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Development Finance Review Weekly - December 12, 2019

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Development Finance Review Weekly
December 12, 2019
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CDFA Development Finance Review Weekly


Watch the CDFA-Ice Miller Broadband Financing Bootcamp
The CDFA-Ice Miller Broadband Financing Bootcamp brought together experts from Ice Miller to discuss all aspects of financing broadband infrastructure. Topics included the state of broadband access and adaption, opportunities for expansion and steps to access, and innovative financing and opportunities for funding. Thank you to Ice Miller for their generous support!

Expiring Tax Breaks Set Off Year-End Legislative Scramble
Industry groups are pressing lawmakers to include their tax priorities in year-end legislation, setting off a last-minute scramble. Several tax breaks, particularly in the energy sector, have already expired or are set to expire at the end of this year, and groups want Congress to renew or update those tax preferences.

Filing Frenzy Shows Companies Lining up for Opportunity Zones
An analysis of almost 400,000 records since the start of 2018 reveals that after starting slowly last year — as states selected zones and the Treasury Department wrote regulations — the number of filings referencing opportunity zones accelerated dramatically. There were at least 356 entities containing acronyms or phrases associated with the tax breaks in June alone, and over 1,800 through the end of September.

50 Shades of Green Finance: An Untapped Opportunity for Private Equity
The global sustainable finance market has expanded rapidly in recent years, approaching US$320 billion in new issuances in the first 10 months of 2019. Sustainable finance — which is dominated by green bonds, but also includes sustainable bonds, sustainability-linked bonds and loans, and social bonds — represents a growing opportunity for private equity-backed businesses.

P3 Approach to Large-Scale Green Stormwater Infrastructure Helps Build Climate Resilience
Many innovative concepts to mitigating climate change are taking hold in the Great Lakes region. The most notable example is in the Milwaukee area, where the Milwaukee Metropolitan Sewerage District (MMSD) recently issued a Request for Proposals (RFP) for an ambitious new public-private partnership (P3).

Shawnee, KS Approves Revised Redevelopment Agreement, Smaller TIF Plan
The revised $90.2 million mixed-use redevelopment plan includes an estimated $15.2 million from a tax increment financing, $9.6 million from sales tax on a community improvement district for the project site, and $3 million in sales tax exemption from industrial revenue bonds issued for the project. The original plan was a $113.3 million project with $31.9 million in public funding.

Sens. Scott, Grassley, Colleagues Introduce Expanded Bill on OZ Reporting Requirements
The IMPACT, or Improving and Reinstating the Monitoring, Prevention, Accountability, Certification, and Transparency Provisions of Opportunity Zones, Act includes a variety of reporting requirements, fully listed below, to provide for the most robust and granular analysis over time on the targeted impacts of investments in Opportunity Zones

TN ECD Announces Second Round of Regional Opportunity Zone Training
The Tennessee Department of Economic and Community Development announced that it will begin hosting the second round of regional training sessions in partnership with local leaders to educate stakeholders on the benefit of Opportunity Zones.

Upcoming Events
CDFA Federal Policy Conference
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Hawaii's Strong Operating Performance Brings an Upgrade
Hawaii's ability to maintain a strong operating performance as it ramps up efforts to pay down pension and retiree medical liabilities brought a one-notch Fitch Ratings upgrade to AA-plus Tuesday. The new issuer default rating affects $7.7 billion in general obligation bonds.

Illinois PACE Efforts Gain Traction as First Deal Closes
PACE bond financing in Illinois is picking up steam with the closing of the first such deal — $21.3 million for a new Chicago hotel — and authorizations in place for hundreds of millions of dollars more. The Illinois Finance Authority's board has approved $800 million in borrowing authorization totaling for seven capital providers.

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 // BNY Mellon Development Finance Webcast Series: Sourcing Local Capital for Community Projects
Tuesday. December 17, 2019 - 1:00 PM Eastern
From crowdfunding to co-ops, during this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will learn about the tools that are being used to bridge the financing gap and make local economies work.

CDFA-TEDC Webinar: Rural Broadband - Financing the Last Mile
December 18, 2019 - 10:00 AM -11:30 AM Central
Rural communities commonly have difficulty financing middle-mile and last-mile broadband infrastructure. The Massachusetts Broadband Initiative and the Wyoming Broadband Advisory Council represent two state-level entities attempting to bridge the middle-mile and last-mile broadband gaps. One potential solution for this issue is to construct a fiber-optic network for municipal usage and lease the excess capacity (also called "dark fiber") to telecommunications providers to generate revenue. During this webinar, speakers will discuss solutions to financing middle-mile and last-mile fiber-optic networks.

Job & RFP Postings

Oregon Business Development Department Hiring Business Oregon Agency Director
We are looking for the next leader of Business Oregon, someone who has the leadership, skills, passion, and drive to create prosperous opportunities for all Oregon communities, in both the metropolitan and rural areas of our state. Our next leader must have the skills and ability to build relationships and engage with veteran, women, and minority owned businesses and entrepreneurs to help them bring their visions to life here in Oregon.

This Week's Headlines

Assessing WA's Aerospace Tax Preferences: A Mixed Bag?
Smart Incentives | Dec. 11 | Incentives | State Finance Program | Tax Credits

USDA Sets $116.7M in Grants for Rural Broadband and Telehealth
HealthData Management | Dec. 11 | Infrastructure Finance | Rural Development | U.S. Dept. of Agriculture (USDA)

EPA Grant of More Than $75K to Iowa Tribe of OK Will Support Water Quality Programs
EPA | Dec. 11 | U.S. Environmental Protection Agency (EPA) | Water Finance

TX Medical Center's $91.5M Revenue Refunding Bonds
Global Legal Chronicle | Dec. 11 | Bond Finance | Social Finance

CA Treasurer Announces Sale of $272.6M in Green Bonds for CalSTRS Headquarters Expansion
Orange County Breeze | Dec. 11 | Bond Finance | Energy Finance | Green Finance

EPA to Provide WA with $52.1M for Critical Water Projects
EPA | Dec. 10 | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance

NJ Transit Set to Borrow $500M to Replace Old Trains and Buses
NJ.com | Dec. 9 | Bond Finance | Infrastructure Finance

Burlington, VT City Council Approve Performing Arts RLF
myracinecounty.org | Dec. 9 | Revolving Loan Funds (RLFs)

MN Public Facilities Authority Awards $9.5M to Water Infrastructure Projects
Fillmore County Journal | Dec. 9 | Revolving Loan Funds (RLFs) | Water Finance

Flood Control Revolving Fund Makes Resources Available to Communities in IN
The PEW | Dec. 9 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs)

Joint Revolving Loan Benefits City and County 
Door County Daily News | Dec. 9 | Revolving Loan Funds (RLFs)

USDA Invests $18.88M in Rural Broadband for AK Families
USDA | Dec. 9 | Federal | Infrastructure Finance | Rural Development | Tribal Finance | U.S. Dept. of Agriculture (USDA)

Treasury Submits Updated Opportunity Zones Rules to OIRA
Office of Information and Regulatory Affairs | Dec. 9 | Federal | Opportunity Zones | U.S. Dept. of Treasury

How Rural Communities in CO Could Benefit from $600M in Federal Broadband Grants
The Colorado Sun | Dec. 9 | Federal | Infrastructure Finance | U.S. Dept. of Agriculture (USDA)

Buffalo, NY Expected to Pass Law for Clean-Energy Financing Program
The Buffalo News | Dec. 9 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Pittsburgh, PA Food Truck Looks to Small Loans for Expansion
TribLive | Dec. 7 | Access to Capital | Crowdfunding | Food Systems Finance

Wheeling, WV Seeks Brownfield RLF
WTRF | Dec. 6 | Brownfield Financing | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA)

Steele Properties Acquires TX Section 8 Community
Affordable Housing Finance | Dec. 6 | Housing Finance | Tax Credits

Real Estate Outlook 2020 Trends and Opportunities
Houston Business Journal | Dec. 6 | Housing Finance | Opportunity Zones | Tax Credits

National Sponsor Spotlight

Alaska Industrial Development and Export Authority Alaska Industrial Development and Export Authority
AIDEA is a public corporation of the State of Alaska, created in 1967 by the Alaska Legislature "in the interests of promoting the health, security, and general welfare of all the people of the state, and a public purpose, to increase job...
Baker Tilly Virchow Krause Baker Tilly Virchow Krause
More than 2,800 talented and passionate individuals strong, Baker Tilly is a top 15* full-service accounting and advisory firm with specialized professionals who connect with you and your business through refreshing candor and clear industry...
Wells Fargo Securities Wells Fargo Securities
Wells Fargo Securities offers a comprehensive set of capital markets services, including originating and distributing public debt and equity, hedging interest rates and commodity and equity risks, advising on mergers and acquisitions, and...

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 Tax Credit Finance Reference Guide
The Tax Credit Finance Reference Guide provides an exploratory overview of how communities can use tax credit finance programs to support economic growth. This guide examines how to effectively apply tax credits to development opportunities, and explains the basics of tax credits and the fundamentals of using these tools.

New Members

Cornell University - East Aurora, NY

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
  • Petros PACE Finance
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
Become a Sponsor