Sharon Brown, partner, and Tim Cashmore, partner served as bond counsel for the Buffalo Sewer Authority, which closed last week on a $54 million environmental impact bond (EIB), the country’s largest to date, to finance green infrastructure and stormwater mitigation projects as part of its Rain Check 2.0 initiative. Buffalo Sewer Authority will use the bond proceeds to design and implement green infrastructure to capture stormwater, reduce combined sewer overflows, and enhance community benefits, including jobs.
The bond initiative began after the Ralph C. Wilson, Jr. Foundation and the Community Foundation for Greater Buffalo funded Environmental Consulting & Technology to bring newer models of delivery, including alternative financing options to the Greater Buffalo region. In addition to the Wilson and Community Foundations, project sponsors include the Great Lakes Protection Fund.
Click here to read the full press release about the EIB.