Title
Receive a presentation and consider approval of revisions to the County Enhanced Infrastructure Financing District (EIFD) Policy.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Receive a presentation and consider approval of revisions to the County Enhanced Infrastructure Financing District (EIFD) Policy.
SUMMARY:
Enhanced Infrastructure Financing Districts (EIFDs) are a mechanism authorized under California State law that allows local governments to finance infrastructure projects within specified areas. These districts capture a portion of the increased property tax revenue generated by developments in the district, reinvesting these funds into crucial infrastructure improvements.
The County of Monterey recognized the vital role that Enhanced Infrastructure Financing Districts (EIFDs) play in driving economic growth and enhancing the well-being of our community. These districts provide an avenue for local governments to support infrastructure development through tax increment financing. Given the feedback from multiple cities interested in requesting County partnership on EIFDs, it is prudent to revise specific sections of the existing EIFD policy so that it is more amenable to city participation.
The County Administrative Office received feedback from various stakeholders regarding the existing EIFD policy, which has resulted in draft revisions before the board.
DISCUSSION:
The County of Monterey had previously formulated and approved a policy to guide its participation in EIFDs, specifically concerning financial partnership with cities. The key components of this policy are provided below, while the policy is included in attachment A.
1. Contribution of Tax Increment
2. Term of County Participation in EIFD
3. Procedures for Extension
4. Termination Prior to End of Term
5. Governance
The revised EIFD policy attached clarifies any vague criteria and expectations for cities seeking the County of Monterey's financial partners...
Click here for full text