To: Honorable Mayor and Members of City Council
From: Vin Smith, Community Development Director
Prepared By: Neal Harrison, Economic Development Manager
TITLE:
Title
Infrastructure Financing Plan for the City of Napa Enhanced Infrastructure Financing District
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a resolution approving the Infrastructure Financing Plan for the City of Napa Enhanced Infrastructure Financing District, the formation of such District and the allocation of the City's Incremental Tax Revenue generated in such District.
Body
DISCUSSION:
An Enhanced Infrastructure Financing District ("EIFD") is a governmental entity that may be established by the City Council to use future incremental City property tax revenue from within the existing tax rate to fund public capital facilities and infrastructure, as well as other specified projects of communitywide significance that provide significant benefits to properties within the EIFD as well as the surrounding community. EIFDs are funded by capturing all or a portion of the future property tax increment revenue (i.e., the difference in property taxes received by the City prior to and after establishment of the EIFD) generated within the boundaries of the District. Thus, there are no new taxes imposed on the public. The EIFD may finance projects through the issuance of bonds and/or under a "pay-go" model where money is spent as it is collected. The requirements for the City's establishment of an EIFD are set forth in Chapter 2.99 of Part 1 of Division 2 of Title 5 of the California Government Code, commencing with Section 53398.50, (referred to as the "EIFD Law").
EIFDs are governed by a legislative body known as a public financing authority ("PFA"), which is composed of members of the legislative bodies of the taxing entities that allocate property tax revenue to the EIFD and two members of the public.
The proposed City of Napa Enhanced Infrastructure Financing District ("Napa EIFD") bound...
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