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CDFA Brownfields Finance Update - October 1, 2019

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Brownfields Financing Update
October 1, 2019
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Brownfields Finance Update

Features

EPA Superfund Task Force Releases Final Report
The Superfund Task Force is publishing its final report. The recommendations address: expediting cleanup and remediation process; reducing financial burden on all parties involved in the entire cleanup process; encouraging private investment; promoting redevelopment and community revitalization; and building and strengthening partnerships.

EPA Can Help Convert Brownfields into Useful Sites
EPA's Brownfields Program collaborates with other EPA programs, federal partners and state agencies to identify available resources for brownfield activities, from assessment and cleanup to training and research. EPA has more information on the following grants on its website.

WV to Receive $26M in EPA Funds
West Virginia will receive more than $26 million from the U.S. Environmental Protection Agency for use in various environmental cleaning projects. The funding will support projects for hazardous waste assessment and cleanup of brownfields properties, improving water quality in various bodies of water, developing drinking water systems and implementing air pollution control programs.

$6.6M Mixed-Use Development in Woodbridge, MI
Two Detroiters—one a gallery owner and another who cut his teeth in New York City finance—are planning a $6.6 million mixed-use development on Grand River Avenue. The developers are seeking just over $360,000 in public financing to remove contaminated soil, demolish the old building foundation, and otherwise prepare the site.

St. Louis, MO Post-Dispatch Building Revamped
The developers planning to turn the Post-Dispatch's longtime home into offices for San Francisco payment processing company Square. The developers are also seeking $3 million in Missouri Brownfield remediation tax credits, $12.1 million in state historic tax credits and $8.5 million in federal historic tax credits.

Graphic Packaging Approved to Use TIF for Expansion
Graphic Packaging International was recently approved to receive TIF for the expansion project.  Funds would be awarded based on the demolition work that has already been done and continues to be done on the site, as well as the cleanup of contamination in soil and groundwater that GPI is doing, which includes taking care of asbestos issues.

Cleanup Work Begins on Former Madison Heights School
The Virginia Brownfields Restoration Assistance Fund was established to help local governments promote restoration or redevelopment of brownfield sites. Amherst County was awarded a Virginia Brownfields Remediation Grant of $295,000 from the commonwealth to support the redevelopment.

Packard Showroom Redevelopment May Start Soon
Plans call for 38 lofts of mostly one-bedroom units and 8 units are affordable for those making 60 percent of the area median income ($32,100). The Michigan Strategic Fund approved a $1.4 million loan through its Michigan Community Revitalization Program and the project recently got around $562,000 in brownfield financing.

Upcoming Events
CDFA National Development Finance Summit

Georgia Opportunity Zones: Driving Peach State Investment (2019)
October 10, 2019 - Atlanta, GA
Join the Georgia Opportunity Zones: Driving Peach State Investment conference, in partnership with GEDA, on October 10, 2019 for a special one-day conference hosted at the offices of Seyfarth Shaw LLP in Atlanta. This event will feature a number of economic development finance experts from around the state discussing Opportunity Zones and the development finance tools, authorities, resources and approaches, and how these can affect the Georgia economy going forward.

CDFA // BNY Mellon Development Finance Webcast Series: Analysis of the 2018 CDFA Volume Cap Report and Capital Markets Review
Tuesday, October 15, 2019 - 1:00 PM Eastern
The annual CDFA Volume Cap report is an essential outline of national private activity bond issuance trends and is used by issuers, researchers, trade groups, and political offices to understand the private activity bond landscape. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will examine the recently released Volume Cap Report in fine detail as well as discuss the fourth-quarter outlook of the capital markets.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

Louisville, KY Sports Complex to Be Built on Brownfield
WFPL | Sep. 30 | Brownfield Financing

$21M Development in Detroit, MI
Crains Detroit | Sep. 30 | Brownfield Financing

Alcona County, MI Receives Grant for Development
The Alpena News | Sep. 30 | Brownfield Financing

Northwoods Hotel May Be Redeveloped
Cadillac News | Sep. 27 | Brownfield Financing

Trumbull County, OH Seeking EPA Grant
The Vindicator | Sep. 26 | Brownfield Financing

Pet Shelter Will Be Developed on Brownfield
Ridgewood Post | Sep. 26 | Brownfield Financing

Former Lake Trust Brownfield Proposes Apartment
Lansing State Journal | Sep. 25 | Brownfield Financing

Ann Arbor, MI Seeks New Brownfield Policy
Mlive | Sep. 25 | Brownfield Financing

New Entertainment Center in Trenton, MI
News-Herald | Sep. 23 | Brownfield Financing

Developers Plan $25M Apartments, Commercial Space, Townhouses on Former Brownfield
Indianapolis Business Journal | Sep. 20 | Brownfield Financing | Housing Finance | Redevelopment

Central Massachusetts RPC Has $300K to Assess, Clean Up Brownfields
Telegram | Sep. 19 | Brownfield Financing

Houghton County Board Learns About Brownfield Development Tools
The Daily Mining Gazette | Sep. 17 | Brownfield Financing

Encore Renewable Energy to Step Up Repurposing Property for Clean Power
Altenergymag | Sep. 16 | Brownfield Financing | Energy Finance | Green Finance

Developer of Solar and Storage on Brownfield Sites Gets Influx of Cash
Renewable Energy World | Sep. 13 | Brownfield Financing

St. Clair, MI Inn Owners Plan Workforce Housing, Bakery
The Voice | Sep. 5 | Brownfield Financing | Food Systems Finance



The Council of Development Finance Agencies (CDFA) 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, visit www.CDFA.net or email info@cdfa.net.

Disclaimer: This publication was developed under Assistance Agreement No. TR-83576801-0 awarded by the U.S. Environmental Protection Agency. It has not been formally reviewed by EPA. The views expressed in this document are solely those of Council of Development Finance Agencies and EPA does not endorse any products or commercial services mentioned in this publication. 


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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Disclaimer: This publication was developed under Assistance Agreement No. TR-83576801-0 awarded by the U.S. Environmental Protection Agency. It has not been formally reviewed by EPA. The views expressed in this document are solely those of Council of Development Finance Agencies and EPA does not endorse any products or commercial services mentioned in this publication.