Board Report
County of Monterey
Board of Supervisors
Chambers
168 W. Alisal St., 1st Floor
Salinas, CA 93901
Legistar File Number: 23-790
October 17, 2023
Item No.
Agenda Ready10/6/2023Introduced: Current Status:
1 General Agenda ItemVersion: Matter Type:
a. Receive a presentation and consider approval of a County Enhanced Infrastructure Financing District (EIFD) Policy; and,
b. Provide direction to staff.
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Receive a presentation and consider approval of a County Enhanced Infrastructure Financing District (EIFD) Policy; and,
b. Provide direction to staff.
SUMMARY:
The County of Monterey (County) recognizes the vital role that Enhanced Infrastructure Financing Districts (EIFDs) play in driving economic growth and enhancing the well-being of our community. These districts provide an avenue for local governments to support infrastructure development through tax increment financing. Given the potential for multiple cities to request County partnership on EIFDs, it is prudent to establish a structured policy that outlines the criteria for evaluating such proposals.
EIFDs are a mechanism authorized under California state law that allows local governments to finance infrastructure projects within specified areas. These districts capture a portion of the increased property tax revenue generated by developments in the district, reinvesting these funds into crucial infrastructure improvements.
DISCUSSION:
The County has formulated a policy to guide its participation in EIFDs, specifically concerning financial partnership with cities. The key components of this policy are provided below, while the policy is included as Attachment A to this report.
1. Contribution of Tax Increment
2. Term of County Participation in EIFD
3. Procedures for Extension
4. Termination Prior to End of Term
5. Governance
It is important to note that the County has previously approved an EIFD in partnership with the City of Gonzales. With the potential for additional cities to seek County partnership for financing projects through EIFDs, the establishment of this policy will streamline the process for evaluating and responding to such requests.
DocuSign Envelope ID: 124C8303-B7C5-4BE6-8C78-02B806B2EB7B Legistar File Number: 23-790
The attached policy sets clear criteria and expectations for cities seeking the County’s financial partnership in EIFDs. By adhering to this structured approach, the County aims to ensure that EIFD proposals align with our commitment to economic development, sustainability, and community well-being while efficiently addressing future partnership requests.
OTHER AGENCY INVOLVEMENT:
The County Administrative Office has consulted with County Counsel, , Housing and Community Development, and Public Works, Facilities and Parks.
FINANCING:
There is no impact from approving this policy. If in the future the County decides to participate in EIFD partnerships with cities within the County, financial impact resulting from those proposals will be presented to the Board for consideration at that point within the framework established by the policy recommended as part of this report.
BOARD OF SUPERVISORS STRATEGIC INITIATIVES:
The proposed recommendation supports the Board of Supervisors strategic initiatives for Economic Development and Infrastructure.
Mark a check to the related Board of Supervisors Strategic Initiatives X Economic Development
__ Administration
__ Health & Human Services
X Infrastructure
__ Public Safety
Prepared by: Richard Vaughn, Economic Development Manager, Ext. 5602 Approved by: Ezequiel Vega, Assistant County Administrative Officer, Ext. 3078 Attachments:
EIFD Policy
EIFD Policy PowerPoint
DocuSign Envelope ID: 124C8303-B7C5-4BE6-8C78-02B806B2EB7B