Food Systems Finance



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.


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

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  • 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
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  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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