1200 East Colton Avenue • P.O. Box 3080 • Redlands CA 92373-0999 • Tel: 909-748-8390 50% of the future property tax increment that is generated by the Project for a period of 50 years, consistent with the EIFD statutes. The requested funding would be dedicated to infrastructure and public improvements to be mutually agreed upon by both the City and the University, targeting infrastructure that is of benefit to both the Project and the community at large.
We estimate that this level of EIFD funding capacity will equate to approximately $22.5 million over 50 years on a present-value basis (utilizing a 3% discount rate). At the proposed 50% contribution level, the remaining 50% of tax increment generated by the Project would flow to the City general fund to support general fund solvency and ongoing municipal service costs. These estimates are based on the Project’s forecasted assessed value and publicly available property tax rate information. At this point in time, our estimates are preliminary.
We are currently working with our development partner to refine the development program.
Additionally, the University is seeking the City’s assistance in approaching the County of San Bernardino for potential partnership in the EIFD.
The University is prepared to assist the City with the resources required for implementation of the proposed approach by funding relevant City staff/consultant time or by directly providing professional service support from the University of Redlands, at the City’s preference.
At this point, the University is seeking acknowledgment of this letter, as well as direction regarding additional information that may be desired, other contacts to be consulted, and/or next steps for implementation. Our team would welcome the opportunity the discuss this request with the relevant staff and the City Council as soon as is feasible.
We appreciate the City’s consideration of this request.
Sincerely,
Krista Newkirk, JD
President
Redlands Regular Meeting of 04-19-22 487 of 487