Our Projects
EPA FUNDING AND FINANCING TASK ORDER
Adaapta is a subcontractor to Tetra Tech in providing services for the EPA’s Regionally-Directed Funding and Financing Task Order (FTO), which provides communities access to customized technical assistance on brownfield project financing, redevelopment economics, financial modeling, and funding sources. Adaapta‘s staff brings applied expertise in market and economic analyses, real estate financing, pro forma modeling, and brownfields development. Adaapta also provides a wide range of financial strategies including applying for brownfield loans, acquiring public TIF and PIF financing, conventional debt and equity, and other tax and other financial incentives. We also bring significant experience leveraging federal, state, local, and private/philanthropic redevelopment resources available to communities. Adaapta’s experts have implemented complex capital stacks including, for example, bringing together over 20 different funding sources for a large and complex brownfields redevelopment project. Adaapta is currently providing services to twelve different communities in EPA Regions 3, 4, 6, 8, and 9.
Client: Tetra Tech prime contract with US EPA, Office of Brownfields and Land Revitalization
Example FTO projects are as follows:
Market Study and Funding and Financial Analysis for Site Reuse
Adaapta provided funding and financing technical assistance to support the remediation and redevelopment of the historic Harlowton Roundhouse, which was once the eastern terminus of the longest stretch of electrified railroad in the US. The Market Study summarized the Roundhouse Site’s history, existing conditions (based on environmental investigations and remedial activities), and recently performed studies and plans. This report also analyzed demographics for the City of Harlowton and the surrounding community and the state of the local commercial and residential real estate market. Adaapta also provided redevelopment phasing recommendations and cost estimates, operational considerations, funding sources, and a list of detailed next steps to maximize potential future funding opportunities.
Community Served: City of Harlowton, MT
Highest and Best Use Analysis
Adaapta provided brownfields technical assistance to the City of Lodi in development of an Aquatic Center and/or Mixed-Use Development on the site of the current City maintenance yard. Adaapta determined legally permissible uses, researched local real estate market conditions, identified environmental constraints, and conducted community member and stakeholder interviews to develop a SWOT analysis. Adaapta created four concept plans to inform financial modeling and performed high-level financial modeling to determine rough construction costs and net operating income, as well as estimates of potential returns on cost.
Community Served: City of Lodi, CA
Funding and Financial Analysis for Site Reuse
In partnership with the EPA’s Office of Brownfields and Land Revitalization, Adaapta provided technical assistance to support the redesign of the McCurdy Ministries Community Center Campus in Espanola, New Mexico. Adaapta created a Sources and Uses Tracking Tool to assess funds on a quarterly basis, built an Operating Pro Forma to assess how much money was available to service future debt obligations, moderated a Funding Strategy Work Session to identify current funding gaps and brainstorm potential new sources of funds, and compiled a list of financing sources including New Market Tax Credits, solar and sustainability subsidies, and U.S. Department of Agriculture loans.
Community Served: McCurdy Ministries, Espanola, NM
Funding and Financial Analysis for Site Reuse
Adaapta provided brownfields funding and financing technical assistance via a subcontract with Tetra Tech under EPA’s Office of Brownfields and Land Revitalization Program to assist Stillman College in planning for the development of the Vivian Malone Jones YWCA. Adaapta created several tools to assist in decision making and to help Stillman obtain funding for development. Project deliverables included an initial building program, a construction and development budget, an initial operating pro forma, identification of applicable new market tax credits, and other conventional funding sources. A Sources and Uses document was developed to identify the remaining funding gap, and a financial modeling tool was created that combines the operating pro forma and Sources and Uses analysis to guide development with future project partners.
Community Served: Stillman College, Tuscaloosa, AL
KANSAS STATE UNIVERSITY TECHNICAL ASSISTANCE TO BROWNFIELDS
Kansas State University’s Technical Assistance to Brownfields Program (KSU TAB) is funded through the EPA to provide free technical assistance to communities and other stakeholders with brownfields redevelopment resources in 21 states and with all federally recognized Tribes. Adaapta is contracted as a KSU TAB partner and collaborates with full-time TAB staff and other TAB partners to support communities with community revitalization and brownfield redevelopment challenges. Our wide range of support services have included market studies, resource roadmaps, grant reviews, community engagement facilitation, public education, and grant administration support.
Client: Kansas State Technical Assistance to Brownfields
Example KSU TAB projects are as follows:
Marketing Recommendations Report
The former Contract Plating Site in Stratford, Connecticut has been home to a number of uses since it was first developed in 1918. The main operator was the Contract Plating Company, which electroplated, lacquered, and anodized various metal parts between 1936 and 1995. These activities left heavy metal contamination, arsenic, and other contaminants on-site.
The Town of Stratford acquired the Site in 2013 and has made significant progress in preparing the Property for redevelopment, including demolishing existing buildings and initiating cleanup. In Spring 2020, Adaapta was enlisted to prepare a market analysis of the Stratford area and provide guidance in how the Town should begin marketing the Site to potential purchasers. The Adaapta team used a number of resources to complete this project remotely during the COVID-19 pandemic, including a number of ESRI-generated profiles of Stratford demographics and the local market, a Cushman & Wakefield market report, Zillow, and conversations with local realtors and brokers. This report will be used by the Town to obtain further funding for remediation, with the ultimate goal of attracting a buyer and paving the way for successful redevelopment.
Community Served: Town of Stratford, CT
Site Reuse Recommendations
Adaapta created a Site Reuse Recommendations package for the Village of Ilion, New York for the former Duofold Factory site. The Site has a long industrial legacy, but has been vacant since 2001. It was purchased by the Village of Ilion in 2019.
Adaapta’s recommendations report provided input on the next steps for site investigations and suggested remedial strategies; presented a preliminary yield study that can be used to market the site to potential developers; and provided the Village with an interactive financial model that can be used to analyze various redevelopment scenarios and assumptions. Adaapta also prepared marketing recommendations and a survey of similar redevelopment projects throughout the country that could provide insights and best practices as the Village moves forward with cleanup and marketing of the Site.
Community Served: Village of Ilion, NY and Herkimer County, NY
INTERNATIONAL CITY/COUNTY MANAGEMENT ASSOCIATION (ICMA)
Brownfields for Local Governments: An Overview of Challenges and Opportunities
Authored by Mary Hashem and Kate Lucas under contract to the International City/County Management Association (ICMA), this white paper provides an overview of the benefits, challenges and best practices of brownfield redevelopment for local governments. The paper provides information about financial and non-financial incentives to attract developers, the extent to which brownfield redevelopment can spur economic development, and how local governments globally are implementing brownfield programs.
Client: International City/County Management Association (ICMA)