To: Board of Supervisors
From: County Administrative Office
Agenda Section: Consent
SUBJECT:
title
Resolution Approving the Samoa Peninsula Enhanced Infrastructure District (EIFD) Infrastructure Financing Plan (IFP)
end
RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Adopt a Resolution approving the Samoa Peninsula EIFD IFP.
Body
SOURCE OF FUNDING:
General Fund (1100) - Property Tax
Economic Development (1120-275)
DISCUSSION:
EIFD OVERVIEW
The California Legislature authorized the formation of Enhanced Infrastructure and Financing Districts (EIFDs) in 2014 through Senate Bill 628, and the statutory framework for EIFDs, which has been amended multiple times since 2014, is codified in Chapter 2.99 of Part 1 of Division 2 of Title 5 of the California Government Code (commencing with Section 53398.50) (EIFD Law).
An EIFD is a special district which using tax increment financing to aid communities in funding a wide and diverse variety of public capital improvement projects and other projects of community-wide significance as set forth in state law. The EIFD does not impose a new tax. Added improvements gained through EIFD funding supports future development and results in increased property values. This generates tax increments, or increased property tax revenues above the "base year," which can then be leveraged for additional improvements.
Affected taxing entities are not required to contribute their tax increment to the EIFD. Participation in the EIFD is voluntary. Each tax sharing entity which elects to join an EIFD has the option to allocate up to 100% of its portion of tax increment to the district. Under the EIFD law, school districts are precluded from participation.
BACKGROUND
Beginning in May of 2019, staff presented a report on the lack of modern and working infrastructure on the Samoa Peninsula, and the Board directed staff to establish a task force whose purpose was to engage in inter-departmental communi...
Click here for full text