On October 30, 2017, the City of La Verne's Enhanced Infrastructure Financing District (EIFD) was activated by its Public Financing Authority (PFA), the entity authorized by statute to direct this new sustainability district.
The EIFD process took approximately 18 months. La Verne city staff with help from Kosmont Companies evaluated the merits of an EIFD in connection with the future Metro Gold Line light rail station (E St. and Arrow Hwy.) and surrounding transit oriented development (TOD) allowed by the Old Town La Verne Specific Plan previously adopted by City Council.
Staff and consultant utilized this time to:
- - Evaluate which properties and infrastructure projects to include
- - Identify major stakeholders
- - Meet with property owners within the proposed district
- - Engage the County of Los Angeles on possible participation
- - Prepare the required tax increment financial analysis
- - Prepare the related fiscal impact analyses
- - Adopt a Resolution of lntent to form the EIFD on Aug. 21, 2017 and form governing entity, the Public Financing Authority (PFA)
- - Prepare and distribute the guiding Infrastructure Financing Plan (IFP)
- - Hold the required City Council meeting and publicly noticed PFA hearing on Oct. 30, 2017 to formally approve the IFP and form the EIFD
- - Submit required filing documentation to the State Board of Equalization
The City and Kosmont are now focused on implementation of the Plan, including targeted recruitment of mixed-use developers and the planned issuance of debt to fund critical infrastructure.
The EIFD is comprised of 82 parcels with 38 unique land owners, covering approximately 110 acres in three non-contiguous subareas.
Land Uses and Economic Development Benefits:
Private development projects include mixed-use residential, retail, business park, and hotel transit-oriented development valued at nearly $500 million in 2017 dollars.
TOD-based Public lmprovements:
14 specific infrastructure projects are estimated to cost $33 million, including enhancement of connectivity (parking, peds, bikes, rideshare), beautification, and expansion of utilities.
Potential County Participation?
In the interest of time and establishment of an assessed value baseline, the City determined to move forward with the EIFD without County of Los Angeles (County) participation initially. The County recently (August 2017) adopted guidelines for evaluation of its participation in EIFDs. If the County joins and decides to contribute a portion of its property tax increment, TOD improvements could be funded sooner.