|
Title:
|
REPORT - DOWNTOWN ENHANCED INFRASTRUCTURE FINANCING DISTRICT TAX PERCENTAGE COMMITMENT
BACKGROUND: An Enhanced Infrastructure Financing District (EIFD) is a financing tool that supports public infrastructure and development that in turn supports and incentivizes private investment into specific areas where mixed-use development is desired. In April of 2023, the City Council adopted a Resolution of Intention to form the Downtown EIFD District (District) and adopted a Resolution to establish a Public Financing Authority (PFA) as the governing board of the District. The Planning and Economic Development Department is finalizing the draft Infrastructure Financing Plan (IFP), which is a requirement under the Government Code and must be adopted by the taxing entities and the PFA prior to adopting a Resolution of Formation and creating the District. The IFP must include, among other items, the maximum portion of the incremental tax revenue of the taxing entities to be committed to the Distri...
|