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CDFA Michigan Financing Roundtable Newsletter - May 2017
May 10, 2017
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CDFA Michigan Financing Roundtable Newsletter


CDFA National Summit Call for Submissions
CDFA is accepting session submissions for the 2017 National Development Finance Summit in Atlanta this November. Session submissions on deals, projects or programs that include multiple funding sources are highly encouraged. Submissions are due by May 12, 2017.

State Incentives May Be Used to Target Food Deserts in MI
The Michigan Economic Development Corporation has a community revitalization fund that can be expanded to include grocery stores, Schor said. It was recently used to help a Meijer store in Grand Rapids, but could be used for small bodega-type stores as well.

See Which MI Communities Earned State Crowdfunding Grants
A unique partnership between the Michigan Economic Development Corporation and Patronicity fund-raising website pulls state residents into grant requests for community improvements. Use this database to search amounts by communities.

Muskegon, MI, Food Hub Pilot Project Receives $40K
Muskegon is taking the first bite out of its plans for a food hub that uses rail, highways and the Muskegon Lake deep water port. Efforts will be kick started with a $40,000 grant from the Consumers Energy Foundation, which was presented at the launch event Tuesday. 

MI Venture Capital Remains Healthy
The greater ability of Michigan-based funds to pull in outside investment partners for larger, later-stage deals comes despite three fewer out-of-state venture capital firms having an office in the state at the end of 2016.

MSF Pledges $15M for Autonomous Vehicle Test Site
The MSF has pledged an additional $15 million to see the autonomous and connected vehicle research facility in Washtenaw County reach the next stage in development. The goal is to create a testing center for autonomous vehicles that can be used by automobile manufacturers and other businesses.

New MI Laws Take Effect to Create Reliable Energy
Michigan's new energy laws, Public Act 341 and Public Act 342, have taken effect and uniquely position the state to adapt to market forces while removing barriers to a more secure energy future. The legislation launches Michigan into a new era and will help ensure a "no regrets" energy future for the state.

Barrier Removed to Support Renewable Energy in MI
The law removes the cap on how much utilities can use energy efficiency and renewable energy to meet the state's energy needs. The new law also removes a prohibition against on-bill financing, a method for residential customers to pay for energy efficiency improvements in their home over time, rather than paying the whole cost up front.

New Report Documents MI's Venture Capital Growth
In 2016, 54 startups in Michigan received more than $222 million from Michigan venture capital firms, a 42-percent increase in the last five years and total venture capital under management in Michigan was $4 billion, an increase of over 30 percent.

Upcoming Events

Intro Food Systems Finance WebCourse
June 7 - 8, 2017 - Daily: 12:00 - 5:00 PM Eastern
The Intro Food Systems Finance WebCourse examines the development finance programs that sustain a local food system and how investments in that system can drive economic development on a broader scale. Topics covered include federal, state, and local sources of capital, stakeholders involved in the financing process, and case study examples that showcase the variety of financing programs.

Best of the Best Guidance on NMTC Applications
May 24, 2017 - 1:00 PM - 2:30 PM Eastern
This year's allocation of New Markets Tax Credits is now open for applications, and CDFA is here to help guide you through the process before the June 21st deadline. Tune into this webinar to hear a panel of expert speakers discuss the tips and tricks that they have learned through many years of working with this program. We'll review basic application instructions and consider elements of previously successful applications along with an interactive Q&A between the panel and participants. Don't miss this opportunity to hear the insiders' perspectives before you submit your application.

Michigan News

MEDC Offering Funding to Stimulate Startups
Grand Rapids Business Journal | May. 5 | Access to Capital | Innovation Finance

GE Opens New $14.5M Brilliant Factory in Muskegon
Aviation Tribune | May. 2 | Incentives

$800K MEDC Grant Supports New Facility for Aviation Manufacturer
MLive | May. 1 | Economic Development | Incentives

Dow Chemical Tax Credit Agreement Modified in MI
Midland Daily News | Apr. 25 | Tax Credits

Michigan Endowment to Invest $50 Million in Tech-Lending Fund
Bloomberg | Apr. 18 | Access to Capital | Innovation Finance

MDEQ to Pay for Cleanup of St. Clair Inn Property
The Voice | Apr. 12 | Brownfield Financing

Youth Sports Megaplex Proposed for Summit Place Mall Site
Detroit Free Press | Apr. 12 | Brownfield Financing

New Additions to the Online Resource Database

New Funding Sources for Food-Related Businesses
Food Systems Finance | Agriculture Finance
This directory, produced by the Michigan State University Center for Regional Food Systems, provides an overview of various sources of financing that may be available to food hubs and other food-related businesses. This directory is a partial listing of what may be available across the United States.


For information about sponsoring the CDFA Michigan 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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