Yucaipa City Council
February 12, 2024

TO
Agenda Item No

CITY OF YUCAIPA

AGENDA REPORT
Honorable Mayor and City Council
Fermin Preciado, Director of Development Services/City r.,rrn."r\R Benjamin J. Matlock, Deputy Director of Community Development/City Planner/2t- City Council Meeting of February 12,2024
Resolution No. 2024-02, approving the Infrastructure Financing Plan (lFP) and allocating a portion of the City's incremental property tax revenue for the Yucaipa Enhanced lnfrastructure Financing District (EIFD) and authorizing the other actions related thereto.

FROM:

FOR:

SUBJECT:

RECOMMENDATION:

That the City Council adopt Resolution No. 2024-02, approving the Infrastructure Financing Plan (lFP) and allocating a portion of the City's incremental property tax revenue for the EIFD and authorizing other actions related thereto.

BACKGROUND:

An Enhanced Infrastructure Finance District ("EIFD") is a governmental entity that may be established by a City, County, or through a partnership between the two, that uses a portion of property tax growth to fund public capital facilities and infrastructure projects. The funding can also be used for other specified projects of citywide significance. A base year is established for properties within the geographical boundary of the EIFD, and the property tax growth beyond that base year is considered "increment." Generally, property taxes are unrestricted in use, however, this incremental tax growth can be allocated to the EIFD and used to finance necessary projects that can help accelerate economic development.

The City of Yucaipa has explored the concept of an EIFD since 2015,whenthe mechanism for EIFD's was established by Califomia Govemment Code Sections 53398.50 (refened to as the "EIFD Law").

In 2021, the Southem California Association of Governments (SCAG) awarded the City a grant to study the formation of an EIFD that would encompass specific project areas needing infrastructure, and City Council has discussed this tool and its formation process on several occasions.

On November 28, 2022, the City Council adopted a Resolution of Intention (ROI) to initiate the establishment of the City of Yucaipa Enhanced Infrastructure Financing District (Yucaipa EIFD) that would encompass areas of the Freeway Corridor Specific Plan, the Oak Glen Road commercial and residential corridor and the Collage Village Overlay District, and to establish the Yucaipa EIFD Public Financing Authority (PFA) as the governing body. Stakeholder interviews with property owners, as well as presentations with the Economic Development Advisory Committee

(EDAC) also occurred during this period.

On May 15,2023, the PFA directed the preparation of the Infrastructure Financing Plan (lFP) as required by the EIFD Law (Califbrnia Government Code Section 53398.50 through 53398.88).

The IFP is the legal document describing the EIFD, and it is to be adopted by the City Council and the PFA to guide the use of incremental tax revenues over the lif'e of the EIFD. Public notices were mailed, information was posted on the City's Economic Development page of its website, and notices were also published in the newspaper, as required by law, to inform property owners and residents.

On October 19,2023, the PFA received a presentation of the IFP, taking no action at that time.

Following that public meeting, the PFA must hold three public hearings before considering the approval of the IFP. The first public hearing was held on January 9,2024, and a notice for the public hearing was published for four consecutive weeks beginning during the week of December ll, 2023. As of the preparation of this agenda report, no written or oral comments had been provided by the public or affected taxing entities on the IFP or the EIFD. Initial stakeholder input from property owners within the EIFD indicated support for the formation of the EIFD.

DISCUSSION:

The current IFP is included in the Resolution as Exhibit A. It contains all items required by California Government Code Section 53398.63. A summary of the key requirements contained in the IFP is provided below.

Map and Legal Description: The proposed EIFD consists of approximately 1,400 acres of land, representing approximately 7oh of the total acres of land in the City limits. The Yucaipa EIFD includes three primary, non-contiguous development opportunity site areas in (l) College Village Overlay District, (2) Freeway Corridor Specific Plan area, and (3) a grouping of development opportunity parcels adjacent to the Freeway Corridor Specific Plan along Oak Glen Road. The EIFD includes freeway-adjacent vacant land and underutilized parcels with significant potential for private investment where the planned land uses support a diversity of uses that would promote the economic development of, and enhancement of quality of life within, the boundaries of the EIFD and the surrounding areas of the City. The parcels were selected to capture the growth in assessed value from expected future development. This strategy supports the ability of the EIFD to finance public facilities by optimizing the potential for incremental tax gromh after forming the EIFD.

Public Facilities and Development Proposed to be Financed: Example public capital facilities that can be financed through the EIFD include, but are not limited to:
o Freeway Corridor housing-supportive infrastructure, including affordable housing o Community parking structure
o Flood control, storm drain, other utility enhancements o Library improvements
o CollegeVillagetransportationinfrastructure
o Parks and open space related public amenities.

The improvements ultimately funded must be of communitywide significance and benefit the area of the proposed EIFD and the surrounding community. A more detailed list of potential public improvements that the EIFD may finance is provided in the IFP for reference.

Use of Incremental Tax Revenue: The EIFD will use incremental property tax revenue to finance public facilities and maintenance of those public facilities, and administration of the EIFD. Based on the projected growth of assessed value, the incremental tax revenue that the City is expected to allocate over the lifetime of the EIFD is approximately $230 million in nominal dollar terms, not accounting for inflation ($96 million in present-value terms).

Necessity and Goals of the EIFD: The formation of the EIFD is necessary to assist in the financing of the construction of the public facilities that serve the EIFD boundary and surrounding community while providing significant communitywide benefits. These public facilities will catalyze private sector investment and development to support the City's General Plan, the Freeway Corridor Specific Plan, and to provide the infrastructure foundation for the development of critically needed housing in the community and greater region.

Economic and Fiscal Impacts: Establishing the EIFD provides an accelerated funding mechanism towards the development of the public facilities and other projects of communitywide significance, which will generate significant economic benefits to the City. A Fiscal Impact Analysis (Analysis) prepared by Kosmont Companies as Appendix D to the IFP estimates that EIFD activity would generate approximately $57 million in net positive general fund revenues on a present-value basis for the City. The Analysis estimates the net fiscal impacts for the City to construct facilities and provide services to the EIFD boundary and the taxes, fees, and other revenues expected to be received due to that development. Based on the Analysis, in Year 20 of the EIFD, the EIFD area will generate an annual net fiscal surplus of approximately $2.6 million for the City. The analysis is considered information to be used in the decision making process, and the ultimate financial results may vary.

Additionally, the Analysis highlights the job opportunities generated by the EIFD, including approximately 15,640 direct, indirect, and induced temporary constructed-related jobsr and approximately 3,080 permanent ongoing jobs in the City and County.

Allocation of Incremental Property Tax Revenue: As part of adopting a Resolution to approve the IFP, the City Council is also taking action to commit a portion of its future property tax incremental growth to the EIFD. Table 3 in the IFP provides an overview of the projected growth of assessed value, property tax increment, and City allocations over the EIFD's lifetime. Respectively, the maximum portion of the City's property tax increment committed is 50%, but can be reduced prior to the funding of any projects. Based on the maximum participation, it is projected that approximately $230 million of incremental tax revenues will be reallocated to the EIFD over its lifetime from the City ($96 million in present-value terms).

These projections are based on research and analysis of available data at the time of IFP preparation. As such, actual results may differ, and the PFA may adjust the allocations during the I Construction job-years, where one job-year is defined as one year of employment for one individual

annual review of the IFP.

IFP and EIFD Approach: A key element to the framework of the IFP is to maintain as much flexibility as possible while the initial tax increment occurs. Specifically, the EIFD is designed to allow fbr future participation from the County of San Bernardino, which if it were to occur, would substantially enhance the EIFD funding levels. In addition, the process to reduce the total percentage of the property tax increment that is committed before any projects are financed, allowing the EIFD to operate for a few years and be modified once future plans are better known, including any participation from the County.

The PFA must hold two more public hearings before the approval of the final IFP. These public meetings and hearings are scheduled to occur in late February and March of this year. The PFA may adopt the IFP at the third public hearing to form the EIFD.

A summary of the key actions for establishing the EIFD, as well as estimated dates of completion, is as follows:

In the event of a majority protest by property owners or residents within the boundaries, the formation proceedings would be discontinued.

ENVIRONMENTAL REVIEW:

The City Council's adoption of Resolution No. 2024-02 is exempt from the California Environmental Quality Act ("CEQA") as an action solely related to the administrative or organizational activities of the City and creation of government funding mechanisms or other government fiscal activities. Therefore, this action does not constitute a "project" pursuant to CEQA Guidelines Sections 15378(bX4) and 15378(bX5). This action could not result in a physical change in the environment because the City has not committed itself to any specific project(s) that the EIFD could fund. As a separate and independent ground, this action is exempt from the requirements of CEQA pursuant to Section 15061(bX3) of the CEQA Guidelines because it can be seen with certainty that there is no possibility that it will have a significant effect on the environment. However, future actions (such as the approval of infrastructure improvements using PFA holds Public Hearing#2 February 26,
2024
Additional comments taken; PFA
takes action to approve, modifu, or
relect IFP
PFA holds Public Hearing #3 and protest
proceeding
MarchZ7,
2024
If majority protest exists - takes
action to terminate EIFD. If no
majority protest, PFA can propose
adoption of the IFP and form the
EIFD
Staff files EIFD with State Board of
Equalization (BOE) per guidelines for
Change of Jurisdictional Boundaries
March / April
2024
fask Iarget Date Notes
Next Steps:

funding from the EIFD) will be subject to environmental review in accordance with CEQA.

FISCAL IMPACT:

There is no immediate fiscal impact from the adoption of the IFP. Once the PFA establishes the EIFD and pursuant to this Council item, 50% of the property tax increment within the EIFD will be reallocated to the EIFD and restricted for use within the provisions of the IFP.

Attachments:
l. Resolution No. 2024-02
Approved by

RESOLUTION NO. 2024-02

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF YUCAIPA,

CALIFORNIA, APPROVING THE INFRASTRUCTURE FINANCING PLAN

FOR THE YUCAIPA ENHANCED INFRASTRUCTURE FINANCING

DISTRICT AND THE ALLOCATION OF THE CITY'S INCREMENTAL

PROPERTY TAX REVENUE WITHIN THE YUCAIPA ENHANCED

INFRASTRUCTURE FINANCING DISTRICT PURSUANT TO
GOVERNMENT CODE SECTIONS 53398.68 AND 53398.75
WHEREAS, the California Legislature enacted California Government Code sections 53398.50 through 53398.88 ("EIFD Law") authorizing cities and counties to form enhanced infiastructure financing districts within defined areas and use incremental property tax revenue generated from the growth in property taxes collected from within such districts to finance certain infrastructure and community benefit projects; and
WHEREAS, in enacting the EIFD Law, the California Legislature found and determined that with the dissolution of redevelopment agencies, public benefits will accrue if local agencies are provided a means to finance certain public infrastructure and community benefit projects authorized under the EIFD Law; and
WHEREAS, on November 28, 2022, the City Council of the City of Yucaipa ("City Council") adopted Resolution 2022-60, amended and restated on January 23,2023 ("Resolution of Intention"), which initiated the process to establish the Yucaipa Enhanced Infrastructure Financing District ("Yucaipa EIFD") pursuant to EIFD Law; and
WHEREAS, pursuant to the Resolution of Intention, the City Council found that the Yucaipa EIFD is necessary for the area within the boundaries of the Yucaipa EIFD and the City of Yucaipa ("City") and declared that, pursuant to the EIFD Law, if approved by resolution pursuant to Govemment Code Section 53398.68, incremental property tax revenue from the City within the Yucaipa EIFD may be used to finance the activities described in the Resolution of Intention; and WHEREAS, pursuant to the Resolution of Intention, the City Council established the Yucaipa EIFD Public Financing Authority ("PFA") to serve as the governing board of the Yucaipa EIFD; and
WHEREAS, on May 15,2023, pursuant to Government Code Section 53398.63, the PFA directed staff and the City's consultant Kosmont Companies to prepare a draft Infrastructure Financing Plan ("lFP") for the Yucaipa EIFD, which IFP is attached hereto as "Exhibit A" and is available for inspection at Yucaipa City HaLL,34272 Yucaipa Blvd., Yucaipa, CA 92399; and I

WHEREAS, the IFP, among other things, includes a description of the public facilities to be financed by the Yucaipa EIFD and a financing section that includes, among other things, a specification of the maximum portion of the incremental tax revenue of the City proposed to be committed to the Yucaipa EIFD for each year during which the Yucaipa EIFD will receive incremental tax revenue, and a projection of the amount of tax revenues expected to be received by the Yucaipa EIFD in each year during which the Yucaipa EIFD will receive tax revenues, including an estimate of the amount of tax revenues attributable to the City for each year; and WHEREAS, on October 19, 2023, the PFA held a public meeting to present the IFP; and WHEREAS, on January 9,2024, the PFA held a public hearing to consider oral and written comments to the IFP; and
WHEREAS, the City Council now desires to adopt this Resolution pursuant to Government Code Section 53398.68 to approve the IFP, substantially in the form prepared by City staff and consultants, serving as staff of the PFA, including the allocation of incremental tax revenue of the City in accordance with Government Code Section 53398.75 as set forth in the IFP.

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF YUCAIPA HEREBY FINDS, DETERMINES, ORDERS, AND RESOLVES AS FOLLOWS:

Section 1. The facts set forth in the Recitals of this Resolution are true and correct.

Section 2.The City Council hereby approves the IFP for the Yucaipa EIFD substantially in the form presented to the City Council and attached hereto as "Exhibit A", including, but not limited to, the specification of the maximum portion of the incremental tax revenue of the City to be committed to the Yucaipa EIFD for each year during which the Yucaipa EIFD will receive incremental tax revenue.

Section 3. The City Manager, or designee, are hereby authorized and directed to take all actions necessary or advisable to give effect to the transactions contemplated by this Resolution.

Section 4. This Resolution shall take effect immediately upon its adoption by the City Council and the City Clerk shall cause a copy thereof to be forwarded to the PFA. a

Section 5. The City Clerk of the City of Yucaipa shall certifu as to the adoption of this Resolution.

PASSED, APPROVED, and ADOPTED the l2th day of February,2l24.

Justin Beaver, Mayor
ATTEST:

Ana V. Sauseda, CMC
Director of General Services/City Clerk
-3-

Cry or YucAIPA ETIHaNCED ITTnaSTRUCTURE
FrruerucrNG Drsrnrcr
lrurnasrRucruRe FrruRNcrNG Pmru
Prepared For:

The City of Yucaipa

CITY OF
Prepared By:
ko Srrl
OcroeER 2023

Yucaipa EIFD
I nfrastructu re F i n anci ng Pl an
August 2023

Table of Contents
Section

1.0 2.O

3.0 4.O

5.0 6.0

7.0 8.0
e
lntroduction
Description of the Proposed District.......

Description of Proposed Facilities and Development..........

Finding of Communitywide Significance
Financing Section
Removal of Dwelling Units and Replacement Housing Plan
Goals of the District
Appendices
lndex of Appendices
Appendix A: Map of Boundaries of the Yucaipa EIFD
Appendix B: Legal Description of the Yucaipa EIFD
Appendix C: Projected Tax lncrement Revenue Analysis
Appendix D: Fiscal lmpact Analysis
..3
..7
..8
12 '13
1B
19 20
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I nfrastructu re Fi n anci n g Pl an
October 2023

1.0 lntroduction

1.1 Background & Purpose
Background. Pursuant to its Resolution No. 2022-60, which was adopted by the City Council of the City of Yucaipa on November 28, 2022lhen amended and restated on January 23,2023 (the "Resolution of lntention") and Part 1 of Division 2 of Title 5 of the California Government Code (the "EIFD Law"), the City Council of the City of Yucaipa (the "City") declared its intention to establish the Yucaipa Enhanced lnfrastructure Financing District ("Yucaipa EIFD" or "District").

Pursuant to the same Resolution of lntention, the City Council of the City established the "Yucaipa EIFD Public Financing Authority" ("PFA") as the governing body of the Yucaipa EIFD.

At its inaugural meeting on May 15,2023, the PFA directed its Executive Director, who is the City ltllanager of the City, to prepare an infrastructure financing plan ("lFP') for the Yucaipa EIFD.

Purpose of the Yucaipa EIFD. The Yucaipa EIFD is intended to serve as a catalyst for private sector investment and critical public infrastructure with transformative potential for the Yucaipa EIFD area and the City as a whole. The Yucaipa EIFD encompasses approximately 1,400 acres of land, representing approximately 7o/o of the acreage currently within City limits. The Yucaipa EIFD includes three primary, non-contiguous development opportunity site areas in (1) College Village Overlay District, (2) Freeway Corridor Specific Plan area, and (3) a grouping of development opportunity parcels adjacent to the Freeway Corridor Specific Plan boundaries. The EIFD includes freeway-adjacent vacant land and underutilized parcels with significant potential for private investment where current and planned land use guidance support a diversity of uses promoting economic development of, and enhancement of quality of life within, the boundaries of the EIFD and the surrounding community.

1.2 Contents and Overview of this lnfrastructure Financing Plan ("lFP") Pursuant to Government Code Sections 53398.59 through 53398.74, this IFP includes the following information :
a) A map and legal description of the District, irrcluded herein as Appendix A and Appendix B. respectively.
b) A description of the public facilities and other forms of development or financial assistance that is proposed in the area of the District, including those to be provided by the private sector, those to be provided by governmental entities without assistance from the District, those public improvements and facilities to be financed with assistance from the proposed District, and those to be provided jointly. The description includes the proposed location, Thc analrscs, proicrtio.6. assumplions, rdes of rrlurn, and o$' rxrnplcs prescfltrld hcr(* ilt for alugralrvc p(,goscs an, re no{ a guffintet ol eturlandior lutuc rEults Pro,ecl pro tofir$ axl tax analysEs ilE proFsuons onlr. Aclual resu[s mar dlfier frorn those exprt=sod n tlrc analvsrs*.,m-1601r1 SeB,lvedatsNd f3S?.tl€nhiltantscaEh.CA90366 | (rp{)29I-10I0 | rr,prXosrr]nt(orTr

Yucaipa EIFD
lnfrastructure Fin ancing Plan
October 2023

timing, and costs of the development and financial assistance. This information is included in Section 3 of this IFP
c) A finding that the development and financial assistance are of communitywide significance and provide significant benefits to an area larger than the area of the District.

This information is included in Section 4 of this lFP.
d) Afinancing section (included in Section 5 of this IFP), which contains all of thefollowing information:
1) A specification of the maximum portion of the incremental tax revenue of the City District proposed to be committed to the District for each year during which the District will receive incremental tax revenue. The portion may change over time.

Section 5.1 and Table 3 of this IFP details the maximum portion of the incremental property tax revenue of the City proposed to be committed to the District throughout the duration of the District lifetime, which is prolected to be forty-five (45) years from the date on which the issuance of bonds is approved by the PFA. ln summary, the maximum portion of the City's property tax increment is 50%. 2) A projection of the amount of tax revenues expected to be received by the District in each year during which the District will receive tax revenues. Section 5.2 and Table 3 of this IFP includes a projection of tax revenues to be received by the District by year over the course of the District's lifetime, as described in the previous paragraph. These projections are based on research and analysis of available data at the time of IFP preparation for purposes of illustration. Actual results may differ from those expressed in this document. Appendix C provides additional detail for the projected revenue analysis. See paragraph 5 below for the Yucaipa EIFD termination date.
3) A plan for financing the public facilities to be assisted by the District, including a detailed description of any intention to incur debt. Section 5.4 of this IFP includes a plan for financing the public facilities to be assisted by the District. The PFA intends to incur debt only when it is financially prudent to do so. lt is estimated at this time that the Yucaipa EIFD will provide funding for approximately $96 million (in present value dollars) of public improvement costs from a combination of tax increment bond or loan proceeds (multiple issuances may be necessary) and pay- as-you-go tax increment funding over the District lifetime. 4) A limit on the total number of dollars of taxes that may be allocated to the District pursuant to the plan. The total number of dollars of taxes that may be allocated to the District shall not exceed $350,000,000 in nominal dollars. 5) A date on which the District will cease to exist, by which time all tax allocation to the district will end. The date shall not be more than 45 years from the date on which the issuance of bonds is approved pursuant to subdivision (a) of Section *"-,.... .l
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Page S
53398.81, or the issuance of a loan is approved by the governing board of a local agency pursuant to Section 53398.87. The District will cease to exist on the earlier of: (i) forty-five (45) years from the date on which the issuance of bonds is approved by the PFA, or (ii) June 30, 2075. This IFP assumes that the District will be formed in Fiscal Year 2023-2024 and will begin receiving tax revenues in Fiscal Year 2024-2025.
6) An analysis of the costs to the City of providing facilities and services to the area of the District while the area is being developed and after the area is developed.

The plan shall also include an analysis of the tax, fee, charge, and other revenues expected to be received by the City as a result of expected development in the area of the District. Appendix D to this IFP includes, as part of the Fiscal lmpact Analysis an analysis of the costs to the City for providing facilities and services to the area of the District. Appendix D also includes an analysis of the tax, fee, charge, and other revenues expected to be received by the City as a result of expected development in the area of the District. lt is estimated that, at Year 20 of the District lifetime (assumed stabilized buildout of the District area), annual costs to the City will be approximately $7.5 million and annual revenues to the City will be approximately $'10.1 million.
7) An analysis of the projected fiscal impact of the District and the associated development upon the City. Appendix D to this IFP includes an analysis of the projected fiscal impact of the District and the associated development upon the City as the only affected taxing entity that is contributing tax increment revenues to the District at this time. lt is estimated that, at Year 20 of the District lifetime, the District area will generate an annual net fiscal surplus of approximately $2 6 million to the City.

B) A plan for financing any potential costs that may be incurred by reimbursing a developer of a project that is both located entirely within the boundaries of that District and qualifies for the Transit Priority Project Program, pursuant to Section 65470, including any permit and affordable housing expenses related to the project. At this time, the PFA does not intend to finance any potential costs that may be incurred by reimbursing a developer of a project that is both located entrrely within the boundaries of the District and qualifies for the Transit Priority Project Program. pursuant to Section 65470
e) lf any dwelling units within the territory of the District are proposed to be removed or destroyed in the course of public works construction within the area of the district or private development within the area of the district that is subject to a written agreement with the District or that is financed in whole or in part by the District, a plan providing for replacement of those units and relocation of those persons or families consistent with the requirements of Section 53398.56. The PFA does not anticipate that any housing units The ondwcs, proi(lttiu|s. ass,rmplions,.tesof rclurn. and ury exanpks p.csrrtr{ heren ,c fo. {luSralHr puposrs alYJ tc rr$l il ouadntet ot xtusl and'br fduc,r"sulls proi$l pro [o.rD{ ild tar( dnahses ils pro.,mbons onh. Artual resultr may difler horn those expresscd n ths anabes*",.,.... -l 'r601r,t sep{tvediENd 3362,u.nniltanBcarh.cA90366 | (r?4)29r-r0r0 | r]rftodmnt(Hn

Yucaipa EIFD
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will be removed as a result of any project identified in this lFP. However, if any relocation of dwelling units is deemed to be required in the future for a project financed by the District, the PFA will comply with the requirements of Government Code Section 53398.56.
0 The goals the District proposes to achieve for each project financed pursuant to Section 53398.52. Section 7 of this IFP summarizes the goals of each project to be financed by the District.

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Yucaipa EIFD
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2.0 Description of the Proposed District
The Yucaipa EIFD is intended to serve as a catalyst for private sector investment and critical public infrastructure with transformative potential for the Yucaipa EIFD area and the City as a whole. The Yucaipa EIFD encompasses approximately 1,400 acres of land, representing approximately 7o/o of the total acreage currently within City limits. The Yucaipa EIFD includes three primary, non-contiguous development opportunity site areas in (1) College Village Overlay District, (2) Freeway Corridor Specific Plan area, and (3) a grouping of development opportunity parcels adjacent to the Freeway Corridor Specific Plan boundaries. The EIFD includes freeway- adjacent vacant land and underutilized parcels with significant potential for private investment where current and planned land use guidance support a diversity of uses promoting economic development of, and enhancement of quality of life within, the boundaries of the EIFD and the surrounding community.

Land use designations in the District primarily include vacant parcels with smaller concentrations of agriculture, single/multi-family residential, transportation/utilities, and general office. Appendix A includes a map of the proposed District, and Appendix B is a legal description of the District.

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Yucaipa EIFD
I nfrastructu re F in anci ng Pl an
October 2023

3.0 Description of Proposed Facilities
and Development

3.1 Anticipated Future Private Development
Anticipated future private development within the Yucaipa EIFD is summarized in Table 1 below, with greater detail provided in Appendix C. Buildout and absorption of these land uses are forecasted in the first 20 years of the District lifetime.

Table 1: Anticipated Future Private Development
Development Type SF / Units AV Per SF / Unit
Estimated AV at
Buildout
(2023 Nominal
Value)
Residential - Attached
Residential- Detached
Commercial/ Retail/
Office / Flex
lndustrial
2,211 units
679 units
248,500 SF
2,417,000 SF
$350,000 per unit
$550,000 per unit
$225 PSF
$165 PSF
$774 million
$373 million
$56 million
$399 million
Estimated Total
Source: City of Yucaipa Planning Staff, CoStar Property (2022) $1.602 billion

3.2 Public Facilities to be Financed with Assistance from the Yucaipa EIFD The EIFD Law authorizes the Yucaipa EIFD to finance the purchase, construction, expansion, improvement, seismic retrofit, or rehabilitation of any real or other tangible property with an estimated useful life of 15 years or longer, if they are of communitywide significance and provide significant benefits to the Yucaipa EIFD or the surrounding community.

The PFA intends to utilize the District to fund infrastructure projects of communitywide significance that provide significant benefits to the region over the District lifetime. Examples of potential priority infrastructure improvements to receive EIFD funding over the District's lifetime including the following:
a) Freeway Corridor housing-supportive infrastructure, including affordable housing b) Community parking structure
c) Flood control, storm drain, other utility enhancements d) Library improvements
e) College Village transportation infrastructure
The andyscs, projecliw$. assumptions, raaes of rc.lurn. and an1' exrnphs prcscntcd herrx uc fw ilugrdivc pr,'losts arxl ile nfl u grxrdntcc of &tl,al dildior luttrc rf,Julls Prolc{l pro fo.r}}a ilxl tax andlyscs rE p.oF€trons onh. Astual rtsuhs mat diffcr from those expressod n ttis ana[srsu",m.l ',601r{ ser{lveda6Nd l96e.l,,anhaltanB€ath,()d90?66 | (r?4)29r-r0I0 | xwrtosrEnt(om

Yucaipa EIFD
I nfrastructu re Fi n anci n g Pl an
October 2023
Page g
f) Parks and open space, related public amenities
It is estimated that the total project costs supported by the EIFD will range between $70 million and $100 million, in alignment with IFP projections of development and present-value funding capacity. lt is estimated that such projects will be funded throughout the anticipated district lifetime (a pp roxi m a tely 2O24-2O7 4)
Additional expenditures by the Yucaipa EIFD, including any use of potential future EIFD bond proceeds, will be subject to approval by the PFA. Eligible expenditures in accordance with Government Code sections 53398.52 and 53398.56 include the purchase, construction, expansion, improvement, seismic retrofit, or rehabilitation of any real or other tangible property with an estimated useful life of 15 years or longer and are projects of communitywide significance that provide significant benefits to the district or the surrounding community. The Yucaipa EIFD may also finance the ongoing or capitalized costs to maintain public capital facilities financed in whole or in part by the Yucaipa EIFD. Facilities funded may be located outside the boundaries of the Yucaipa EIFD, as long as they have a tangible connection to the work of the Yucaipa EIFD.

The Yucaipa EIFD will also finance planning and design activities that are directly related to the purchase, construction, expansion, or rehabilitation of these projects. Projects financed by the Yucaipa EIFD may include, but not be limited to, all of the following:
. Highways, interchanges, and ramps;
. Bridges;
. Arterial streets;
. Parking facilities;
. Transit facilities;
. Parks, recreationalfacilities, and open space;
. Sewage treatment and water reclamation plants and interceptor pipes; . Facilities for the collection and treatment of water for urban uses; . Facilities for the transfer and disposal of solid waste, including transfer stations and vehicles;
. Storm water conveyance and collection facilities;
. Flood control levees and dams, retention basins, and drainage channels; . Child care facilities;
o Libraries;
. Broadband and telecommunications infrastructure;
. Sidewalks and streetscape improvements;
. Bicycle lanes and paths;
. Public art;
. Corporation yards;
. Police facilities;
The anolwes, proje.[liwrs. Essumptons, rlacsol rc{utn, and an1' exrnplesprescntcd hc.tl]l tt fo. llusrtlivc prrposc$ arrd ae r$( d gul8ntcc 0l eturl ,ndror lutuc (tsulls Prolccl pro fo.nla trd tax analysas rE prcF(hons onlv. Actual rtsults may dfler hom those exptesscd o ttls aflah$s*.,-,.. -l 1601tl S€p{rlvedrBNd rS62,uanhiltinE€arh,CA90g66 I (ttltl}2S7-r0I0 | r\v.l(ostttontco{ll

Yucaipa EIFD
lnfrastructure Financing Plan
October 2023

. Brownfield restoration and other environmental mitigation; . Affordable housing as authorized under the EIFD Law;
. Projects that implement a sustainable communities strategy and transit priority projects; e Acquisition, construction, or repair of industrial structures for private use; . Acquisition, construction, or repair of commercial structures by the small business occupant of such structures, if such acquisition, construction, or repair is for purposes of fostering economic recovery from the COVID-19 pandemic and of ensuring the longterm economic sustainability of small businesses;
. Projects that enable communities to adapt to the impacts of climate change, including, but not limited to, higher average temperatures, decreased air and water quality, the spread of infectious and vector-borne diseases, other public health impacts, extreme weather events, sea level rise, flooding, heat waves, wildfires, and drought; . Facilities in which nonprofit community organizations provide health, youth, homeless, and social services.

Other Expenses: ln addition to the direct costs of the above facilities, the Yucaipa EIFD may finance the costs of planning and design work that is directly related to the purchase, construction, expansion or rehabilitation of property, including, but not limited to, the cost of environmental evaluation and engineering and surveying costs; environmental remediation costs; construction staking costs; utility relocation and demolition costs incidental to the construction of the facilities; costs of legal services; and costs of projecUconstruction management. ln addition, the Yucaipa EIFD may finance any other expenses incidental to the formation, administrationl and implementation of the Yucaipa EIFD and to the construction, completion, inspection and acquisition of the authorized facilities, including, but not limited to, the costs of creation and administration of the Yucaipa EIFD; costs of issuance of bonds or other debt of the Yucaipa EIFD or of any other public agency (including a community facilities district) that finances authorized facilities, and payment of debt service thereon; financing costs of improvements incurred by developers until reimbursement for the costs of the improvements from the Yucaipa EIFD; costs incurred by the City or the Yucaipa EIFD in connection with the division of taxes pursuant to Government Code section 53398.75; and legal costs.

I Administration costs refer to the acrual or reasonably estimated costs directly related to the administration of the Yucaipa E,IFD, including, but not limited to, the following: the costs of computing annual tax incre ment revenues and preparing the required annual reporting; the costs of allocauon tax incrcment revenues (whether by the Counry, the Ciry, or otherwise); the costs to the Ciry, Yucaipa EIFD, or any designec thereof in complying with disclosure requirements; the costs associated with preparing rcquired disclosure statements and responding to public inquiries regarding the Yucaipa E,IFD; and the costs of the City, Yucaipa EIFD, or any designee thereof related to any appeal of the implementation of the Yucaipa EIFD. Administration costs shall also include amounts cstimated or advanced by the Ciry for any other administrative purposes, including, but not limited to, attorney's fees or any other expenses incidental to the implementation o[ the Yucaipa E,IFD.

The ardFes, proiecliD.rs. assJmplions. rtes of rc{urn, and rq' exunphs prcsd(ed hcleD rc for llugralryc puposes ard fre no( a 0ufrtntcc ol actr,'l dndior futuc reaults Protccl pro lonnd aftd tax analysrs rt proitcuons only. Actud results mJy dffcr frorn those oxprosscd n ths rnahssko1601q S,erulvedaBN! 436?.UanhaltanBoarh.CA9llg€.6 | (.r2{)297-10I0 | rwrtostnonl(om

Yucaipa EIFD
I nfrastructu re F in ancing Pl an
October 2023

Targeted improvements would conform to established guidelines in adopted planning documentation, such as the City General Plan.

The PFA intends to continue to identify, evaluate, and pursue additional funding sources and financing mechanisms aside from District tax increment to implement the improvements identified above, potentially including grant sources, complementary district formation (e.9., IVlello-Roos Community Facilities District), impact fees, private sector investment incentivized by the formation of the Yucaipa EIFD itself, and/or other sources.

Private sector developers will be responsible for funding project-specific / fair-share / in-tract infrastructure. Some public facilities included in the Yucaipa EIFD area are anticipated to be provided by governmental entities without assistance from the District. There are no public facilities anticipated to be provided jointly by the private sector and governmental entities; however, it is possible that private sector developers may advance funding for improvements, and those advances may be partially reimbursed with EIFD proceeds. Such case-specific agreements would come before the PFA for approval at the appropriate time. ln accordance with Government Code Section 53398.69, the Yucaipa EIFD may expend up to 10 percent of any accrued tax increment in the first two years of the effective date of the Yucaipa EIFD on planning and dissemination of information to the residents within the Yucaipa EIFD boundaries about the IFP and planned activities to be funded by the Yucaipa EIFD, including reimbursement of the City's advanced funding of such eligible costs. ln addition, in accordance with Government Code Section 53398.76, costs incurred by the County of San Bernardino in connection with the division of taxes for the Yucaipa EIFD are eligible to be paid by the Yucaipa EIFD.

The urdlses, proicrlio.rs. assumplions. .a(cs of .elurn, and xr1' rxrnples prescntcd here.n ve for lhgratiyr prrposcs ard 6re ,r0l d gus.dntcc ol fitlAl and,hr fdue rt*ulls Proitct pro t0.rrlo alx, tax anaNscs arE proFctrons onry. A€tudl resuhs may dffer hom thosc cxpress.d n ths anahsEk 1601 il. Serutve.taBt$ 1362. Usnhaltan Beach. CA9ots56 | i{ail}?9r-r0I0 I r1rrtostrEnl(om

Yucaipa EIFD
I nfrastructure Fi n anci n g Pl an
October 2023

4.0 Finding of Communitywide
Significance
lmplementation of the District promotes the goals of and is consistent with the City's General Plan, serves as a catalyst for private sector investment and critical public infrastructure with transformative potential for the Yucaipa EIFD area and the City as a whole. The District supports job creation, housing production, improvement of quality of life, and promotion of environmental sustainability.

Specific communitywide and regional benefits anticipated to be generated by the District include:
. Approx. $57 million in net fiscal impact to the City over 50 years (on a present-value basis) . Approx. 2,900 housing units within and around the District upon buildout and stabilization . 15,600 direct, indirect, and induced temporary, construction-related jobs in the City and County
. 2,246 direct, permanent jobs in the City and County upon buildout and stabilization . 834 additional indirect and induced permanent jobs in the City and County (total of 3,080 direct, indirect, and induced jobs) upon buildout and stabilization . $2.33 billion in economic output from construction in the City and County . $357 million in annual ongoing economic output in the City and County upon buildout and stabilization.

The rnrllscs, Drojcrlio.rs. ussumplions .ilesol relurn. and uq'exrnplesprestr(ed hcrrv re for llusrilivt puposes alxl ae m{ n ouyrnttt of nctuil andior lutrrc rtsulls ProFcl pro lofir}i arxl lax anahses nR proF(bons onu. ,q{tual rssulls mav dllcr frcm thost expresscd n ttrs anahsrs*",H- 1E01 il SeBrlvBda BNU p362. ilanhrltan Beath. CA 90!66 | ('lE4) 29 r-!0 /0 | rv'r kosmnt (om

Yucaipa EIFD
I nfrastructu re Fi n anci n g Pl an
October 2023

Projections included in this IFP are based on research and analysis of available data at the time of IFP for purposes of planning and illustration. Actualresulfs may differ from those expressed in this document.

Aside from the City, no other taxing entity is allocating property tax increment to the District at this time. lt is anticipated that property tax increment will be utilized on both a "pay-as-you-go" basis as well as security for tax increment bond issuance or loan acquisition.

Definition of Tax lncrement. For purposes of clarity, the phrases "tax increment," "incremental property tax" and "incremental tax revenue", as used in this IFP and the EIFD Law, refer to the portion of future propertytax revenue described in Section 53398.75(a)(2) of the EIFD Law, i.e., the difference between (A) and (B) in the following formula:
(A) the taxes that would be produced by the rate upon which the tax is levied each year during the term of the Yucaipa EIFD upon the totalsum of the assessed value of the taxable property in the EIFD in each such year minus
(B) the taxes that would be produced by the rate upon which the tax is levied upon the total sum of the assessed value of the taxable property in the Yucaipa EIFD as shown upon the last equalized roll prior to the effective date of the resolution adopted pursuant to Section 53398.69 of the EIFD Law to create the Yucaipa EIFD.

In the case of the Yucaipa EIFD, the resolution adopted pursuant to Section 53398.69 is expected to be prior to December 2023, and the last equalized roll prior to the effective date of that resolution is the roll for Fiscal Year 2023-2024. Fiscal Year 2023-24 is referred to as the "base year." The assessed value of the taxable property shown in such last equalized roll is approximately $25 million. This value is referred to as the "base year value".

Overlap with Boundaries of former Yucaipa Redevelopment Agency.The Yucaipa EIFD may include partial overlap with former Redevelopment Project Area boundaries of the former Yucaipa Redevelopment Agency, and so property tax revenues generated by the properties within the overlapping area will flow according to the Redevelopment Agency dissolution statutes until all of the Successor Agency's obligations are retired and the Successor Agency is dissolved. The City anticipates allocating Redevelopment Property Tax Trust Fund ('RPTTF") residual revenues to the District as part of the maximum allocations outlined in the following sections. As such, the exhibits included in this plan reflect such allocations.

5.0 Financing Section
The analyscs. roie{tiurs assumplions rilesof rdurn. and rry,exmphsprcsc+rtcd hcren ilt fot alt,s{rriivc pupasts aft, ilt rvJt a grrydntcc ol sct€l 8nd'br Iutl,c rtsulls Prolt(l pro lsnnd arx, tax anahscs uE proFcbons onh. Actud .esuhs may dffer frorn tiose expresscd n ttis anahsrskos1601!l sclulv€daErrd 1382.l,tanhrltanBeach.cA90e66 I (r?c)?97-r0l0 | rrrrl(osrnont(om

Yucaipa EIFD
I nfrastructure Financing Plan
October 2023

Where the District boundaries overlap with the boundaries of the former Redevelopment Project Area, any debt or obligation of a District shall be subordinate to any and all enforceable obligations of the former Redevelopment Agency, as approved by the Oversight Board and the Department of Finance.

5.1 Maximum Portion of lncremental Tax Revenue Dedicated to the District Table 3 details the maximum portion of the incremental property tax revenue of the City proposed to be committed to the District throughout the duration of the District lifetime. ln summary, the maximum portion of the City's property tax increment is 50% over the District lifetime.

5.2 Projection of District Tax Revenues by Year
Table 3 provides an overview of the projected growth of assessed value, property tax increment, and City allocations to the District over the District lifetime. lt is expected that a total of approximately $229,606,230 of incremental tax revenues will be allocated to the District over the District lifetime. These projections are based on research and analysis of available data at the time of IFP preparation for purposes of illustration. Actual results may differ from those expressed in this document. Appendix C provides additional detail for the projected revenue analysis.

5.3 Plan for Financing Public Facilities
The PFA intends to utilize numerous funding sources and financing mechanisms to implement the improvements identified in Section 3.2, potentially including District tax increment, grant sources, complementary district formation (e.9., Community Facilities District), impact fees, private sector investment incentivized by the formation of the Yucaipa EIFD itself, and/or other sources.

As it pertains to the use of District tax increment, the PFA intends to incur debt only when it is financially prudent to do so. lt is estimated at this time that the Yucaipa EIFD will provide funding for approximately $96 million (in present value dollars) of public improvement costs from a combination of tax increment bond or loan proceeds (multiple issuances may be necessary) and pay-as-you-go tax increment funding over the District lifetime

5.4 Limit on Total Dollars Allocated to the District
The total number of dollars of taxes that may be allocated to the District shall not exceed $350,000,000 in nominal dollars over the District lifetime.

The City hereby irrevocably allocates all of the City's share of tax increment as characterized herein to the Yucaipa EIFD to the extent that: (i) the City's share of increment is necessary to repay bonds, notes or related agreements or to meet contractual obligations that the Yucaipa The undrses. prolcrtio.ls assumplions. rileso[ rc.lurn. tnd arry exrnphsptcsentcd herea aq for ilugrilrvt Fut}oscs arx, tt rr0( n guvontec ot octrr'l tndior Jii(,+.esulls Prolecl pro torrrla ad tax anat! scs arB proFctrons ontv. ActuJ rcsults may daficr frorn t\ose cxptessed n th.s anahsrsHKosn'r()nI 1601 rl SeBilvEdiANd 136? l,ranhaltEnB€arh.CA90366 | ({?{)29I-1070 | r\mto3rEnt(om

Yucaipa EIFD
lnfrastructure Fin ancing Plan
October 2023

EIFD is obligated to satisfy with Yucaipa EIFD tax increment, and (ii) prior to the PFA incurring an obligation under subsection (i), such bonds, notes, agreements or obligations shall be approved by the City Council.

5.5 District Termination Date
The District will cease to exist the earlier of: (i) forty five (45) years from the date on which the issuance of bonds is approved by the PFA, or (ii) June 30,2075. This IFP assumes that the District will be formed in Fiscal Year 2023-2024 and will begin receiving tax revenues in Fiscal Year 2024- 2025.

5.6 Analysis of Costs to Provide Facilities and Services Appendix D to this IFP includes, as part of the Fiscal lmpactAnalysis, an analysis of the costs to the City for providing facilities and services to the area of the District while the area is being developed and after the area is developed. lt is estimated that, at Year 20 of the District lifetime (assumed stabilized buildout of District area), annual costs to the City will be approximately $7.5 million to service the area of the District.

5.7 Fiscal lmpact Analysis
Appendix D to this IFP includes an analysis of the projected fiscal impact of the District and the associated development upon the City, as the only affected taxing entity that is allocating tax increment revenues to the District. Table 4 presents an overview of fiscal impacts to the City t. lt is estimated that, at Year 20 of the District lifetime, the District area will generate an annual net fiscal surplus of approximately $2.6 million to the City. Over 50 years, it is estimated that District activity will generate a positive net fiscal impact of approximately $56.7 million for the City on a present-value basis. This is in addition to the Community economic benefits outlined in Section 4 of this IFP (e.9., housing, jobs, mobility and connectivity, quality of life, environmental sustainability).

The analyscs, Droie{l}0.}s. ass{mFlrons r*cs o[ rclutn. and a1' exrnples prcserttrd hertn rc fr ilugrrliv€ prr9osts tnd tr .ro( a gtriltnlec ot tclutl andior tut(,e .esulls Plorccl pro lofill€ nftl tax anah,*s dE proFruons onh. Actual resulls may dificr from lhose cxpressod n ttrs anah,sisHK()snr0nl.l601 ll SeF{lveda BNd 138?. U€nhiltrn BeErh. CA 90266 | (r24) 297-r0f 0 | rlyf, tosrnont cHn

Yucaipa EIFD
I nfrastructu re Fin anci n g Pl an
October 2023

Table 3: Projection of District Revenues by Year
Citv Allocation of ProDertv Tax in-lieu of MVLFCity Allocation of AB8 Property Tax lncrement
Availa ble
Portion of
Share
Allocated
lncrement
Allocated to
EIFO
Avt Equiv.

Share of
MVLF
Ava ila b le
lncrement
Ava ila ble
Portion of
cshare
Allocated
lncrement
AllocatedFiscal Year lncremental
Assessed value
Property Tax
lncrement @
1% General
Levy
Average City
Share
Availa ble
Total Taxes
Allocated to
EIFD
2023 / 2024
2024 / 2O2s
2025 / 2026
2026 / 2027
2027 I 2028
2028 / 2029
2029 / 2030
2030 / 2031
203L / 2032
2032 / 2033
2033 / 2034
2034 I 203s
203s / 2036
2036 / 2037
2037 / 2038
2038 / 2039
2039 / 2040
2O4O / 204L
2041. / 2042
2042 / 2043
2043 / 2044
2044 / 2045
2045 / 2046
2046 / 2047
2047 /2c48
2048 / 2049
2049 / 2050
2050 / 205L
2051 / 2052
2OS2 / 2Os3
2053 / 2054
2054 / 2055
zcss / 2Os6
20s6 / 20s7
20s7 / 20s8
2058 / 2059
2Os9 / 2060
2060 I 206L
2061. I 2062
2062 I 2063
2063 / 2054
2064 I 2065
2065 / 2066
2056 / 2067
2067 / 2068
2068 / 2069
2069 / 2070
2070 I 2077
207t / 2072
2072 / 2073
2073 / 2074
So
s418,432,483
5557,499,395
s643,668,131
s726,371,008
s812,114,613
5907,937 ,042
s1,000,169,062
5r,09s,7t7,269
5L,L94,677,4u
5t,297,r47.763
5t,403,229,132
5L,st3,024,978
5L,626,641.,44s
5L,744,1A7,441.
5L,86s,774,7OO
5L,973,360,224
s2,084,492,939
52,L99,27L,698
52,377,797 ,897
52,440,Lis,503
52,489,47s,O13
s2,539,760,s13
S2,s9r.,0s1,723
s2,543,358,758
s2,696,732,733
s2,757,762,775
s2,806,682,031
52,863,3tt,671.
52,92!,073,g1s
s2,979,99 1,383
s3,040,087,2 11
s3,101,384,9ss
S3,163,908,6s4
s3,227,682,827
s3,292,732,484
s3,3s9,083,133
53,426,760,796
53,495,792,0L2
s3,556,203,852
s3,638,023,929
s3,711,280,408
s3,786,002,016
s3,852,218,0s5
s3,939,9s8,417
s4,019,2s3,s86
s4,100,134,6s7
s4,182,633,3s0
54,266,782,077
s4,3s2,613,6s8
s4.440.161.93r.

So
s4,184,32s
5s,s74,994
S6,436,681
57,263,770
s8,12 1,146
59,O79,37O
510,001,691
s10,9s7,173
'tt,946,774572,977,478
514,032,291
s1s,130,2s0

51.6,266,41.4

51.7,441.,8?4
578,657,747
s19,733,602
52O,844,929
521.,992,717
523,L77,979
s24,401,155
s24,894,7s0
s2s,397,60s
s2s,9 10, s17
s26,433,588
525,967,321
527,5t7,628
528,066,820
s28,633,117
529,zLO,739
529,799,974
530,400,872
s31,013,8s0
s31,639,087
s32,276,828
532,927,325
s33,s90,831
534,267,608
s34,957,920
s35,662,039
535,380,239
537,7L2,804
s37,860,020
s38,622,181
s39,399,s84
s40,192,s36
s41,001,347
s41,826,334
542,667,820
543,s26,L37
S44.401.619

24.0L%

24.0r%

24.0L%

24.01%

24.OLvo

24.07%

24.0r%

24.01%

24.07%

24.01%

24.0r%

24.01%

24.01%

24.0L%

24.OL%

24.0t%

24.0t%

24.oLo/.

24.OL%

24.0L%

24.OL%

24.OL%

24.0t%

24.0L%

24.O7%

24.O1%

24.O7%

24.07%

24.O7%

24.0L%

24.01%

24.O1%

24.01%

24.01%

24.07%

24.0L%

24.0r%

24.01%

24.01%

24.01%

24.0r%

24.07%

24.01%

24.OL%

24.0L%

24.1lo/o

24.0t%

24.OL%

24.01%

24.0t%

24.Ot%
So
s1,004,753
s1,338,68s
s1,s45,s96
s1,744,18s
S1,950,075
52,r80,t67
s2,401,638
s2,63L,07L
52,868,697
53,1L4,752
s3,369,478
S3,533,124
s3,90s,943
s4,188,198
s4,480,157
54,738,495
ss,00s,3s1
ss,280,961
ss,s6s,s70
55,859,427
ss,977,806
s6,098,ss4
56,221,7L6
s6,347,341
56,475,479
s6,606,179
56,739,494
56,87s,47s
57,074,L75
s7,155,6s0
s7,299,9s4
57,447,t44
57,597,278
s7,75O,4r4
s7,906,614
s8,06s,937
s8,228,447
58,394,207
S8,s63,282
s8,735,739
s8,911,644
s9,091,068
59,274,081
S9,460,753
59,6s1,1s9
s9,845,373
51o,o43,472
ito,245,s32
s10,451,634
s10.661.8s8
50%
50%
s0%
50%
50%
50%
50%
50%
50%
s0%
50%
50%
s0%
50%
50%
50%
50%
50%
50%
50%
500/.
50%
50%
50%
50%
50%
s0%
s0%
50%
50%
50%
50%
50%
s0%
50%
s0%
50%
s0%
50%
50%
50%
s0%
s0%
50%
50%
50%
50vo
50%
s0%
50%
s0%
so
S502,377
S669,343
s772,798
s872,093
s97s,038
s1,090,084
s1,200,819
s1,31s,s36
5t,434,349
s1,ss7,376
5t,684,739
S1,816, s62
s7,952,972
s2,094,099
52,240,O79
s2,369,248
s2,s02,67s
s2,640,481
52,782,78s
52,929,713
s2,988,903
53,049,277
s3,110.8s8
s3,173,670
53,237,739
S3,303,090
53,369,747
53,437,737
s3,s07,088
s3,s77,82s
53,@9,977
53,723,s72
S3,798,639
s3,87s,207
s3,9s3,307
s4,032,959
54,,]4,223
S4,197,103
54,28L,64L
54,357,859
54,455,822
54,545,534
54,537,04O
54,730,377
s4,82s,s80
54,922,687
Ss,o2 1,736
5s,722,766
5s,22s,8t7
Ss.330.929
7L.6%
7L.6%
tl,.6%
lL.6%
7L.6%
Lt.6%
7L.6%
Ll.6%
Lt.6%
t]..6%
tt.6%
Ll.60/"
L1,.6%
1,L.6%
Lr.6%
Ll.6%
7L.6%
7L.6%
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S3, L8 1,9s7
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53,963,344
S4,043,185
54,L24,622
54,207,688
54,292,4t5
S4,378,837
s4,455,988
s4,ss6,901
s4,648,613
54,742,759
54,837,576
S4,934,901
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54,428,s49
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s4,702,372
54,797,24L
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s4,992,832
ss,093,s71
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ss,408,038
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s5,975,s03
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s6,734,9s3
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s7,008,827
s7,149,886
57,293,766
s7,440,s24
57,s90,2t7
57,742,9O3
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Total s309.943,78s s0%S154,971,892 Sr49,288,667 so%574,644,334 s229,6L6.226 Present Value @ 3.O%i130,216,940 so%s65,r08,470 562,720,772 50%s31,360,386 $96,468,8s6 Thr anohEes. proic[lio.rs. assjmplions. raes o[ ]elurn, and a.ry rxrnples prGsrrt(d hcreil uc for llustatlrve pu!{scs trx, te not a gu}rantec of actutl andror lutl,e rtsulls ftoitc( pro lon }t t{vJ tax anatyses tr€ projecbons onty. ArtuEl resuhs mat dlf€r from thos6 sxpressed r thrs anahss*"m-1601rl S€!(rlvE{ratsNd 1362.M€nhi|ltantscarh,CA9Oa66 | (t?il)?97-r0I0 | rlrf,rognEnt(ofil

Yucaipa EIFD
I nfrastructure Financing Plan
October 2023

Table 4: Overuiew of Fiscal lmpacts to City

5.8 Developer Reimbursement for Transit Priority Project The PFA does not intend to finance any potential costs that may be incurred by reimbursing a developer of a project that is both located entirely within the boundaries of the District and qualifies for the Transit Priority Project Program, pursuant to Section 65470. To the extent that a developer is willing to fund Transit Priority Project infrastructure expenditures beyond and in advance of said developer's fair share (not contemplated at this time), the PFA may consider and evaluate such reimbursement at the appropriate time.

Annual
(Stablized
Year 0-50
Nominal
Tota!Yea r
City of Yucaipa
Estimated Fiscal Rerenues (Net of Allocation of Tl to EIFD)$1 0,054,350 $566,628,200 Estimated Fiscal itures $7 4 200 $437 000
Estimated Net Fiscal lmpact to City $2,596,1 50 $1 29,1 93,200 Year 0-50
Present Value
@ 3.0%
$223,809,700
$167,124,200
$55,685,500
Thc anallEcs. projcrlio.rs. assumplions. .drs of rdurn, snd rty' exrnples proscntr{ herea re for llusrtlivc puDoses 6rxj ile riot a ourtntft ot *turl tndrot lutt,e,esulls Proltt( pro fo.rni ard tax anrl_yscs rc proFcbons onll. Actual .e€uts may dlffer from thoso expresscd n ths analvsrsrH Kosnr()nt.
!601 H. S€rorvE{'a 6Nd 1362 Lranheltan E€rch, CA 90?66 | (t24) ?97-1070 | $rr Xosmont com

Yucaipa EIFD
I nfrastructu re F i n anci ng Pl an
October 2023

6.0 Removal of Dwelling Units and
Replacement Housing Plan
The PFA does not anticipate that any housing units will be removed as a result of any public works construction within the area of the District or private development within the area of the District that is subject to a written agreement with the District or that is financed in whole or in part by the District. However, if any relocation of dwelling units is deemed to be required in the future for a project financed by the District, the PFA will comply with the requirements of Government Code Section 53398.56.

The analyscs, prsicctio.rs. assumptions. riles of re.lurn. and or/ clJnplcsprcser(cd hcr(fl rt fs alusratNe p{4}oses trd ilt no( a guilrntce ol &tual 8nd.or lutl,e (esuns Ploteil pro to.mo ex, tax anaNsrs dE proF(bons onN. Arctual results maydll(f t orfl thosc exprcssod a ths anatysrsu.,m..1601il S€?utvodaBNd ,3S2.ManhrltanBeacn,CA90266 | (r3{)29r-1010 | rwrtosrlEnl(uTr

Yucaipa EIFD
I nfrastructu re Fi n anci ng Pl an
October 2023

7.0 Goals of the District
As stated in the Resolution of lntention, the goal of the Yucaipa EIFD isto assist in the provision of public facilities of communitywide significance that provide significant benefits and promote economic development within the boundaries of the Yucaipa EIFD and the surrounding community and, forthose facilities located outside the Yucaipa EIFD boundaries which also have a tangible connection to the Yucaipa EIFD.
lt/ore specifically, the goals of the District's implementation of the public facilities outlined in Section 3.2 are to support the City's General Plan and serve as a catalyst for private sector investment and critical public infrastructure with transformative potential for the Yucaipa EIFD area and the City as a whole. The District additionally aims to implement Statewide policy goals of housing supply and sustainable infrastructure investment.

Additional objectives include economic development in the form of fiscal revenue generation for the City and other taxing entities, job creation, housing production, improvement of quality of life, and promotion of environmental sustainability. The District will be utilized to address critical infrastructure funding needs, which are are critical to catalyze private sector investment and development.

Tha rrdyscs, groiecliErs. nssumFlions. riles of rclutn. tnd nq cxilnples prcscitcd hclet tc for llu$rtlrvc FLrlxsEs and ae n0( n gud.sntce of xturl Sndior lutt'e rc$ulls Prolttt Fro lorr}u tft, lax anabsrs JiE propcbons ontv. AEtud resutls mat dffrr frorn those expressod n ths anahsrs*.,m-t601rl SepulvedaBNd 1562.lr.nhaltitnBeach.Cr\90?66 | (t?,t)29I-r070 | r\rrto6trEnt(om

Yucaipa EIFD
I nfrastructure Fin anci n g Pl an
October 2023

8.0 Appendices
Appendix A: Map of Boundaries of the Yucaipa EIFD
Appendix B: Legal Description of the Yucaipa EIFD
Appendix C: Projected Tax lncrement Revenue Analysis
Appendix D: Fiscal lmpact Analysis
*",H-
The onahEcs, 9roie{lioos. assumFlions. .Iles of rc{um, dnd atry cxrngles preseattd hereo re fs llugrdivt puloscs a.x, te n0( a Oudasntec 0t lctusl nndior lutuc resulls Proltcl p.o fo{t}ls iltxl tax anatyses a.t prorctrons only. Acturl resulls may dlfer trom those expressed n ths analvsrs 1601H SepulvqdaBNd tSEz.UannillinBearh.C.\90366 | (re{)297-:0I0 | rwf,rostDont(sn

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CITY OF YUCAIPA

ENHANCED TNFRASTRUCTURE FINANCTNG DISTRICT (EIFD)

GEOGRAPH IC DESCRIPTION
PARCEL AREA "A"
All that certain real property, situate in the City of Yucaipa incorporated territory, located in Section 33, Township 1 South, Range 2 West, San Bernardino Base and Meridian, in the County of San Bernardino, State of California, described as follows:

BEGINNING at the Southwest corner of Section 33 of said Township 1 South, Range 2 West, San Bernardino Base and Meridian;
1) thence, N00'06'37"W, a distance o'f 1,084.32 feet to the beginning of a non-tangential curve; 2) thence, turning to the left, along the arc of said curve, with a radius of 1,000.00 feet, through a central angle of 23'46'00", having a radial bearing of 523'08'19"W, and an arc distance of 414.81 feet; 3) thence N89'22'19"E, a distance of 1,377 .20 feet to the beginning of a tangential curve; 4) thence, turning to the right, along the arc of said curve, with a radius of 850.00 feet, through a central angle of 89'57'59", having a radial bearing of N00'37'41"W, and an arc distance of 1 ,334.68 feet; 5) thence S00'39'42"E, a distance of 148.88 feet;
6) thence S89"20'54"W a distance o't2,640.11 feet to the POINT OF BEGINNING.

Containing 57.14 acres more or less.

All that certain real property, situate in the City of Yucaipa, incorporated territory, located in Lot 37 of the Rancho San Bernardino, Sections 9, '10 and 11, Township 2 South, Range 2 West, San Bernardino Base and Meridian, in the County of San Bernardino, State of California, described as follows:

BEGINNING at the Southwest corner of Section 9 of said Township 2 South, Range 2 West, San Bernardino Base and Meridian,
1) thence N00'43'06"W, a distance of 44.15 feet;
2) thence N89'24'20"E, a distance of 478.09 feet;
3) thence N01'39'47"W, a distance of 101 .01 feet;
4) thence N37"36'58"W, a distance of 264.83 feet;
5) thence N43'50'29"W, a distance of 295.12 feet;
6)thence N65'18'50"W, a distance of '185.19 feet;
7) thence S80'42'36"W, a distance of 182.55 feet;
8)thence N53'17'17"W, a distance of 351.20 feet;
9) thence N37'23'01"W, a distance of 206.97 feet;
Page I ot 7
P:\221-0391\Site\Survey\Legal_Descnption\_Yucaipa\Exhibits\Parcel AreaA-B-LEGAL.DOC Blair, Church & Flynn Consulting Engineers PARCEL AREA "8"

10)thence N70"09'22"W, a distance of 512.80 feet;
1 1) thence N49"43'26"E, a distance of 1,041 .56 feet;
12) thence N59'55'50"E, a distance of 261.48 feet;
13) thence N47'52'53"W, a distance of 31 1 .37 feet;
14) thence N84'43'38"W, a distance of 96.06 feet;
15) thence S59'57'07"W, a distance of 335.02 feet;
16)thence S83'10'28"W, a distance of 337.84 feet;
17) thence N1 1'47'51"W, a distance of 1 15.65 feet;
18) thence N83'01'33"E, a distance of 168.55 feet;
19) thence N43'56'20"E, a distance of 482.54 feet;
20) thence N38'23'09"W, a distance of 663.24 feet;
21) thence N03'25'10"W, a distance of 685.96 feet;
22) thence N28'08'26"W, a distance of 629.15 feet;
23) thence N58'08'14"W, a distance of 356.05 feet;
24) thence N05'28'46"W, a distance of 361.82 feet;
25)thence N89'12'38"E, a distance of 812.18 feet;
26) thence N89'18'18"E, a distance of 81 1.15 feet;
27) thence N00'27'12"E, a distance of 585.46 feet to the beginning of a tangential curve; 28) thence turning to the right, along the arc of said curve, with a radius of 480.00 feet, through a central angle of 35'17'12", having a radial bearing of N89'32'48"W, and an arc distance of 295.62 feet; 29) thence N35'44'24"E, a distance of 78.89 feet;
30)thence S54'15'36"E, a distance of 976.15 feet;
31) thence 527"24'47"E, a distance of 290.93 feet;
32) thence, 581"53'47"E, a distance of 265.91 feet to the beginning of a non-tangential curve; 33) thence turning to the right, along the arc of said curve, with a radius of 560.00 feet, through a central angle of 29"04'23", having a radial bearing of N37'23'53"E, and an arc distance of 284.16 feet to a point of intersection with a non-tangential line;
34) thence N66'57'11"E, a distance of 224.57 feet;
35) thence N55'27'10"E, a distance of 55.88 feet;
36) thence N66'33'27"E, a distance of 368.47 feet;

P:\221-0391\Site\Suruey\Legal_Description\_Yucaipa\Exhibits\Parcel Area A-B_LEGAL.DOC Blair, Church & Flynn Consulting Engineers

37) thence N48'40'49"E, a distance of 248.63 feet;
38) thence N45'06'03"E, a distance of 60.48 feet;
39) thence N49"19'06"E, a distance of 585.63 feet;
40) thence N89"32'06"E, a distance of 1 ,1 13.54 feet;
41) thence N00'29'05"W, a distance of 320.99 feet;
42) thence N89"35'09"E, a distance of 436.78 feet to the beginning of a tangential curve; 43) thence turning to the left, along the arc of said curve, with a radius of 1,060.00 feet, through a central angle of 23"10'30", having a radial bearing of 500'24'51"E, and an arc distance of 428.75 leel to a point of intersection with a non-tangential line;
44)thence N43"37'28"E, a distance of 324.50 feet;
45) thence, N26"26'21"E, a distance of 128.60 feet to the beginning of a non-tangential curve; 46) thence turning to the left, along the arc of said curve, with a radius of 940.00 feet, through a central angle of 10"40'59", having a radial bearing of 548"37'16"E, and an arc distance of 175.27 feet; 47) thence N30'41'45"E, a distance of 384.04 feet to the beginning of a tangential curve; 48) thence turning to the right, along the arc of said curve, with a radius of 2,874.93 feet, through a central angle of 06'10'04", having a radial bearing of N59'18'15"W, and an arc distance of 309.48 feet; 49) thence N36'51'49"E, a distance of 490.69 feet to the beginning of a tangential curve; 50) thence turning to the left, along the arc of said curve, with a radius of 900.00 feet, through a central angle of 18'13'47", having a radial bearing of 553"08'11"E, and an arc distance of 286.35 feet; 51) thence N18'38'02"E, a distance of 378.96 feet;
52) thence S69'07'08"E, a distance of '1 19.02 feet,
53) thence S18'14'56"W, a distance of 45.59 feet;
54) thence S68'45'34"E, a distance of 1,172.21 feel;
55)thence N21"15'01"E, a distance of 70.03 feet;
56) thence N22'36'58"W, a distance of 35.10 feet;
57) thence N32"19'02"E, a distance of 29.95 feet;
58) thence N18'37'33"E, a distance of 71.36 feet;
59) thence N51"45'23"E, a distance of 31.44 feet;
60) thence S66"36'45"E, a distance of 1 18.25 feet;
61) thence N77'49'26"E, a distance of 240.16 feet;
62) thence N51'57'56"E, a distance of 343.96 feet;
63) thence 586'36'16"E, a distance of 540.33 feet;

P:\221-0391\Site\Survey\Legal_Description\_Yucaipa\Exhibits\Parcel Area A-B_LEGAL.DOC Blair, Church & Flynn Consulting Engineers

64) thence S00"26'50"E, a distance of 177.92 feel;
65)thence N81'52'17"W, a distance of 129.59 feet;
66)thence N88'46'23"W, a distance of 348.02 feet;
67)thence 566"15'04"W, a distance of 186.38 feet;
68) thence S39"20'40"W, a distance of 95.03 feet;
69) thence S07'07'53"E, a distance of 70.34 feet;
70) thence 525"51'44"E, a distance of 73.98 feet;
71)thence N70'15'04"W, a distance of 100.34 feet;
72) thence N81 '21'04"W, a distance of 158.10 feet;
73) thence S38"15'02"W, a distance of 610.50 feet;
74)thence 506'51'43"W, a distance of 252.71feet;
75) thence S35'35'56"W, a distance of 191.91 feet;
76)thence S45"42'46"W, a distance of 590.68 feet;
77) thence S73'36''17"W, a distance of 107 .77 feel;
78) thence S42'39'55"W, a distance of 284.45'teet;
79) thence 571"21'47"E, a distance of 142.14 feet to the beginning of a tangential curve; 80) thence turning to the right, along the arc of said curve, with a radius of 170.00 feet, through a central angle of 54'40'58", having a radial bearing of N18'38'13"E, and an arc distance of 162.25tee| to a point of intersection with a non-tangential line;
81)thence N68"58'37"W, a distance of 305.98 feet;
82) thence 556'44'19"W, a distance of 49.80 feet;
83) thence S12'53'53"W, a distance of 298.29 feet;
84)thence S19'01'07"W, a distance of 214.19 feet;
85) thence S03"08'25"E, a distance of 218.50 feet;
86) thence S53'03'25"E, a distance of 146.70 feet;
87) thence S08'04'35"W, a distance of 216.00 feet;
88) thence S36'35'35"W, a distance of 153.60 feet;
89) thence 528'01'25"E, a distance of 110.40 feet;
90) thence N85'04'35"E, a distance of 361.70 feet;
91) thence S00"29'58"E, a distance of 256.02 feet;

P:\221-0391\Site\Survey\Legal_Description\_Yucaipa\Exhibits\Parcel Area A-B-LEGAL.DOC Blair, Church & Flynn Consulting Engineers

92) thence N58"40'00"E, a distance of 57.93 feet;
93) thence N39'26'19"E, a distance of 220.63 feet;
94) thence N65"54'18"E, a distance of 250.83 feet;
95)thence N58'19'19"E, a distance of 150.59 feet to the beginning of a tangential curve; 96) thence turning to the right, along the arc of said curve, with a radius of 45.00 feet, through a central angle of 96'04'00", having a radial bearing of N31'40'41"W, and an arc distance of 75.45 feet; 97) thence S25"36'42"E, a distance of 48.49 feet;
98)thence 562'18'41"E, a distance of 198.42 feet;
99)thence N47'16'19"E, a distance of 191.18 feet;
100) thence N29'26'18"E, a distance of 201.74feet;
101)thence N74'08'48"E, a distance of 148.60 feet;
102) thence N61'25'54"E, a distance of 252.58 feet;
103)thence S72'10'30"E, a distance of 1'l'1.70 feet;
104) thence S89"30'37"E, a distance of 254.78 feet to the beginning of a tangential curve; 105) thence turning to the right, along the arc of said curve, with a radius of 20.00 feet, through a central angle of 103'59'59", having a radial bearing of N00"29'23"E, and an arc distance of 36.30 feet; 106)thence S14"29'21"W, a distance of 184.48 feet;
'107) thence 516'02'29"E, a distance of 1 17.53 feet;
108) thence S73'58'36"E, a distance of 571.67 feet;
109)thence N86"21'05"E, a distance of 555.13 feet,
1 10) thence 541"12'45"E, a distance ol 178.84 feet to the beginning of a tangential curve; 1 1 1) thence turning to the right, along the arc of said curve, with a radius of 150.00 feet, through a central angle of 40"34'20", having a radial bearing of N48'47'15"E, and an arc distance of 106.22 feet; 112) thence, S00"38'25"E, a distance of 174.68 feet to the beginning of a non-tangential curve; 1 13) thence turning to the right, along the arc of said curve, with a radius of 1 ,035.00 feet, through a central angle of 20'00'24", having a radial bearing of N13"39'13"W, and an arc distance of 361.40 feet to a point of intersection with a non-tangential line;
114) thence N89'29'56"E, a distance of 600.60 feet;
1 15) thence 500"41'33"E, a distance of 865.75 feet;
116) thence N81"42'27"W, a distance of 579.59 feet;
1 1 7) thence 579'51 '53"W, a distance of 61 6.50 feet; 1 18) thence N02'40'1 5"W, a distance of 294.13 feet;

P:\221-039't\Site\Survey\Legal-Description\-Yucaipa\Exhibits\Parcel Area A-B-LEGAL.DOC Blair, ChUrCh & Flynn COnSulting EngineerS

1 19) thence 580'51'45"W, a distance of 469.39 feet;
120) thence S20"47'45"W, a distance of 783.10 feet;
121 ) thence N74'51'57"E, a distance of 139.48 feet;
122) thence N89'54'32"E, a distance of 275.75 feet;
123) thence 572"47'19"E, a distance of 258.76 feet;
124) thence S67'38'45"E, a distance of 258.76 feet;
125) thence 562'30'13"E, a distance of 258.76 feet;
126) thence S51 '32'25"E, a distance of 712.09 feet;
127) thence S68'45'52"E, a distance of 243.16 feet;
128)thence S43"21'06"E, a distance of 56.41 feet;
129)thence N00'36'13"W, a distance of 102.68 feet;
130) thence S52'46'46"E, a distance of 13.23 feet to the beginning of a tangential curve; 131) thence turning to the right, along the arc of said curve, with a radius of 300.00 feet, through a central angle of 25'50'48", having a radial bearing of N37"13'14"E, and an arc distance of 135.33 feet; 132) thence S26'55'58"E, a distance of 162.93 feet;
133) thence S33'30'47"E, a distance of 170.00 feet;
134) thence 547'34'29"E, a distance of 200.00 feet;
135) thence 524"45'22"E, a distance of 663.43 feet;
'136) thence 561'00'38"W, a distance of 57 .24 feet;
137) thence S.23"13'27"E, a distance of 647.63 feet to the beginning of a tangential curve; '138) thence turning to the right, along the arc of said curve, with a radius of 900.00 feet, through a central angle of 22"43'34", having a radial bearing of N66'46'33"E, and an arc distance of 356.98 feet; '139) thence S00'29'53"E, a distance of 55.77 feet;
140) thence S88'37'53"W, a distance of 493.15 feet;
141) thence S00'27'35"E, a distance of 30.00 feet;
142) thence 588'34'19"W, a distance of 430.18 feet;
143) thence S89'13'21"W, a distance of 2,629.35 feet;
144) thence S89'13'40"W, a distance of 2,629.30 feet;
145) thence N88'20'24"W a distance of 5,264.17 feet to the POINT OF BEGINNING.

Containing 1,403.90 acres more or less.

P:\22 1-0391\Site\Survey\Legal_Description\_Yucaipa\Exhibits\Parcel Area A-B_LEGAL.DOC Blair, Church & Flynn Consulting Engineers

COMBINED PARCEL AREA TOTALS:

PARCEL AREA "A" containing 57.14 acres more or less;
PARCEL AREA "8" containing '1,403.90 acres more or less; COMBINED PARCEL AREAS "A" and "B" containing 1,461.04 acres, more or less.

This description of land is for assessment purposes only. This description is not to be considered a survey of land or used for the establishment of property lines. This description of land is not a legal property description as defined in the Subdivision Map Act and may not be used as the basis for an offer for sale of the land described.

Prepared by:

BLAIR, CHURCH & FLYNN
, P.L.S. 8663 Date
L.S. 8663*
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