To: Public Financing Authority of the Napa Enhanced Infrastructure Financing District
From: Vin Smith, Community Development Director
Prepared By: Neal Harrison, Economic Development Manager
TITLE:
Title
Public Hearing on Napa EIFD Infrastructure Financing Plan
LABEL
RECOMMENDED ACTION:
Recommendation
1. Conduct a protest proceeding regarding the recommended approval of the Infrastructure Financing Plan for the Napa Enhanced Infrastructure Financing District to determine the percentage of protests filed by the combined number of eligible landowners and residents who are at least 18 years of age.
2. If the percentage of protests is less than 25 percent: Adopt a resolution adopting the Infrastructure Financing Plan for the Napa Enhanced Infrastructure Financing District, forming the Napa Enhanced Infrastructure Financing District, authorizing a judicial validation action, and authorizing certain other actions relating thereto.
3. If the percentage of protests is 25 percent or more: Provide direction to staff regarding potential next steps in accordance with state law.
Body
DISCUSSION:
An Enhanced Infrastructure Financing District (which may be referred to as "EIFD" or "District") is a governmental entity that may be established by the City Council to use future incremental City property tax revenue from within the EIFD 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 and no existing City tax revenues are affected. The EIFD may finance projects through the issuance of bonds or other debt ...
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