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HomeFrom the MayorDevelopment Finance Review Weekly – April 12, 2018

Development Finance Review Weekly – April 12, 2018

CDFA Development Finance Review Weekly
Feature
Bankers Picked for $10B Foxconn Project

Morgan Stanley will run the books on several deals that are part of about $360 million in local government borrowing planned for the $10 billion Foxconn manufacturing plant in SE Wisconsin.The local borrowing is part of $764 million in local incentives struck under a development agreement with Foxconn.

Reflecting on TIF in SD

In this article from the Capital Journal, the nuances of TIF and its many uses are analyzed by comparing two Fort Pierre TIF districts. TIF District 5, is just two years old and is just beginning to generate revenue while TIF District 2 was established almost 10 years ago, but was dissolved by the City Council last year.

WHEDA Awards Additional $1.8M in LIHTCs

The additional tax credits were made available through the recently approved federal Consolidated Appropriations Act, 2018. The bill increases each state’s LIHTC allocation by 12.5% for 2018 through 2021. In Wisconsin, that equates to approximately $1.8 million in additional LIHTC for 2018.

NMTC Used to Finance Grocery Store in Northeast Philadelphia, PA

Reinvestment Fund financed the construction of the Shoppes at Wissinoming, an 110,000 square foot new grocery store-anchored shopping center in northeast Philadelphia. Reinvestment Fund financing is part of a leverage loan for a $14.5 million New Markets Tax Credit transaction.

EDA Announces Availability of $587M for Disaster Recovery

The U.S. Economic Development Administration is making $587 million available to eligible grantees in communities where a Presidential declaration of a major disaster was issued under the Stafford Act as a result of Hurricanes Harvey, Irma and Maria, wildfires and other natural disasters in 2017.

Treasury, IRS Announce 18 OZ Designations

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have designated Opportunity Zones in 18 states and territories. The 18 states and territories receiving designations are only a part of the first group, and additional state designations will be named in the coming weeks.

CDFA Releases New Food Systems Finance Resource Center

The CDFA Food Systems Finance Resource Center outlines development finance tools that can be used to support local food systems, such as bonds, tax increment finance, tax credits, special assessment districts, revolving loan funds and others.

Energy Efficiency RLF Planned as Part of Offshore Wind Project

The revolving loan fund will provide financing for energy efficiency improvements to multifamily, low-income housing, and to give ongoing credits to low-income residents’ electricity bills and backup power and cost savings for public buildings.
Upcoming Events
Intro EB-5 Finance WebCourse
News from The Bond Buyer
The latest municipal finance headlines from The Bond Buyer.

Gateway Rail Project Faces Federal Challenges

The $1.5 billion North Portal Bridge only needs final approval to receive financing. However, the 50% local financing plan includes a $284 million federal TIFIA loan that DOT doesn’t consider as a local commitment. Loan payments made in the past under the TIFIA were considered part of a local commitment.

JFK Planning for P3 Upgrades

The Port Authority of New York and New Jersey’s planned $10 billion redevelopment of John F. Kennedy International Airport is beginning to take shape in the form of another large-scale public-private partnership.

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.

Job & RFP Postings
CDFA Hiring: Marketing & Communications Coordinator

The Council of Development Finance Agencies seeks a motivated, well-organized and energetic individual to fill the position of Coordinator, Marketing & Communications.
This Week’s Headlines
Berkeley Co, SC Considers Bonds for Traffic Improvements
The Post and Courier | Apr. 12 | Bond Finance

Sun Prairie, WI Authorizes IRB for Sani-Matic’s New Facility
Sun Prairie Star | Apr. 12 | Bond Finance

Uptown Memphis $95M Revitalization Plan Seeks Buy-In
Commercial Appeal | Apr. 12 | Redevelopment | Tax Increment Finance (TIF)

Leavenworth, KS to Use IRB for New Pharmacy
Leavenworth Times | Apr. 12 | Bond Finance

Two Low-Income Housing Projects Net 2015 Bond Funding
San Francisco Examiner | Apr. 12 | Bond Finance | Community Development

VT Brewery to Receive $40K from RLF, $95K from VEDA
Mountain Times | Apr. 12 | Access to Capital | Revolving Loan Funds (RLFs)

Clark County, NV Selling $648M in Bonds for Stadium
Bloomberg | Apr. 12 | Bond Finance

HUD Awards $28B in CDBG-DR Grants
HUD | Apr. 11 | Community Development | U.S. Dept. of Housing & Urban Development (HUD)

LIHTC Expansion Funds Madison, WI Project
Channel 3000 | Apr. 11 | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD)

Wildwood, FL Seeking SRF Loan for New Oxford Water Treatment Plant
Villages News | Apr. 11 | Water Finance | Infrastructure Finance

Farm Fresh Incentives Approved in Sampson County, NC
The Sampson Independent | Apr. 11 | Incentives

Albaad USA, Inc. to Receive Incentives for Expansion in Reidsville, NC
North Carolina News Network | Apr. 11 | Incentives

1st Capital Bank Invests $500K in Clearinghouse CDFI
Clearinghouse CDFI | Apr. 10 | Community Development

Webcast: Transform Finance & Opportunity Zones
Transform Finance | Apr. 10 | Investing in Opportunity Act (IIOA)

Interactive Map of MS Opportunity Zones
Butler Snow | Apr. 10 | Investing in Opportunity Act (IIOA)

First Round of Opportunity Zone Designations Announced
Enterprise | Apr. 10 | Investing in Opportunity Act (IIOA)

Local Leadership is Key for Successful Opportunity Zones
The Hill | Apr. 9 | Community Development | Economic Development | Investing in Opportunity Act (IIOA)

Quartet of Tax Credits Brings School Back to Life as Affordable Housing
Novogradac & Company | Apr. 9 | Community Development | Tax Credits | U.S. Dept. of Housing & Urban Development (HUD)

Boston Financial Closes $145M LIHTC Fund
Multi-Housing News | Apr. 9 | Community Development | Tax Credits

New Hope Housing Opens its Eighth Community in Houston
Affordable Housing Finance | Apr. 9 | Community Development | Tax Credits

Despite Decreased Demand for Loans, FSA Credit Still Critical for Farmers
National Sustainable Agriulture Coalition | Apr. 9 | Food Systems Finance | Agriculture Finance | U.S. Dept. of Agriculture (USDA)

USDA and SBA Join Forces to Help Businesses in Rural America
U.S. Department of Agriculture | Apr. 9 | U.S. Dept. of Agriculture (USDA) | U.S. Small Business Administration (SBA) | Food Systems Finance | Agriculture Finance

Southwest New Mexico Food Hub Receives $125K From USDA
Silver City Daily Press | Apr. 6 | Food Systems Finance | Agriculture Finance | U.S. Dept. of Agriculture (USDA)

Pittsburg, KS Lends $300K to Block22
KOAM | Apr. 6 | Revolving Loan Funds (RLFs)

National Sponsor Spotlight
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FBT Project Finance Advisors LLC FBT Project Finance Advisors LLC

FBT Project Finance Advisors LLC, a consulting affiliate of the law firm of Frost Brown Todd, acts as an independent registered municipal advisor and assists government entities and borrowers in creating the best financing solutions for projects in…
Partner Spotlight
PORTFOL by Philadelphia Industrial Development Corporation PORTFOL by Philadelphia Industrial Development Corporation

The Philadelphia Industrial Development Corporation (PIDC) is Philadelphia’s city-wide economic development corporation. Founded in 1958 as a non-profit, joint venture between the City of Philadelphia and the Greater Philadelphia Chamber of…
CDFA Bookstore
Cover thumbnail Advanced Tax Increment Finance Reference Guide

The Advanced Tax Increment Finance Reference Guide builds upon CDFA’s introductory offerings by exploring in-depth the complexities and transformative potential of tax increment financing.
New Members
East Alabama Regional Planning and Development Commission – Anniston, AL

COR Development Company – Fayetteville, 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
info@cdfa.net