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CDFA Opportunity Zones Update Newsletter - October 15, 2019

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CDFA Opportunity Zones Update
October 15, 2019
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Opportunity Zones Update Newsletter

Features

Brownfield Listings to Host Opportunity Zone Boot Camp & Pitch Competition with NJIT
On October 17, Brownfield Listings will host an action-oriented real estate redevelopment event focused on the critical path to successful, sustainable reinvestment into the country's 8,700+ Opportunity Zones, and concluding with a live pitch competition for prizes and investment.

How Governors are Shaping the Opportunity Zone Landscape
Governors must decide whether and how Opportunity Zones fit into their priorities. Given competing demands for state funds, governors must consider the benefits of creating and modifying programs and policies against their costs to ensure they are worthwhile.

Erie, PA Receives $500K Grant to Provide Free Wi-Fi in Opportunity Zones
Erie might just have moved a step closer to smart city status with a $500,000 state grant to fund free public Wi-Fi access. The grant from the Appalachian Regional Commission will expand Erie's Secure Smart City Pilot, a plan to bring Wi-Fi to public spaces throughout the eight federal Opportunity Zone tracts in Erie.

Unique New EDC-Owned OZ Fund Features Incentives to Invest in Downtown Waterville, ME
The Central Maine Growth Council has formed a new fund to help grow and direct investment into downtown Waterville's Opportunity Zone. They say it's one of the first economic development corporation-owned funds in the country.

West Orange, TX Receives $5M from EDA to Build Wastewater Plant in an Opportunity Zone
The City of West Orange, Texas, applied to the U.S. Department of Commerce for this grant after Hurricane Harvey. The grant, to be located in a designated Opportunity Zone, will be matched with $1.25 million in local funds and is expected to help create 520 jobs in the area.

IRS Very Seriously Considering EPA's Opportunity Zone Comments
The IRS is giving special consideration to the EPA's request for clearer language in opportunity zone regulations to spur investment in brownfield sites. EPA requested the IRS to clarify in final rules that investments in the assessment, remediation, and redevelopment of brownfield properties are within the scope of the opportunity zone program.

PR Receives $33M from EDA for Opportunity Zone Development
The EDA is investing $33 million in Puerto Rico to advance economic resiliency and business growth efforts in the wake of the devastating 2017 hurricane season. The grants, to be located in a designated Opportunity Zone, will be matched with $4.3 million in local funds and are expected to help create or retain 7,635 jobs and generate $188 million in private investment.

"The Admiral" David Robinson on Investing in Middle America with Opportunity Zones
David Robinson has been many things throughout his remarkably interesting and successful career: NBA All-Star, venture capitalist, US Navy service member, and preeminent philanthropist. It's these experiences that have solidified Robinson's view of the potential in Middle America. Robinson sees Opportunity Zones as an important tool for allocating capital to underinvested areas.

Upcoming Events
CDFA National Development Finance Summit

Catalyzing Opportunity Zone Investments in New England (2019)
October 22, 2019 - Boston, MA
Join CDFA for the Catalyzing Opportunity Zone Investments conference in New England on October 22, 2019 for a special one-day event hosted at the Federal Reserve Bank of Boston. This event will feature a number of economic development finance experts from Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont discussing Opportunity Zones and the development finance tools, authorities, resources and approaches, and how these can affect the New England economies going forward.

CDFA Federal Financing Webinar Series: Opportunity Zones and Small Business featuring SBA and EDA
October 24, 2019 - 2:00 PM Eastern
In this webinar, CDFA will convene financing experts from the Small Business Administration and Economic Development Administration to discuss how their respective financing and grant programs can leverage Opportunity Fund investments in Opportunity Zones. CDFA will center the discussion around SBA 504 and 7(a) Loan programs, as well as the funding programs offered by the EDA.

Opportunity Zones Headlines

Rethinking the Opportunity in Opportunity Zones
Crain's Cleveland Business | Oct. 11 | Access to Capital | Opportunity Zones

St. Paul, MN Seeks Development Ideas for OZ atop Downtown Convention Center
Minneapolis / St. Paul Business Journal | Oct. 11 | Opportunity Zones | Urban Development

Appalachian Community Capital will Bring Investment to OZs with Receipt of $1M ARC Grant
Main Street America | Oct. 10 | Opportunity Zones | Rural Development

Sen. Tim Scott Talks Opportunity Zones, Community Success
Aiken Standard | Oct. 10 | Community Development | Legislative | Opportunity Zones

The First Venture Capital Opportunity Zone Fund
The Opportunity Zones Database | Oct. 9 | Access to Capital | Innovation Finance | Opportunity Zones

Composite Wood Manufacturer Plans $31M Factory in ME
Thomas Insights | Oct. 8 | Community Development | Opportunity Zones

Hornell, NY Aims to Capitalize on Opportunity Zone Designation
Evening Tribune | Oct. 8 | Community Development | Opportunity Zones

Luxury Apartments, Breweries, Offices, Piano Bar: A New Face for Downtown Shawnee, KS
The Kansas City Star | Oct. 8 | Community Development | Economic Development | Opportunity Zones | Redevelopment

Developer Assembling Land for Hotel
Urban Milwaukee | Oct. 4 | Energy Finance | Green Finance | Historic Preservation | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Credits | Tax Increment Finance (TIF)

Developer Discusses $220M Waterfront Opportunity Zone Site in Nashville, TN
Nashville Business Journal | Oct. 4 | Access to Capital | Housing Finance | Opportunity Zones

Tech Execs Fund $35M Housing Project in Seattle, WA Opportunity Zone
GeekWire | Oct. 3 | Housing Finance | Opportunity Zones

White House Opportunity and Revitalization Council Launches OZ Website
Multihousing Pro | Oct. 2 | Federal | Opportunity Zones

Construction Begins on $250M Multi-Use Development in Capitol Heights, MD
The Sentinel | Oct. 2 | Community Development | Housing Finance | Opportunity Zones

HUD Secretary Celebrates First Business Campus in Los Angeles, CA Catering To QOZBs
BisNow | Sep. 18 | Opportunity Zones | U.S. Dept. of Housing & Urban Development (HUD)

USWTE Green Industrial Fund Seeks OZ Investors to Fund Waste to Energy Facilities
WTE Technologies | Sep. 17 | Green Finance | Opportunity Zones


Resources

Navigating the Opportunity Zones: A Playbook for Community Development
Access to Capital | Bond Finance | CDFA Original Research | Opportunity Zones
CDFA and LISC collaborated on this report, which is designed to offer community organizations an overview of the possible trajectories and best practices to consider when designing community-based Opportunity Zones strategies.


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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