To: Board of Supervisors
From: County Administrative Office
Agenda Section: Consent
SUBJECT:
title
The Samoa Peninsula Enhanced Infrastructure Financing District Fund (SP EIFD Fund)
end
RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Adopt a resolution establishing the Samoa Peninsula EIFD Fund and authorizing the Auditor-Controller to transfer funds per the approved Infrastructure Financing Plan.
Body
SOURCE OF FUNDING:
General Fund - Property Tax (1100)
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 uses 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.
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 communication concerning Responsible Engagement for the Development of Infrastructure (REDI) (Agenda item 19-642 from May 21, 2019).
In September of 2019 staff provided an overview of partnership and financing options for infrastructure development on the Samoa Peninsula, based...
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