EPS 2295 Gateway Oaks Drive Suite 250 Sacramento CA 95833 9166498010 9166492070 fax presented to California State Association of Counties Enhanced Infrastructure Financing Districts and ID: 753149
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Economic & Planning Systems, Inc
. (EPS)
2295 Gateway Oaks Drive, Suite 250, Sacramento, CA 95833
916.649.8010 • 916.649.2070 fax
presented to California State Association of Counties
Enhanced Infrastructure Financing
Districts and
Community Revitalization and Investment Authorities
presented by
Economic & Planning Systems, Inc. (EPS)March 31, 2016
Oakland
Sacramento
Denver
Los AngelesSlide2
Economic & Planning Systems, Inc. (EPS)1Introduction/Overview of Mechanisms Enhanced Infrastructure Financing District (EIFD)Authorized by Senate Bill (SB) 628Community Revitalization Investment Authority (CRIA)Authorized by Assembly Bill (AB) 2Forms of tax increment financingKey similarities and differencesSlide3
Economic & Planning Systems, Inc. (EPS)2Key Features—Similarities SimilaritiesRequire Findings of Completion from Department of FinanceFormed by local legislative bodyEstablishes separate Public Financing AuthorityGoverning Boards include public representationMay include multiple affected taxing entities (via voluntary participation)May use RPTTF revenuesMay fund infrastructure and affordable housingSlide4
Economic & Planning Systems, Inc. (EPS)3Key Features—Differences DifferencesFormation procedures and requirementsLocation of improvements eligible for financingUse of alternative revenue sourcesVoting requirements for issuing bondsMandatory expenditures for affordable housing (CRIA)Selection of public board representationPeriodic plan reviews (CRIA)Slide5
Economic & Planning Systems, Inc. (EPS)4Webinar Focus Perspective = County approached by municipalityHighlight Opportunities/ConstraintsIdentify Key Policy/Financial QuestionsSlide6
Economic & Planning Systems, Inc. (EPS)5OpportunitiesRegional/Multijurisdictional ProjectsLegal or regulatory compliance (e.g., flood protection, wastewater treatment upgrade/expansion, etc.)
Economic development opportunities (e.g., bridges, interchanges, airports, multimodal facilities, etc.)Infrastructure investments should provide desirable public purpose Promote and facilitate affordable housing if it is a priorityOpportunity to leverage private investment
County participation might leverage special district or other agency participation Slide7
Economic & Planning Systems, Inc. (EPS)6County ConsiderationsMarket/Financial Feasibility of Proposed Project(s)
Fiscal ImpactsCost of County-provided services compared to property tax redirectedCosts versus benefits (measurement and time frame)Investment Leverage
Municipality investment(s)Combination of other local funding sourcesAbility to leverage State and Federal participationSlide8
Economic & Planning Systems, Inc. (EPS)7County Considerations (continued)Financing structure (voter approval required for bond sale or combination with other financing vehicle?)
Authority/Control over ImplementationCounty as subset of larger governing boardCounty participation varies between two mechanismsSlide9
Economic & Planning Systems, Inc. (EPS)8ConclusionsView as any other public investment decisionImprovements/revitalization are a priority?
All other financing options considered/included?Does County participation leverage additional investment effectively?Any opportunity costs associated with investment decision?Analyses to support policy decisionsMarket analysisProject cost and revenue forecasts
Fiscal impact analysisPlan documents (EIFD or CRIA)Slide10
Economic & Planning Systems, Inc. (EPS)9QuestionsContact Information
Jamie GomesEconomic & Planning Systems, Inc. (EPS)2295 Gateway Oaks Drive, Suite 250
Sacramento, CA 95833(916) 649-8010jgomes@epssac.comSlide11
Assembly Bill 2492 (Alejo) Clean up on qualifiers for CRIA eligibilityAverage income levelsLocal unemployment rateCrime rates Eligible financing mechanisms mirror EIFDsSenate Bill 975 (Senate Governance and Finance Committee)Protects property tax rates approved by voters for specific purposes above the 1% - aka “override rates”Otherwise, EIFDs and CRIAs could siphon tax increment2016 Legislation (so far)Clean Up and Protection