To: Board of Supervisors
From: County Administrative Office
Agenda Section: Time Certain Matter
SUBJECT:
title
10:30 am - Second Public Hearing of the Public Financing Authority (PFA) for the Samoa Peninsula Enhanced Infrastructure Financing District (EIFD).
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Adjourn as the Humboldt County Board of Supervisors;
2. Appointed members convene as the PFA for the Samoa Peninsula EIFD;
3. Follow the set Agenda (Attachment 1);
4. Adjourn the Public Finance Authority for the Samoa Peninsula Enhanced Infrastructure Finance District; and
5. Reconvene as the Humboldt County Board of Supervisors.
Body
SOURCE OF FUNDING:
General Fund (1100) - Property Tax
DISCUSSION:
EIFD OVERVIEW
The California Legislature authorized the formation of 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, aids communities in funding a wide and diverse variety of public capital improvement projects and other projects of communitywide significance 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 increased property tax revenues from 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,...
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