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CDFA New York/New Jersey Financing Roundtable Newsletter - June 2017
June 7, 2017
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CDFA New York/New Jersey Financing Roundtable Newsletter


Tax Credit Eligibility For Qualified Businesses Bill Clears Committee in NJ
The Senate Budget and Appropriations Committee approved legislation sponsored by Senator Jim Whelan that would permit qualified businesses to count certain New Jersey-based independent contractors as employees for the purpose of receiving Grow New Jersey tax credits.

Housing Tax Credits Discussed for Chemung Crossing in Elmira, NY
Funding for a proposed $14 million mixed-use development is being discussed by city officials in Elmira, New York.

NJ Mega Mall Selling $800M Bonds
Triple Five plans to sell $800 million of tax-exempt municipal bonds next week to help complete the American Dream mega mall in New Jersey.

NYU Secures $600M in Taxable Bonds for Kips Bay Medical Center
New York University Langone Medical Center locked down $600 million in taxable bonds for its new medical center in Kips Bay. Bank of New York Mellon is the trustee for the 2017A series bonds, secured by the property at 433 East 30th Street.

Rules Amended for NJ Angel Investor Tax Credit
New Jersey has amended and expanded the rules for claiming the Angel Investor Tax Credit including three major changes which are outlined in this article.

Bond Market Braces for Impact of NY's Free Tuition Plan
Fund managers expect that initiatives such as free tuition at public universities, combined with other pressures that have long been building up, will cause bonds issued by smaller private colleges to fare far worse than the broader market if interest rates continue to rise.

Pew Charitable Trust Research Finds Varying Results from Tax Incentives
A new study by the Pew Charitable Trusts offers provides a wide-ranging look at the way many state officials handle these costly programs in recent years.  While the ultimate success of these incentives often hinges on good planning by state officials and follow-up measurements of the impact and efficacy of the programs, Pew researchers found that many states have fallen well short of what was needed.

Penn Station Mess Is No Outlier in NY's Troubled Transportation Landscape
Penn Station the past few weeks has become the focal point for New York's transportation infrastructure woes. Alarmingly, it's no outlier. Malfunctioning switches, dangling wires and misaligned rail parts have created havoc around the Midtown Manhattan station.

Business Growth in South Jersey on the Upswing with Incentives
Business in South Jersey is on the upswing since the passage of the New Jersey Economic Opportunity Act (EOA) of 2013, buoyed by heightened commercial activity in Camden and Atlantic City, and promising growth in manufacturing and the food industry.

Upcoming Events

CDFA Brownfields Financing Webinar: Reviving Commercial Activity on Former Manufacturing Sites
June 15, 2017 - 2:00 - 3:30 PM Eastern
Join CDFA, our technical assistance partners, and experienced brownfield communities as we discuss how the finance toolbox can be used to compliment the redevelopment and cleanup of your brownfield project.

CDFA Summer School
August 7 - 11, 2017 - Minneapolis, MN
CDFA Summer School is a week long series of courses presented by the CDFA Training Institute. These courses qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program. Participants may register for one, two, or three courses during CDFA Summer School. Complete three courses, and you will have fulfilled half of the requirements for the DFCP Program.

CDFA New York/New Jersey Conference
September 14, 2017 - New York, NY
Join the CDFA New York/New Jersey Financing Roundtable for a special one-day conference hosted at the offices of BNY Mellon in New York City. This event will feature a number of economic development finance experts from around the states discussing development finance tools, authorities, resources and approaches, and how these can affect the New York and New Jersey economies going forward.

New Additions to the Online Resource Database

New Jersey - Combining & Leveraging TIF with Other Tools
Economic Development | Tax Increment Finance (TIF)
Paul Ceppi from the New Jersey Economic Development Authority presents on New Jersey's use of TIF.


State Partner

New York State Economic Development Council

Principal Sponsor

Hawkins Delafield & Wood LLP New Jersey Economic Development Authority Stradley Ronon

Premium Sponsor

NW Financial Group, LLC Stern Brothers & Co.

Supporting Sponsor

ThinkForward Financial, LLC

For information about sponsoring the CDFA New York/New Jersey Financing Roundtable, review the sponsor prospectus and complete our sponsorship agreement or contact CDFA.

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
  • Ballard Spahr LLP
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd, LLC
  • 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 & Co.
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
Become a Sponsor