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Development Finance Review Weekly - June 20, 2019

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Development Finance Review Weekly
June 20, 2019
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CDFA Development Finance Review Weekly


Life and Debt Question: Are Bank Loans More Pricey Than Bonds?
In his recent research, Wharton finance professor Michael Schwert uses a novel data set to examine the pricing of bank loans relative to capital market debt. His findings point to firms' willingness to pay for the unique qualities of bank loans and raise questions about the nature of competition in the loan market. 

Opportunities for Main Street in the HTC Growth and Opportunity Act
The HTC-GO legislation addresses the loss in HTC value caused by TCJA by assembling several leading ideas for how to improve and enhance the HTC, including making it easier to complete small deals by increasing the credit from 20% to 30% for projects under $2.5 million; and allowing the credits to be transferred outside the development partnership for small deals.

Can P3s Jumpstart Smart Cities?
While the intricacies of public-private partnerships can be tough to navigate, they have been successful in helping cities build the kind of digital infrastructure that's necessary for today's urban economy and society. Ultimately, the sheer scope of many P3-based transformations is the greatest challenge.

The Muffin Mam Grows Thanks to $10M SC JEDA Issuance
The Muffin Mam, Inc. is leveraging a $10 million tax-exempt industrial revenue bond issue through the South Carolina Jobs-Economic Development Authority (JEDA) to open a second location for producing wholesale bakery products. The bonds will help finance the company's purchase and equipping of a spec building in the Hunter Industrial Park in Laurens.

NeuroRescue Relocates to Lafayette, LA Opportunity Zone
NeuroRescue, a medical device company focused on improving outcomes in patients following cardiac arrest with return of spontaneous circulation (ROSC), head trauma, fever in the ICU and stroke, is relocating from Ohio to Lafayette, LA to take advantage of the Oil Center's Opportunity Zone.

Project in Cleveland, OH Neighborhood Benefits from OZs
Following the closing of a financial package primarily composed of funds from an investor under the new federal Opportunity Zone program, construction crews are starting work on the $23 million Tappan apartments in Cleveland's Tremont neighborhood. About 80% of the project's cost is financed by Opportunity Fund equity.

FL Announces First Bridge Loan for Hurricane-Struck Farm
The first Small Business Emergency Bridge Loan will go to John P. Jordan Farm in Bascom, Jackson County. The Florida Department of Economic Opportunity administers the program along with the Florida Small Business Development Center Network and Florida First Capital Finance Corp.

FCC Authorizes $166.8M for Rural Broadband
The FCC has authorized $166.8 million in funding over the next decade to expand broadband to 60,850 unserved rural homes and businesses in 22 states, representing the second wave of support from last year's successful Connect America Fund Phase II auction. Providers must build out to 40% of the assigned homes and businesses in the areas won in a state within three years.

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The latest municipal finance headlines from The Bond Buyer.

Miami, FL Airport Plans $5B in Improvements
Miami International Airport officials have launched a $5 billion capital improvement plan, which will be financed with bonds and grants from the Transportation Security Administration, Florida Department of Transportation, and Federal Aviation Administration, as well as passenger facility charges.

GA Sells $940M of Muni Bonds as FOMC Rates Remain Unchanged
Buyers of municipal bonds saw the Peach State hit to market with a bevy of bond sales while the Keystone State offered up some turnpike securities ahead of the Federal Reserve's decision to keep interest rates steady.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. Read more about this partnership and all of its benefits here.

This Week's Headlines

Waukesha, MN Approves Project Utilizing $3.25M TIF
Greater Milwaukee Today | Jun. 20 | Tax Increment Finance (TIF)

Nevada Creates State Housing Credit
Affordable Housing Finance | Jun. 20 | Housing Finance | Tax Credits

Rural Broadband Could Generate $65 Billion in Economic Benefits 
Farm Bureau | Jun. 20 | Agriculture Finance | Food Systems Finance | Infrastructure Finance | Rural Development

Duke Energy Renewables' Largest Solar Project Now Online in CA
Yahoo Finance | Jun. 20 | Access to Capital | Energy Finance | Green Finance

Pulaski, Washington Counties, AR Plan Solar Savings for Taxpayers
Arkansas Business | Jun. 19 | Community Development | Energy Finance | Green Finance

$1.6M C-PACE Financing for Denver, CO Seminary
Cision PR Newswire | Jun. 19 | Energy Finance | Property Assessed Clean Energy (PACE)

Six Philadelphia, PA Projects Awarded Historic Tax Credits
The Philadelphia Inquirer | Jun. 19 | Tax Credits

Prince William County, VA Expedites P3 Project Neabsco Creek Channel Dredging
Yahoo Finance | Jun. 19 | Community Development | Infrastructure Finance | Public-Private Partnership (P3) Financing

Proposed Legislation Would Extend NMTC and Increase CA LIHTC Allocation
Novogradac | Jun. 18 | Bond Finance | Disaster Recovery & Relief | Housing Finance | Legislative | Tax Credits

NJ Governor Announces Tax Incentives Plan Including New Brownfields Program
The National Law Review | Jun. 18 | Brownfield Financing | Legislative | Tax Credits

Thinking About Starting a Food-Related Business? Take This Advice
Eater | Jun. 18 | Access to Capital | Agriculture Finance | Food Systems Finance

Menkiti Group Launches $100M Opportunity Fund
BisNow | Jun. 18 | Opportunity Zones

PA Utilitizes $3M in Historic Preservation Tax Credits for 24 Buildings
Pennsylvania Pressroom | Jun. 17 | Historic Preservation | Housing Finance | Tax Credits

DCHFA Finances the Construction of Assisted Living Community in D.C
Yahoo Finance | Jun. 17 | Bond Finance | Housing Finance | Tax Credits | Urban Development

OFA Launches Map Overlaying OZs with Congressional Districts
Opportunity Funds Association | Jun. 17 | Legislative | Opportunity Zones

OZ Market Starting To Heat Up, But Many Investors Are Still Waiting
Bisnow | Jun. 15 | Opportunity Zones

Long Beach, CA Votes to Allow R-PACE
Yahoo Finance | Jun. 14 | Community Development | Housing Finance | Property Assessed Clean Energy (PACE)

MN Law Opens Clean Energy Financing Program to New Construction
Energy Central | Jun. 14 | Access to Capital | Community Development | Property Assessed Clean Energy (PACE)

National Sponsor Spotlight

McCarter & English, LLP McCarter & English, LLP
McCarter & English, LLP is a firm of approximately 400 lawyers with offices in Boston, Hartford, Stamford, New York, Newark, East Brunswick, Philadelphia, Wilmington and Washington, DC. In continuous business for more than 170 years, they are among...
McGuireWoods McGuireWoods
With 1000 lawyers and 21 strategically located offices worldwide, McGuireWoods LLP, uses client-focused teams to serve public, private, government and nonprofit clients from virtually every area of the law.
MuniCap, Inc. MuniCap, Inc.
MuniCap, Inc. is a public finance consulting firm based in Columbia, Maryland that specializes in the public finance aspects of redevelopment. MuniCap is headquartered in Columbia, Maryland, with additional offices located in Dallas, Texas,...

Partner Spotlight

The Bond Buyer The Bond Buyer
The Bond Buyer is the only independent information resource serving the municipal finance community. Every day and throughout the day, through its web site, e-newsletters and alerts, and daily print edition, The Bond Buyer reaches more than 25,000...

CDFA Bookstore

Cover thumbnail DFCP Study Pack
The DFCP Complete Book Package contains all of the reference guides to study for the DFCP final exam at a 10% discount.

New Members

OSU, Initiative for Food and AgriCultural Transformation - Columbus, OH

The Democracy Collaborative - Washington, DC

Stantec - St. Cloud, MN

Calvert County Government - Prince Frederick, MD

The Council of Development Finance Agencies 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 about CDFA, visit www.cdfa.net or e-mail info@cdfa.net.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300

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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
  • 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
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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