Welcome CDFA – BNY Mellon Development Finance Webcast Series: $3 Trillion Strong: Big Ideas, Big Deals, Big Returns The Broadcast will begin at 1:00pm (EST). CDFA: Advancing Development Finance Knowledge, Networks & Innovation www.cdfa.net
$3T Strong: Big Ideas, Big Deals, Big Returns Erin Tehan Legislative & Federal Affairs Coordinator Council of Development Finance Agencies Columbus, OH CDFA: Advancing Development Finance Knowledge, Networks & Innovation www.cdfa.net
$3T Strong: Big Ideas, Big Deals, Big Returns CDFA – BNY Mellon Development Finance Webcast Series: Innovations in Energy Finance This Webcast is a listen-only event. Please make sure your computer speakers are turned on to hear the presentation. You can also listen by selecting “Use Telephone” in the audio tab of the GoToWebinar control panel. To ask a question, type your question into the Question box in the GoToWebinar control panel. CDFA is recording this Webcast, and it will be available to view online at www.cdfa.net. CDFA: Advancing Development Finance Knowledge, Networks & Innovation www.cdfa.net
$3T Strong: Big Ideas, Big Deals, Big Returns Speakers Christine Johnson , Moderator BNY Mellon Karl Marschel Steve Eikenberry Toby Rittner Bryan Cave LLP First American Bank CDFA CDFA: Advancing Development Finance Knowledge, Networks & Innovation www.cdfa.net
$3T Strong: Big Ideas, Big Deals, Big Returns Christine Johnson Product Manager BNY Mellon San Francisco, CA CDFA: Advancing Development Finance Knowledge, Networks & Innovation www.cdfa.net
Global Corporate Trust November 15, 2011 Overview - $3 Trillion Strong: Big Ideas, Big Deals, Big Returns CDFA-BNY Mellon Webcast Presented by Christine Johnson Information Security Identification: Confidential
Overview – Bond Volumes • Against a backdrop of a challenged environment for the municipal bond market: • European debt trouble • Potential reduction in market through regulation (tax reform, supercommittee) • Local challenges (municipal bankruptcy issues, challenges to redevelopment) • ….volumes are at record levels for 2011 and expected to increase toward Q4 • Total volume at $34 bln for 2011 a 23.7% decrease from 2010 levels as of month end October. • Overall YTD volume down 33.5% to $229 bln 2 Information Security Identification: Confidential
What is being supported • Top 5 categories • General Purpose • Education • Utilities • Transportation • Health Care • What about private financing? 3 Information Security Identification: Confidential
Information Security Identification: Confidential
$3T Strong: Big Ideas, Big Deals, Big Returns Toby Rittner President & CEO Council of Development Finance Agencies Columbus, OH CDFA: Advancing Development Finance Knowledge, Networks & Innovation www.cdfa.net
CDFA - BNY Mellon Webcast Series: $3 Trillion Strong - Big Ideas, Big Deals, Big Returns Toby Rittner President & CEO November 15, 2011 www.cdfa.net
$3 Trillion Strong www.cdfa.net
www.cdfa.net Big Ideas
www.cdfa.net Big Deals
www.cdfa.net Big Returns
Preserving Tax-Exempt Bonds � 535 copies of Built by Bonds sent to Congress � 30+ meetings with Congress on Nov 2 – Supercommittee, Senate Finance, House W&M, others � Next 30 Days – Survive Supercommittee � Next Year– Looming tax reform challenges in 2012 � Your Help – Send BBB to Congress, submit more case studies, contact your leadership to support tax-exempt bonds � March 14, 2012 – CDFA Capitol Hill Day www.cdfa.net
$3T Strong: Big Ideas, Big Deals, Big Returns Karl Marschel Associate Bryan Cave LLP Chicago, IL CDFA: Advancing Development Finance Knowledge, Networks & Innovation www.cdfa.net
CDFA – BNY Mellon Webcast Series: $3 Trillion Strong: Big Ideas, Big Deals, Big Returns November 15, 2011 Karl L. Marschel Bryan Cave LLP 161 North Clark Street, Suite 4300 Chicago, Illinois 60601 312-602-5015 karl.marschel@bryancave.com
Willis Tower 2
Willis Tower Unveils Sustainable Plan to Transform Tallest Building in Western Hemisphere • Efficiency improvements to the building’s exterior envelope and windows . The tower has 16,000 single-pane windows. Sustainability plans for the building call for a window replacement and glazing program. Strategies to achieve a thermal break of the curtain wall are also being investigated. These upgrades would achieve savings of up to 60 percent of heating energy. • Mechanical systems upgrades in the form of new gas boilers that utilize fuel cell technologies, which generate electricity, heating and cooling at as much as 90 percent efficiency. Mechanical upgrades also will include new high-efficiency chillers and upgrades to the distribution system. • The tower’s 104 high speed elevators and 15 escalators that will be modernized with the latest technology to achieve 40 percent reduction in their energy consumption. • Water savings that will be realized with conservation initiatives through upgrades to restroom fixtures, condensation recovery systems and water efficient landscaping, which will reduce water usage by 40 percent and save 24 million gallons of water each year. • Lighting that will be upgraded through advanced lighting control systems and daylight harvesting, an advanced lighting control system that automatically dims lights in tenant spaces based on the amount of sunlight entering through the windows. Combined, these upgrades will save up to 40 percent of lighting energy consumption. • Renewable energy like wind and solar, and technologies like green roofs that will be tested. Wind turbines will be tested to take advantage of the tower’s height and unique set-back roof areas. Solar hot-water panels will help heat water for the building. Green roofs that can sustain high- altitude conditions, and that will be among the tallest in the world, will be tested to reduce storm water runoff, improve insulation, help mitigate the urban heat island effect, and provide pleasant vistas for tenants overlooking the areas.
Chicago Loop Decarbonization Study- Monroe Corridor Adrian Smith + Gordon Gill Architecture
Adrian Smith + Gordon Gill Architecture
Adrian Smith + Gordon Gill Architecture
Diagram Combined- Adrian Smith + Gordon Gill Architecture
Adrian Smith + Gordon Gill Architecture
Proposed Program for an Energy Efficient Retrofit Financing District • Include subsidized energy audits and direct subsidies and government provided conduit financing related to energy efficiency retrofits of commercial and public buildings. • The overall goal of this program would be to incent building owners to evaluate their properties and to make those energy efficiency improvements which make the most sense for their specific site. 9
From our preliminary review, the types of energy efficiency retrofits that would likely be included in such a program would be: – Re-commissioning of Building Systems; – Operator Training; – Lighting Fixture Upgrades (upgrades to T8s, etc); – Installation of Occupancy Sensors; – Mechanical Equipment Upgrades (installation of VFDs, etc); – Plumbing Fixture Retrofits; and – Any other improvements for which an applicant could demonstrate meaningful efficiency improvement. 10
Financing the energy retrofit Improvements • Incur front-end debt • Pay-As-You-Go notes and project-specific agreements • Combination of front-end debt and pay-as-you-go agreements • Combination of TIF and Community Facilities District/Special Improvement District overlay 11
Public Funding • Public funding for the program would essentially be composed of two parts, (1) out right subsidy of improvements and (2) utilizing public financing mechanisms to provide conduit financing in order for building owners to pay for improvements (which obligations would be repaid by each building owner over time). 12
Public Funding-Part One • Fund some portion of a given improvement (likely 5- 15%) from truly public sources. – Such sources could include tax increment finance revenues, state energy program grants, EECBG funding or other grant funding. – These funds would be utilized to incent private building owners to make energy efficiency retrofits to their buildings as well as to subsidize energy audits (to the extent subsidy is required to incent building owners to have energy audits performed). 13
Public Funding-Part Two • Making public funding mechanisms available to help provide financing for energy efficiency improvements. – leverage access to public finance markets – provide a program which would allow building owners to borrow funds and repay these over a period of time. 14
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