To: Board of Supervisors
From: County Administrative Office
Agenda Section: Time Certain Matter
SUBJECT:
title
10:30am - Initial Public Meeting of the Public Financing Authority (PFA) for the Samoa Peninsula Enhanced Infrastructure Financing District (The EIFD) to be presented with the proposed EIFD and the draft Infrastructure Financing Plan (IFP)
end
RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Adjourn as the Humboldt County Board of Supervisors;
2. Appointed members convene as the Public Financing Authority for the Samoa Peninsula Enhanced Infrastructure Financing District;
a. Roll call
b. Approval of Minutes
c. Public Comment on Non-Agenda Items
d. Report Out on Meetings Attended and Community Feedback Received
e. Agenda Items
i. Public Meeting: Staff to Present the Samoa Peninsula EIFD and IFP
1. Discussion
2. Public Comment
ii. Staff Updates
1. Discussion
2. Public Comment
3. Adjourn the Public Finance Authority for the Samoa Peninsula Enhanced Infrastructure Finance District; and
Reconvene as the Humboldt County Board of Supervisors
Body
SOURCE OF FUNDING:
General Fund (1100) - Property Tax
DISCUSSION:
On June 29, 2021 the Board of Supervisors adopted Resolution of Intention (ROI) to form the Samoa Peninsula Infrastructure Financing District (EIFD) and established the Public Financing Authority (PFA) to be the governing body of the EIFD. As part of the EIFD formation process, the PFA is required to hold an initial public meeting during which they will be presented with the EIFD and the draft IFP. The IFP is a legal document required by legislation and which describes the EIFD and specific requirements related to financing and implementing goals of the EIFD. Following this meeting, the PFA is required to hold three public hearings, during which it will take public comment on the EIFD and IFP. The IFP will include the following key components:
• A map of the area and a description of public facilities to be financed
• A financing section that addresses the maximum amount of tax increment to be committed to the EIFD
• An analysis of the fiscal impact to the County of committing tax increment to the EIFD.
FINANCIAL IMPACT:
Developing and maintaining public infrastructure on the Samoa Peninsula is central to promoting economic prosperity, meeting energy goals, creating jobs, and enhancing quality of place and life in Humboldt County. Multiple proposed projects on the Samoa Peninsula will require functional infrastructure to succeed, and a preliminary Fiscal Impact Analysis shows that this development will have an estimated positive annual fiscal impact of $929,000 to the General Fund by fiscal year (FY) 2025-26 and $46 million, in present value dollars, throughout the lifetime of the EIFD.
Existing staff resources from various departments, including the County Administrative Office of
Economic Development, Planning and Building Department, County Counsel, the Clerk-
Recorder’s Office, the Auditor-Controller, the Assessor, and the Treasurer Tax Collector, will be
instrumental in initial EIFD formation, including the preparation of the IFP. Cumulative staff hours across these departments for the initial establishment of the EIFD are anticipated to be 520 staff hours per fiscal year, for the first two (2) years, or $33,800 per fiscal year.
Once EIFD activity increases staff time to support the EIFD is expected to increase. Until self-sufficient, this staff commitment would need to be funded through existing department budgets or through an increase from the General Fund, at your Boards discretion. EIFD law does provides that 10% of tax increment generated in the first two years may be allocated to formation planning for the EIFD. The IFP estimates administrative costs at approximately $35,000 annually, to be paid for through the EIFD fund.
Staff has also entered into a Professional Service Agreement with Kosmont Companies who will provide information, guidance, expertise, and document preparation, as needed, during the formation period of the EIFD. The maximum amount payable for these services is $20,000.
STRATEGIC FRAMEWORK:
This action supports your Board’s Strategic Framework by supporting business, workforce development and creation of private-sector jobs.
OTHER AGENCY INVOLVEMENT:
State of California Governor’s office of Economic Development, Humboldt County Assessor,
Humboldt County Treasurer Tax Collector, the Samoa Peninsula Community Services District, the Manila Community Services District, the Humboldt Bay Municipal Water District, the City of Eureka, the City of Arcata
ALTERNATIVES TO STAFF RECOMMENDATIONS:
Board Discretion
ATTACHMENTS:
A - Presentation
A - Draft IFP
PREVIOUS ACTION/REFERRAL:
Board Order No.: N/A
Meeting of: 5/21/19, 9/3/19, 3/17/20, 6/29/21, 7/20/21, 9/14/21, 9/21/21
File No.: 19-642, 19-1246, 20-204, 21-68, 21-1001, 21-1229, 21-1319