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Development Finance Review Weekly - August 22, 2019

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Development Finance Review Weekly
August 22, 2019
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CDFA Development Finance Review Weekly


CDFA Releases Conduit Bond Fee Study
Today CDFA is proud to announce the release of the CDFA Conduit Bond Fee Study! This paper focuses on original data collected by CDFA from conduit bond issuers all over the country and provides a detailed breakdown of their various fee structures. CDFA produced the CDFA Conduit Bond Fee Study to share innovation and best practices throughout the bond industry.

Skokie, IL Developers Detail Plans $400M Downtown Project
A $400 million project in downtown Skokie, IL would be financed in part through the creation of a tax increment financing district. The project, a 141-room Hilton, will include conference and banquet space, ground floor retail, a restaurant with a rooftop bar and a parking garage.

MassDevelopment Finances WHOI Campus Building through $75.5M Issuance
Woods Hole Oceanographic Institution has begun the permit process for a $27 million, 50,000-square-foot building planned for its Quissett campus. The project, along with other maintenance, will be financed with a $75.5 million tax-exempt bond from MassDevelopment.

Denver, CO Airport Terminates P3 Contract for Main Terminal Renovation
In a move that stunned transportation planners around the country, Denver International Airport terminated the contractor team working on a $650-million terminal renovation. The move also ended the airport's $1.8-billion public-private partnership with Great Hall Partners, a consortium led by Ferrovial Airports, with partners Saunders/JLC Infrastructure.

CA Issues $73.7M in Green Bonds for Rice Waste Recycling Plant
California State Treasurer Fiona Ma has announced that $73.7 million in tax-exempt green bond financing has been issued for CalPlant I, LLC, a company that will turn rice straw into medium density fiberboard at its Willows plant in the Sacramento Valley. The fiberboard can be used in manufacturing flooring, furniture, doors, shelves and other products.

BIA Finalizes Rules for Rights-of-Way on Indian Land, Bond Exemption
This final rule exempts Federal, State, Tribal, and local governments from the requirement to obtain a bond, insurance, or alternative form of security for a right-of-way across Indian land and Bureau of Indian Affairs (BIA) land where such governments are prohibited by law from obtaining security.

USDA Invests in Energy Efficiency Improvements to Help Farmers and Rural Businesses
USDA's Rural Business-Cooperative Service announced that it is awarding grants for projects in all states and Puerto Rico to reduce energy costs for farmers, ag producers, and rural-based businesses and institutions. USDA is investing $9.3 million through the Rural Energy for America Program (REAP) for renewable energy and energy efficiency projects across the nation.

Sites Selected for IN Rural Opportunity Zone Initiative
The Indiana Office of Community and Rural Affairs announced six sites will receive technical assistance and capacity-building support as part of the Rural Opportunity Zone Initiative. The purpose of this initiative is to build the capacity of Opportunity Zones in rural Indiana to attract private, public and/or philanthropic sector investments that support locally-driven priorities.

Opportunity Zones Could Provide Major Boost for Clean Energy, Sustainable Development
Market watchers are predicting $200 to $300 billion in investment in the nation's 8,700-plus OZs. And federal rules have made it clear that green economy projects — such as local power generation, microgrids, EV charging stations and energy storage — are eligible for Opportunity Fund investment. 

Upcoming Events
Intro Opportunity Zones Finance WebCourse
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

IL Stadium Agency Deal Buoyed by Restored Investment Grade
The Illinois Sports Facilities Authority returns to the market after a five-year absence with a $129 million refunding buoyed by ratings returning to the investment-grade territory.

Muni Groups Disagree on Role-Switching Prohibition
Muni market groups are at odds on whether or not a Municipal Securities Rulemaking Board rule that contains a prohibition against financial advisors switching roles and serving as underwriters on the same deal should be tossed.

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.

Upcoming Webcasts

CDFA-Bricker PACE Webinar Series: PACE Transactions
September 11, 2019 - 11:00 AM - 1:00 PM Eastern
In this webinar, PACE professionals including legal counsel, PACE administrators, and PACE capital providers explain how transactions form and are shepherded through various stages including concept, design, underwriting, approvals, and closing.  Hear about how programs intake projects and what practical considerations apply to programs such as roles of professionals, project administration, closing fees, ongoing collection and debt servicing, and post-closing compliance.

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.

This Week's Headlines

CNU Seeks $900M in Bonds for Hospital Project in Elk Grove, CA
Elk Grove Citizen | Aug. 22 | Bond Finance

Infrastructure & Surface Transportation Update
Mintz | Aug. 22 | Infrastructure Finance | Legislative

Winnebago, NE Farmers' Market Building Financed through NMTCs, USDA Grants
KTIV NBC 4 | Aug. 22 | Food Systems Finance | Tax Credits | U.S. Dept. of Agriculture (USDA)

NJ Awards Burlington City $6.5M in Loans for Water System Work
Burlington County Times | Aug. 22 | Revolving Loan Funds (RLFs) | State Finance Program | Water Finance

Low-Income Housing Complex in Seaside, CA Plans $30M Renovation
Monterey County Weekly | Aug. 22 | Housing Finance | Tax Credits

$60M Historic Rehab Project Receives $400K in Tax Credits from MA
WAMC | Aug. 22 | Historic Preservation | Redevelopment | Tax Credits

Newport, KY Set to Approve $45M in Bonds for Ovation Project
The River City News | Aug. 22 | Bond Finance | Tax Increment Finance (TIF)

USDA Announces $52M in Community Facilities Investments
U.S. Department of Agriculture | Aug. 21 | Rural Development | U.S. Dept. of Agriculture (USDA)

How a Black Farming Community Found Justice
Civil Eats | Aug. 21 | Access to Capital | Agriculture Finance | Food Systems Finance | Social Finance

$90M Mixed-Use Development Planned Next to Fort Knox Gate
WDRB | Aug. 20 | Tax Increment Finance (TIF)

Hazel Technologies Closes $13M Series B Financing
PR Newswire | Aug. 20 | Access to Capital | Agriculture Finance | Food Systems Finance

CBO Publishes Update to 10-Year U.S. Budget and Economic Outlook
Congressional Budget Office | Aug. 19 | Economic Development | Federal

U.S. VI Bill Seeks to Expand Hotel Development Act
St Croix Source | Aug. 19 | Disaster Recovery & Relief | Legislative | Tax Increment Finance (TIF)

Ground Broken for $20M Manufacturing Facility in Little Falls, MN
Morrison County Record | Aug. 19 | Revolving Loan Funds (RLFs) | Tax Increment Finance (TIF)

Rep. Sewell Announces Grant Funding for Nonprofit Supporting Investment in Opportunity Zones
Selma Times-Journal | Aug. 19 | Access to Capital | Federal | Opportunity Zones

Affordable Housing Coming to Downtown Phoenix, AZ Opportunity Zones
AZ Big Media | Aug. 19 | Housing Finance | Opportunity Zones

LA Economic Development Launches Opportunity Zones Web Portal
Louisiana Economic Development | Aug. 18 | Opportunity Zones | State Finance Program

Starkville, MS to Consider TIF for Retailer on Highway 12
The Dispatch | Aug. 17 | Tax Increment Finance (TIF)

Sanity Check for Qualified Opportunity Zone Investments
Accounting Today | Aug. 17 | Opportunity Zones

EPA awards MT Department of Environmental Quality $1M to Protect Water Quality
U.S. EPA | Aug. 16 | Federal | Infrastructure Finance | Rural Development | U.S. Environmental Protection Agency (EPA) | Water Finance

CA State Treasurer Announces Fall Bond Sales of $5B
California State Treasury | Aug. 16 | Bond Finance | Green Finance | Infrastructure Finance | State Finance Program

Improving Opportunity Zones to Truly Benefit Needy Communities in New York City, NY
Gotham Gazette | Aug. 16 | Community Development | Opportunity Zones | Social Finance | Urban Development

Senator Warren Releases Proposal to Address Underfunding and Barriers in Indian Country
Elizabeth Warren | Aug. 16 | Access to Capital | Economic Development | Housing Finance | Legislative | Tribal Finance

Albuquerque, NM Hotel to be Restored Thanks to Industrial Revenue Bonds
KOB4 | Aug. 16 | Bond Finance | Historic Preservation | Urban Development

National Sponsor Spotlight

SB Friedman Development Advisors SB Friedman Development Advisors
SB Friedman Development Advisors is a real estate and development advisory firm specializing in development strategies and public-private partnerships. Founded in 1990, they work with public, private and institutional clients. Their mission is to...
Stern Brothers Stern Brothers
Stern Brothers is the nation's largest certified 100% woman-owned business enterprise ("WBE") investment bank. As one of the few remaining independent, private investment banks in the country, they provide successful Underwriting, Private Placement,...
U.S. Bank U.S. Bank
U.S. Bancorp (USB), with $416 billion in assets, is the parent company of U.S. Bank, the fifth largest commercial bank with more than 65,000 employees, and 3,151 offices in the United States.

Partner Spotlight

Association of Development Financing Institutions in Asia and the Pacific Association of Development Financing Institutions in Asia and the Pacific
The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) is the focal point of all development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. Its mission is to...

CDFA Bookstore

Cover thumbnail Advanced Tax Increment Finance Reference Guide 2nd Edition
The Advanced Tax Increment Finance Reference Guide builds upon CDFA's introductory offerings by exploring in-depth the complexities and transformative potential of tax increment financing.

New Members

Good Jobs First - Washington, DC

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
Become a Sponsor