To: Board of Supervisors
From: County Administrative Office
Agenda Section: Departmental
SUBJECT:
title
Resolution of Intention to Establish the Samoa Peninsula Enhanced Infrastructure Financing District, establishing a Public Financing Authority, and Authorizing Other Actions
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Receive a report from staff on its findings for the establishment of an Enhanced Infrastructure and Financing District (EIFD); and
2. Adopt a Resolution of Intention to establish the Samoa Peninsula Enhanced Infrastructure Financing District (Samoa Peninsula EIFD), establishing a Public Financing Authority to govern the EIFD, authorizing related actions, and setting a public meeting for October 14, 2021, at 3:00 at the Board Chambers.
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SOURCE OF FUNDING:
General Fund (1100) - Property Tax
DISCUSSION:
EIFD Overview
The California Legislature authorized the formation of an 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 financing district, a governmental entity comprised of both public and private partners distinct from the entity which establishes it. EIFDs can aid communities in funding a wide and diverse variety of public capital improvement projects and other projects of communitywide significance set forth in state law, by capturing and leveraging property tax increment (PTI) generated within the EIFD area. 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 increased property tax revenues from the "base year" which can then be leveraged for additional improvements.
Affected taxing ...
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