2 Santa Rosa Enhanced Infrastructure Financing District County Contribution Discussion
August 20, 2024
3 Recommended Actions
1. Provide input, if any, to staff as to projects that should not or should not be included in a Draft Santa Rosa EIFD Infrastructure Finance Plan (IFP).
2. Receive an assessment of the City of Santa Rosa Draft County Fiscal Impact Analysis (FIA) of the proposed Santa Rosa Enhanced Infrastructure Financing District (EIFD).
3. Consider and approve a County Contribution to the Santa Rosa EIFD. 4 l) Projects to, be fun,ded b'Y the EIF,D
- Long-term districts with ,slow ramp-11:p, need fbr flexibility, eliminate non-starters, then focus on "prioritization1"
2) Ftscal impact analysis an,d County allocation
- Critical p,ath item, informs CO'unty percentage all,ocation, :boundary, and p,rojects to be funded - County typically does not allocate more dollars than City - Draft fiscal impact analysis at 50% allocation does not provi,de sig,nificant fiscal buffer (and inclu,de,s County allocation, of Successor A,gency resid,ual revenues) - Kosmont su,gg,ests range o:f 25%-30% to achieve buffer and eq,uivale,nt of inflationary baselin,e, acknowle,dges deferred mainten,ance p,olicy, aligns with othe,r City/County partnerships 3) Inflationary ,baseline dis,cussio,n
Ill Public finance underwriting considerations
o,~ia
5 Tax R.evenue
Allocation to EIFD
City 50%
·County25%
City 50%
C,ounty50%
JO-Years
City$ 16M
County$9M
Total $25M
City$ 16M
County $ISM
Total $.J4M
45-Years
City $45M
County $2.SM
Total $70M
City$45M
County $50M
Total $94M
6 EIFD: Potential Project List
City County Private
Project Type Amount Property Property Property
Railroad Square/Downtown Connectivity $22,000,000
Reprogra mming and Activation of Comstock Ma II $7,000,000 Activation and Beautification of Existing Right of Way $7,000,000 Affordable Housing $,9,000,000
Total $45,000,000
Redevelopment of Fa irgrounds (mu lt iple uses) TBD
Conference, Performing Arts or Entertainment Ctr. TBD
7 EIFD: Next S eps
1. ,C'ity/County identify· projects to be funded by EIFD and per,centage of tax increment .allocated to EIFD
2. lnt1roduction o,f d1raft Infrastructure !Financing P'lan (IFP) at Public Financing Authority (PFA) public meeting
• If P must be posted 10 days prior to meeting
• December 2024
3. PFA Public Hearings (receive c10 1mments and modify, reject o,r ai,ccept IFP) • First quarter of 2.025
4. ,C'ity· Council and Board of Supervisors (accept or reject IFP) • April/Mlay of 2.025
5. PFA a1pproves IIFP a1nd .adopts Re,solution of Formatio1n • June of 2025
8 Recommended Actions
1. Provide input, if any, to staff as to projects that should not or should not be included in a Draft Santa Rosa EIFD Infrastructure Finance Plan (IFP).
2. Receive an assessment of the City of Santa Rosa Draft County Fiscal Impact Analysis (FIA) of the proposed Santa Rosa Enhanced Infrastructure Financing District (EIFD).
3. Consider and approve a County Contribution to the Santa Rosa EIFD. 8