RECOMMENDATION(S):
REFER to the Finance Committee development of a County policy regarding Enhanced Infrastructure Financing Districts.
FISCAL IMPACT:
No fiscal impact.
BACKGROUND:
In 2015, Senate Bill 628 (Chapter 785, Statutes of 2014) created Enhanced Infrastructure Financing Districts (EIFDs) effectively modifying the structure of already existing Infrastructure Financing Districts (IFDs). Following the dissolution of redevelopment, EIFDs serve as a financing mechanism to use tax-increment financing, similar to former redevelopment projects, but with greater collaboration between cities and counties for economic development, housing and other large scale projects throughout the State. Subsequent to the creation in 2015, statutes authorizing EIFDs have been modified on a regular basis, including broadening the listing eligible project types and modifying to process to issue bonds to fund those projects by the EIFD.
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