The disruptions triggered by the coronavirus have forced business owners and government officials to reconsider how they approach emergency situations and how they will emerge from this crisis with the knowledge and skills to continue forward. Understanding what incentives and opportunities are available and structuring a roadmap to navigate reopening is imperative to face the economic uncertainty created by COVID‑19 successfully. The McDonald Hopkins Public Law group can assist a wide array of entities to identify potential issues, navigate new requirements and restrictions issued, and help create innovative solutions for moving forward.
- Business owners and operators – Multiple states, counties, and cities have issued stay-at-home orders and a myriad of restrictions that determine when and how a business may operate. These restrictions affect the ability of businesses to continue operations successfully and their profitability. The public law group can help business owners fully understand state reopening requirements and restrictions and assist with federal, state, and local lobbying to recommend policy positions that will assist businesses to thrive during the current uncertain economic times.
- States, municipalities, townships, and political subdivisions – The unanticipated economic disruptions have been felt by more than just individuals and business owners. State and local governments must also consider the economic consequences that COVID‑19 could have and be prepared to respond quickly and effectively. There are several areas that McDonald Hopkins can assist state and local governments with, including:
- Economic development financing tools – shared use agreements, joint service districts, joint economic development districts, special improvement districts, emergency funding, and government relief packages
- Public finance
- Review current bond covenants, including debt service coverage ratios, and determine necessary modifications
- Review and advise on upcoming debt obligations
- Prepare and advise in connection with Master Capital Plans
- Identify and obtain other public and private sources of capital
- Emergency funding and current revenue financing
- Development opportunities
- Zoning updates
- Tax increment financing
- Public private partnerships
- Public and private universities and other non-profit organizations – The public law group can help universities and non-profit organizations identify economic incentives and create a unique plan to navigate the COVID‑19 crisis. McDonald Hopkins can assist these entities with lobbying federal, state, and local officials for additional support and navigating available financing tools, such as bonding capabilities, lease-purchase structures, special assessments, and conduit revenue obligations. Universities and non-profits should also be aware of potential development opportunities, such as tax increment financing, ground leasing, and master leasing. When combined and utilized properly, these incentives and opportunities can assist entities successfully face the challenges presented by COVID‑19.
Although many businesses, non-profits, and government officials are still attempting to determine the impact that COVID‑19 will have, each entity should start identifying opportunities that will help them navigate through the crisis and emerge prepared to move forward. Entities must act proactively and explore all avenues of support available. The McDonald Hopkins Public Law group has the experience and knowledge to craft creative and effective solutions to navigate the current economic crisis and emerge stronger and more prepared.