To: Board of Supervisors
From: County Administrative Office
Agenda Section: Time Certain Matter
SUBJECT:
title
10:30 AM - Third Public Hearing of the Public Financing Authority (PFA) for the Samoa Peninsula Enhanced Infrastructure Financing District (EIFD); adopt a resolution approving the Infrastructure Finance Plan, establishing the Samoa Peninsula EIFD and adopting bylaws.
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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
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 entit...
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