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CDFA Brownfields Finance Update - October 6, 2020

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Brownfields Financing Update
October 6, 2020
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Brownfields Finance Update

Features

Manufacturing Activities Generate More Brownfield Tax Credits
A new advisory opinion was recently posted to the website of the NYS Department of Taxation and Finance detailing the operation of the Brownfield Tax Credit Program ("BTCP"). This opinion concludes that mixed-use buildings with more than 50% of the square footage used for manufacturing activities will qualify for a higher BTCP cap.

Jefferson-Chalmers Efforts May Offer Model for Neighborhood Turnaround
The Kresge Foundation's social investment arm bought a 30 percent interest in EJDevCo for $2 million, giving Scott and his team cash to acquire or gain control of 87 percent of the properties along the Jefferson Avenue corridor. Separately, the Troy-based Kresge Foundation has granted $1.9 million to Invest Detroit for supporting EJDevCo's operations.

16-Story Mixed-Use Building in Detroit, MI
Work will begin on a 16-story mixed-use building in Detroit's Greektown neighborhood after approval by the Michigan Strategic Fund. The city is supporting the project through the local portion of the work plan with an estimated value of $188,444 and approval of a 15-year Neighborhood Enterprise Zone abatement valued at $12.5 million.

Albany, GA Commission Moves Forward on Brownfield Redevelopment
Commissioners approved the $192,000 contract with Norcross-based Cardno Engineering consulting firm in a 5-2 vote. The $800,000 grant from the U.S EPA will allow the city to induce developers to reclaim property used as industrial or commercial sites that have or potentially have environmental contamination by providing low- or no-cost loans.

Two New Apartments Add 111 Homes to Downtown Davenport, IA
For financing, the project this year received $1 million in workforce housing tax credits from the Iowa Economic Development Authority, and it will be able to use $1 million in brownfield tax credits that were awarded for the condo project that will carry over.

High-End Harbor District Apartment Development to Receive $1.5M Public Loan for Environmental Cleanup
A high-end apartment development planned for Milwaukee's Harbor District would receive a $1.5 million public loan under a new proposal pending before city officials. The loan, from the Milwaukee Redevelopment Authority's Brownfield Revolving Loan Fund, would benefit Admiral's Wharf, which is planned for 234 S. Water St.

Michigan House Approves Rep. Slagh's Plan to Protect Intermediate School District Funding
The Michigan House approved Rep. Bradley Slagh's plan to help increase the funding available for intermediate school districts without raising taxes. Slagh's plan would reimburse intermediate school districts for the property tax revenue lost to brownfield redevelopment authorities.

Gov. Cuomo Announces Start of Construction on New $51M Affordable Housing Development in Peekskill, NY
The five-story development will be built on a two-acre remediated Brownfield site within Peekskill's DRI area. It includes a 140-space parking garage that will feature a green roof with an underground stormwater infiltration system that will retain surface water onsite to reduce the burden on the municipal system.

Upcoming Events
CDFA Virtual National Summit: Financing Our COVID Recovery

CDFA // BNY Mellon Development Finance Webcast Series: Manufacturing Bonds for Disaster Response
Tuesday, October 20, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will look at how IDBs act as a resilient economic driver by financing the manufacturing facilities that stabilize local economies during crises.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Resilient Infrastructure
Tuesday, November 17, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will analyze how to finance the built environment to mitigate disaster and protect human life.

CDFA Brownfields Technical Assistance Program


Brownfields Financing Headlines

Agreement to Redevelop Slinger Brownfield Approved
gmtoday.com | Oct. 6 | Brownfield Financing

Wisconsin DNR Awards Brownfields Grant Valued up to $35K to City of Portage
WisBusiness.com | Oct. 5 | Brownfield Financing

Oakland County Receives $600K Federal Grant to Assess Most Contaminated Properties
The Oakland Press | Oct. 5 | Brownfield Financing

Oswego, NY's Midtown Plaza Will Be Cleaned of Contamination Prior to Being Redeveloped
NNY 360 | Oct. 5 | Brownfield Financing

Pell City Council Takes Steps Toward Ownership of Former Bussie Oil Site
St. Clair Times | Oct. 1 | Brownfield Financing

EPA Awards MPCA $731K for State, Tribal Brownfields Program
EPA | Sep. 28 | Brownfield Financing

The Fruits of National Grid's Economic Development Programs
Buffalo Rising | Sep. 28 | Brownfield Financing

Decimated Local Governments Can Still Create Jobs
The Highland County Press | Sep. 26 | Brownfield Financing

Revitalizing Brownfields Helps Rebuild Communities
Indianapolis Recorder | Sep. 24 | Brownfield Financing

Menominee, MI Council Votes to Join County's Brownfield Authority
ehextra.com | Sep. 22 | Brownfield Financing

EPA Meets With Federal Agencies in New Castle, PA to Discuss Redevelopment
WFMJ | Sep. 14 | Brownfield Financing | Opportunity Zones

Reduced Overhead Costs Offset Discounted Rent at Former Lansing City Market
Lansing City Pulse | Sep. 14 | Brownfield Financing | Tax Increment Finance (TIF)

Manchin, Capito Announce $650K for Brownfield Site Cleanup in West Virginia
My Buckhannon | Sep. 13 | Brownfield Financing

Considerations for Solar Developers When Siting Projects on Landfills and Brownfields
Solar Power World | Sep. 9 | Brownfield Financing

Great Lakes Moment: Cleanup of Contaminated River Sediment Begins at Old Uniroyal Site
Great Lakes Now | Sep. 7 | Brownfield Financing



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.