TO: Honorable Mayor and Members of the City Council
FROM: Tom Kisela, City Manager
1. SUBJECT
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Presentation of feasibility study for an Enhanced Infrastructure Financing District and agreement with Kosmont & Associates, Inc. for economic development services.
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2. SUMMARY
Presentation of a feasibility study for an Enhanced Infrastructure Financing District to fund infrastructure investments to support economic development. The proposed agreement with Kosmont & Associates, Inc. is for economic development services to assist the City in the formation of the district.
3. RECOMMENDED ACTION
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1. Approve the agreement with Kosmont & Associates, Inc. in the amount of $59,500 for economic development services; and authorize the Mayor and City Clerk to execute on behalf of the City.
2. Authorize the following budget transfer of $59,500:
From: 952.9810.56020.20247 NW & SW Merged 2003 Taxable Bonds - SAORA Capital
To: 952.9810.51670.00000 NW & SW Merged 2003 Taxable Bonds - Other Professional & Consulting Services
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4. FISCAL IMPACT
The estimated expenditure for this agreement is $59,500 and will be funded through:
952.9810.51670.00000 NW & SW Merged 2003 Taxable Bonds - Other Professional & Consulting Services
5. STRATEGIC PLAN GOALS
Goal 2: Be a fiscally healthy community
b: Analyze future fiscal needs and potential revenue opportunities.
e: Create an environment to attract, retain, and expand economic opportunities.
6. DISCUSSION AND BACKGROUND
Enhanced Infrastructure Financing Districts (EIFD) are an economic development and public finance tool introduced by Senate Bill 628 in 2014. EIFDs are the predominant form of Tax Increment Financing (TIF) in California following the dissolution of Redevelopment Agencies in 2012. EIFD and TIF are a form of financing, where a city or a county designates a boundary around parcels positioned for new development or rehabilitation. The assessed property value within the district is "frozen" at ...
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