Miller Canfield attorneys excel at using innovative financings, economic development tools and structures to assist with economic development projects. Public sector participation and financing is a critical component for many economic development projects and our public finance team has the experience to help.
Brownfield Development
Miller Canfield attorneys were the principal drafters of the Michigan Brownfield Redevelopment Financing Act. We specialize in all aspects of brownfield redevelopment projects, including:
- Establishing brownfield redevelopment authorities
- Implementing or modifying Brownfield Plans
- Negotiating reimbursement and development agreements with developers
- Issuing bonds to finance brownfield projects
- Advising on tax credits available for redevelopment programs.
Industrial and Commercial Development
Miller Canfield has vast experience with industrial development revenue bond (IDRB) financings for various types of solid waste, air and water pollution control and manufacturing projects to benefit private sector projects. We have represented public sector authorities that act as conduits for the borrowing, as well as the private sector and non-profit companies that are authorized to borrow money through tax-exempt financing of certain qualifying projects.
Public-Private Partnerships
Miller Canfield has worked on public-private partnerships long before the term “P3” became a household term. Our attorneys have worked on all aspects of public-private partnership projects from assisting with the agreements between the public and private sector parties, arranging the right combination of public and private financing for a new development, or dealing with the sale or lease of governmental assets. One of our strengths is understanding the delicate relationship between private development and tax-exempt financing to help clients understand their options to obtain the most favorable financing terms.
Tax Increment Financing
Miller Canfield’s experience with all forms of tax increment financing entities extends back to the initial approval of tax increment legislation in the 1970s. We use this financing mechanism for a variety of projects. Whether it is a downtown development project, brownfield project, corridor improvement project or other development project, we can assist your needs.
- Analysis of the various statutes for legal options and applicability
- Creation of tax increment authorities of various types (Downtown Development Authority, Brownfield Redevelopment Authority, Local Development Finance Authority, Corridor Improvement Authority or others)
- Assisting with the issuance of bonds or other methods of financing improvements and all related agreements and plans
Economic Development
- Represented a village in Illinois in the creation and amendment of existing business district plans and the imposition of business district sales taxes for business district purposes
- Acted as bond counsel for a city in Illinois in the issuance of general obligation bonds to pay redevelopment project costs in connection with the creation of a corporate center
Brownfield Development
- Assisting a city with the agreements and financings to facilitate the redevelopment of an obsolete retail facility into new medical buildings and parking facilities.
- Assisting a municipal client with the redevelopment of an obsolete school facility into a new residential development through the issuance of bonds to finance public infrastructure and demolition costs.
- Assisting a municipality with the redevelopment of downtown facilities through the issuance of bonds to finance public infrastructure necessary for the development of a mixed-use commercial and residential development.
Commercial Development
- Serving as bond counsel to a conduit issuer to assist a major investor-owned utility with the issuance of bonds for the financing and refinancing of projects for air and water pollution control and solid waste facilities.
- Serving as bond counsel to a conduit issuer to assist with the financing of manufacturing and plant improvements for a private sector qualified manufacturing project.
Public-Private Partnerships
- Assisted a public university with the concession agreements for a public-private partnership to finance and operate University housing facilities
- Assisted a governmental client in the development and financing of a $19 million mixed-use public parking structure, including space for retail and office use
- Assisting a city with the agreements and financings to facilitate the redevelopment of an obsolete retail facility into new medical buildings and parking facilities.
- Assisting a private sports company with the agreements, legislation and public sector and private sector financing to develop a new downtown event center for a professional sports team.
Tax Increment Financing
- Assisting a city with amendments to its development plan and tax increment financing plan and the issuance of bonds to pay for public infrastructure relating to downtown development projects.
- Assisting a city as bond counsel in connection with the redevelopment of downtown facilities through the issuance of bonds to finance public infrastructure necessary for the development of a mixed-use commercial and residential development.
- Assisting in the creation of a Local Development Finance Authority and SmartZone to finance business incubator improvements.
