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Development Finance Review Weekly
June 14, 2018
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CDFA Development Finance Review Weekly

Feature

CDFA & ICSC Launch TIF Video Series
CDFA and the International Council of Shopping Centers (ICSC) have collaborated with teams of TIF experts from across the country to develop a series of resources that highlight the use of this bedrock development finance tool.The video series addresses what TIF is, why it should be used and how to best apply the TIF tool. The series concludes with several case studies of the TIF tool being implemented in development projects. This series is designed to be a reference for novice and experienced public officials, financers, and real estate developers wishing to learn more about TIF.

SF Voters to Decide on $425M Bond to Repair Seawall
The $425 million seawall general obligation bond proposed by the Port of San Francisco would fund the first phase of the so-called seawall resiliency project. It requires two-thirds voter approval. The proposal is part of a larger 30 year, multi-billion dollar seawall resiliency project

NH Resort Seeks $28M Guarantee from NHBFA
The team hoping to redevelop The Balsams Resort is pursuing a $28 million state loan guarantee from the New Hampshire Business Finance Authority. The project already has $20 million in developer equity; about $35 million in other equity, including $15.4 million in funding through EB-5.

Kresge, Rockefeller Announce LOI Request for O-Fund Managers
The Kresge Foundation and The Rockefeller Foundation have announced a request for letters of inquiry (LOIs) for fund managers establishing new Opportunity Funds. This is a call for LOIs only; the foundations have made no formal financial commitment at this time. The LOI period closes at 5 p.m. PST on July 16.

FIG Partners Announces SBA 504 Loan Purchase Program
FIG Partners, one of the nation's premier investment banking and research firms specializing in community banks, has announced its new SBA 504 Loan Purchase Program. The program enables community banks to sell first lien Commercial Real Estate (CRE) loans originated through the SBA 504 Loan Program.

CDFA Releases New Revolving Loan Fund Resource Center
The CDFA Revolving Loan Fund Resource Center contains hundreds of resources specifically on RLFs including best practices in loan fund management, various capitalization strategies, example programs from throughout the country, archives of RLF webinars and more!

Did States Maximize Their Opportunity Zone Selections?
A total of 42,176 census tracts were eligible to be designated as Opportunity Zones. A total of 8,762 were designated, and of these, 8,532 were low-income communities and 230 were contiguous communities. In this analysis, the Urban Institute evaluates whether or not states maximized the potential OZ selections.

MI Historic Tax Credit Gains Steam in Legislature
Legislation resurrecting Michigan's historic preservation tax credit cleared the House Tax Policy Committee after legislators capped the annual amount of credits that could be awarded at $15 million. SB 469 would restore the credit which subsidized up to 25 percent of the costs of rehabilitating historic buildings.

Governor Mike Parson Will Not Reinstate MO State LIHTC Program
In November 2017, the Missouri Housing Development Commission voted to cut the program, a move led by then-Gov. Eric Greitens' appointments to the commission. The only dissenting members of the commission then were Parson, who was lieutenant governor at the time, and John Hensley, who was standing in for Missouri Treasurer Eric Schmitt.

Upcoming Events
CDFA Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

NJ to Provide $600M for Gateway Passenger Rail Project
New Jersey officials have announced that they have come up with $600 million for a key part of the Gateway passenger rail project. The NJ Transit board of directors approved an agreement with the New Jersey Economic Development Authority to provide up to $600 million for the new Portal North Bridge.

House Members Push for Infrastructure Bill with PABs
Eighty-six Democrats and Republicans in the House are urging the chamber's leaders to develop and pass a long-term, bipartisan infrastructure bill that increases direct federal investment, fixes the Highway Trust Fund, and strengthens private activity bonds.

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.

CDFA Spotlight

CDFA Releases Redevelopment Financing Roadmap for 127 Corridor Ponce, PR
Once home to the second largest petrochemical complex in the world, the coastal landscape is now a collection of mostly abandoned industrial sites including tank farms and oil refining plants. CDFA staff and technical assistance providers traveled to Puerto Rico to provide financing suggestions for the cleanup and redevelopment of the Corridor as a future Eco-Industrial Zone. Specifically, the team focused on financing strategies for electric, water/sewer, and roadway infrastructure.

This Week's Headlines

Madison, WI Recommends $2.6M TIF for Parking
The Capital Times | Jun. 14 | Infrastructure Finance | Tax Increment Finance (TIF)

Marin, CA Approves $2.6M for Affordable Senior Housing Project
Marin Independent Journal | Jun. 14 | Access to Capital | Tax Credits

LAX People-Mover to be Financed Through $1.2B in PABs
The Construction Index | Jun. 14 | Bond Finance | Infrastructure Finance

Detroit, Wayne Co. Port Receives $500K from EPA
San Francisco Chronicle | Jun. 13 | Brownfield Financing | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

Cartersville, GA Pursues $56M in Water, Sewage Bonds
The Daily Tribune News | Jun. 13 | Bond Finance | Water Finance

DOE Loan Guarantee Program Fuels Innovation
Clean Energy Finance Forum | Jun. 13 | Access to Capital | Energy Finance | U.S. Dept. of Energy (DOE)

Memphis, TN Business Partner to Launch $15M Loan Fund
WMC 5 News | Jun. 12 | Access to Capital

$8.5M Lake Charles, LA Water Project Moves Forward
American Press | Jun. 12 | Revolving Loan Funds (RLFs) | Water Finance

EPA Grants $500k to Windham, VT Regional Commission
The Brattleboro Reformer | Jun. 12 | Brownfield Financing | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

NE HTC Program Experiences Decline in Use
The Wichita Eagle | Jun. 12 | State Finance Program | Tax Credits

EDA Webinars Announced for 2018 RIS Program
U.S. Economic Development Administration | Jun. 12 | U.S. Economic Development Administration (EDA)

Local Food Partnership Launched in Portland, ME
Keep Me Current | Jun. 11 | Food Systems Finance | U.S. Economic Development Administration (EDA)

Birmingham, AL Approves $100K for New Farmers Market
Trussville Tribune | Jun. 11 | Food Systems Finance

Rubenstein to Launch $200M South Bronx Opportunity Fund
The Real Deal | Jun. 11 | Opportunity Zones

Sidestepping the Pitfalls of Brownfield Development
Multi-Housing News | Jun. 11 | Brownfield Financing

New Downtown Stillwater Hotel Utilized TIF
Twin Cities Pioneer Press | Jun. 11 | Brownfield Financing | Tax Increment Finance (TIF)

Did Governors Target OZs in Disinvested Communities?
Tax Policy Center | Jun. 9 | Opportunity Zones

Renewable Energy Tax Credit Briefs - June 2018
Novogradac & Co. | Jun. 8 | Energy Finance | Tax Credits

Coalition Releases 2018 New Markets Tax Credit Report
PR Newswire | Jun. 8 | Tax Credits

41 Reg CF Crowdfunding Portals 2 Years After JOBS Act Exemption
Crowdfund Insider | Jun. 8 | Access to Capital | Crowdfunding


National Sponsor Spotlight

Business Oregon Business Oregon
Business Oregon works to create, retain, expand and attract businesses that provide sustainable, living-wage jobs for Oregonians through public-private partnerships, leveraged funding and support of economic opportunities for Oregon companies and...
CohnReznick CohnReznick
With origins dating back to 1919, CohnReznick is the 11th largest accounting, tax and advisory firm in the United States, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today's...
FBT Project Finance Advisors LLC FBT Project Finance Advisors LLC
FBT Project Finance Advisors LLC, a consulting affiliate of the law firm of Frost Brown Todd, acts as an independent registered municipal advisor and assists government entities and borrowers in creating the best financing solutions for projects in...

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 Bond Finance Reference Guide
The Advanced Bond Finance Reference Guide is written for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques.

New Members

Saul Ewing Arnstein & Lehr LLP - Philadelphia, PA

Wye River Group - Annapolis, MD

Michigan Economic Development Corporation - Lansing, MI

New Markets Support Company - Chicago, IL

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
info@cdfa.net


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CDFA National Sponsors

  • Alaska Industrial Development and Export Authority
  • Baker Tilly Virchow Krause
  • Ballard Spahr LLP
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd, LLC
  • Grant Thornton LLP
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • MB Financial Bank, NA
  • McCarter & English, LLP
  • McGuireWoods
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Squire Patton Boggs
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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