THRIVING. New Infrastructure Financing Tools for California: Local Infrastructure Financing Authority. January 13, 2015

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1 THRIVING New Infrastructure Financing Tools for California: Local Infrastructure Financing Authority January 13, 2015

2 ECONOMIC SUMMIT Fred Silva Senior Fiscal Policy Advisor California Forward

3 ECONOMIC SUMMIT California Economic Summit Shared Agenda for Prosperity What is the Summit: A partnership between California Forward and the California Stewardship Network. The Summit s purpose: Advancing a regions-based agenda for triple bottom line prosperity growing the economy, improving environmental quality, and increasing opportunity for all. The Summit s approach: More than 700 leaders statewide are working on Summit action teams committed to the triple bottom line from developing new approaches to financing infrastructure to integrating the state s workforce training system.

4 ECONOMIC SUMMIT The Infrastructure Action Team Facing the problem: Burdened by aging infrastructure systems and declining state funding, the repeal of redevelopment in 2011 also took away communities primary local economic development and infrastructure financing tool. Developing a solution: A Summit team of public and private civic leaders developed three objectives 1. Create a broad set of new infrastructure financing tools. 2. Facilitate regional infrastructure agreements. 3. Connect infrastructure investment with working training, affordable housing, and other Summit priorities.

5 ECONOMIC SUMMIT Mark Pisano Professor of the Practice of Public Administration at the USC Sol Price School of Public Policy Infrastructure Action Team Co-Lead

6 ECONOMIC SUMMIT Principles behind the design of the Enhanced Infrastructure Financing District Maximum flexibility in all design features of the legislation Creation of districts Creation of Public Finance Authorities Design of Business Plans Design of Investment Schedules Goal orientated approach encourages multiple investments to be integrated Investment are problem orientated not program or stovepipe driven Lifecycle costs can be integrated into the financing Creates the possibilities of multiple revenues streams Planning, financing and decision-making are integrated Benefits of investments to people and land can be captured and related to Investments (the Nexus test) Linkage of benefits and expenditures will assist in public acceptance Create Opportunity to address the Two California s dilemma PFA investments will create employment opportunities Will regenerate older and underperforming areas of the state

7 ECONOMIC SUMMIT New Model for local and regional infrastructure investment in California. Authorizes the creation of a Public Finance Authority (PFA) with comprehensive authority to address all local and regional needs All infrastructure except school facilities Economic Development including industrial, commercial, housing-broader eligibility than redevelopment Environmental clean up Single or multijurisdictional authority focused on the geography of the problem to be solved The size of the district is dependent on the public goals and needed investment- Governing Board(s) decide Can put multiple jurisdictions together Creates a way to put multiple organizations needed to address goals and problems to be solved City or Country initiates but all taxing entities are eligible to be on the Board including special districts Partnerships with private and non-profits can developed with streamlined procurement procedures

8 Enhanced Infrastructure Financing Districts A New Power Tool for Growth in California Dan Golub January 13, 2015 Copyright 2014 Holland & Knight LLP. All Rights Reserved

9 EIFDs Powers and Prerequisites Powers of EIFDs Tax-increment financing from a wide range of revenue sources Wide range of potential infrastructure investments Lower threshold for voter approval (one 55% vote, no 2/3) Enhanced collaboration among agencies Longevity in bonding (45 years) Brownfield remediation authority / Polanco Act revival Prerequisites Redevelopment must be fully wound down Familiar procedural and public notice requirements Affordable housing requirements if housing is destroyed Ch. 785, Stats. 2014; SB 628 (Beall) of 2014; Cal. Gov. Code et seq. 9

10 Funding Strategies Tax-increment financing from a wide range of revenue sources 1. Property tax increment within the district of the amount pledged by the consenting taxing agencies (cities, counties, special districts but not schools). 2. Revenues from the growth on the property tax attributed to backfill from the VLF received by the city or county. 3. Property tax revenue distributed to a city, county or special district after payment of a redevelopment agency s debts by the successor entity. 4. Fees or assessment revenues derived from one of 10 specified existing sources, including assessments for benefits and developer fees. 5. Loans from a city, county or special district. 6. User Fees and Public-Private Partnerships derived from the use of the Infrastructure Finance Act. 7. Other Funding Sources, such as Federal and State grants, and funds available through California s Cap and Trade auction proceeds, if pledged to the Sustainable Communities program or benefitting a disadvantaged community under SB

11 Opportunities for Investment Wide range of potential infrastructure investments Purchase/construction/improvement of real or tangible property with estimated useful life of 15+ years, or related planning & design work Public capital facilities OR other projects of communitywide significance need not be within district as long as the project has a tangible connection to the work of the district Transportation facilities including highways, parking and transit facilities Community parks, open space and recreational facilities Brownfield restoration and other environmental mitigation (Polanco Redevelopment Act authority) Construction or repair of industrial structures for private use Projects which implement a Sustainable Community Strategy, and Transit Priority Projects. Affordable units within mixed-income housing developments. 11

12 Infrastructure Development Tools Compared Areas Mello-Roos/CFDs Classic IFDs EIFDs Voter Approval Multiple 2/3 approvals Multiple 2/3 approvals One 55% approval for bond issuance Revenue Sources Revenue from new special tax Only increment of tax levied on taxable property Broad authority to capture net available revenue (other than school funds) Investment Options Certain enumerated services (police/fire, recreation, maintenance, etc.) and construction of capital facilities Only public capital facilities of communitywide significance Any public capital facilities OR other specified projects of community significance (brownfields restoration, transit priority projects, etc.) Collaboration among Taxing Entities Possible, but requires creation of Joint Powers Authority IFD law allows other taxing entities to contribute taxes, but law has no procedure for joint governance (Joint Powers Authority presumably possible) EIFD Governed by Public Financing Authority representing participating governments and members of the public Longevity of Bonds/District 40 years from bond issuance 30 years from creation of district 45 years from Bond Issuance 12

13 Promising Opportunities Scenarios Where Establishing an EIFD is Worth Considering Well-Developed Idea for Infrastructure Improvement Multiple overlapping taxing entities Area Where Planning Work is Needed or Underway Small Discrete Area with Few Property Owners Your Situation? 13

14 Contact Dan Golub 50 California St, Suite 2800 San Francisco, CA

15 Presentation to Meeting of the Minds Enhanced Tools & New Rules Creating Sustainable Communities with Enhanced Infrastructure Financing Districts January 13, 2015 by: Kosmont Companies 865 S. Figueroa Street, Suite 3500, Los Angeles, CA

16 New Tool?: Enhanced Infrastructure Financing Districts New legislation push cities to create local/regional infrastructure projects that conserve water & reduce GHG emissions SB 375 sets baseline for streamlined environmental review for projects that improve local and regional sustainability Cap-and-trade grant funds (GRGF) reward projects that reduce GHG emissions with billions in potential funds Prop 1 contains over $7.5 billion in water infrastructure project funds EIFDs can finance implementation of regional infrastructure via Public Financing Authority which uses property tax increment in tandem with a variety of funding sources for project incentives 1

17 Economic Development and Sustainable Public Policy How does the new Legislation provide Opportunity? Economic Development New Revenues and Jobs SB 628 (Beall) Enhanced Infrastructure Financing Districts SB 614 (Wolk) Jurisdictional Changes for Special District/Annexed area for Infrastructure Financing AB 229 (Perez) Infrastructure and Revitalization Financing Districts on Former Military Bases SB 743 (Steinberg) CEQA: Environmental Quality Streamlining for TOD / Infill Dev. AB 850 (Nazarian) Financing Public Capital Facilities: Water Quality AB 1471 (Proposition 1; Rendon) Financing Water Quality, Supply and Infrastructure Improvement: Bond Issuance AB 2660 (Aguiar) Infrastructure Financing Act: User Fees and P3s Local & Regional Infrastructure EIFD Sustainable Policy Compliance AB 32 (Perez) Cap and Trade: Community Development Investment Tax Credits SB 375 (Steinberg) GHG Emissions Reductions: Sustainable Communities Strategy AB 1739 (Dickinson) Groundwater Management: Sustainability Plan & Extraction Reporting SB 1168 (Pavley) Groundwater Sustainability Agency & Plan: High- and Medium-Priority Basins SB 1319 (Pavley) Sustainable Groundwater Management Act SB 535 (De Leon) Greenhouse Gas Reduction Fund: Benefits to Disadvantaged Communities Regional Sustainability 2

18 How do the Pieces Fit Together? The Problems: Climate Change Greenhouse Gas Emissions (GHGs) Drought Insufficient regional transportation Aging Infrastructure Water transportation infrastructure Sewer infrastructure Electric & utility plants Civic centers / public facilities 3

19 EIFD - Summary of Key Terms 1. Enhanced Infrastructure Financing District Governmental entity established by a city or county that carries out a plan within a defined area to construct, improve and rehabilitate infrastructure The Area 2. Public Financing Authority (PFA) Legislative body that governs the EIFD Composed of participating governments and members of the public The Team 3. Infrastructure Financing Plan Plan adopted by city or county. Describes public facilities & development to be financed by the EIFD Implemented by Public Financing Authority (PFA) The Strategy 4

20 EIFDs Diverse Funding Approach Can use multiple funding sources with tax increment: If Bond Issuance then 55% voter approval required Funding Sources: Property tax revenue including RPTTF Vehicle License Fee (VLF) prop. tax backfill increment Development Agreement / Impact Fees User fees City / county / special district loans Hotel TOT Benefit assessments Contribution from Special District Levied by EIFD Private investment Potential to apply State funding sources: Proposition 1 bond funds Cap-and-trade proceeds Federal & State Grants Greenhouse Gas Reduction Funds Federal DOT/EPA/DOE funding programs EIFD Fund 5

21 Forming an EIFD 1. Prerequisite: Establish if Legislative Body has a Successor Agency? If no: Move to next step in EIFD formation If yes: Legislative body must first receive a Finding of Completion (FOC) from the Department of Finance (DOF) and Certify no RDA/SA assets under litigation will benefit from EIFD Comply with State Controller s assets transfer review after 1/1/ Identify the EIFD Essentials Identify infrastructure / development projects / define a project area Reach out to stakeholders Identify district members Establish a Public Financing Authority (PFA) prior to district formation 3. Formalize District Formation City or County to adopt a resolution of intention to create: EIFD Infrastructure Financing Plan (IFP) adopted by affected T.E., transferred to PFA Draft the IFP - financing strategies & target projects Hold a public hearing to review the Plan and District Adopt the IFP and a resolution of formation creating the EIFD 6

22 Forming an EIFD Successor Agency Prerequisite Receive Finding of Completion (FOC) Certify no SA assets under litigation will benefit Comply with State Controller s asset transfer review Identify District Members Appoint PFA Members Participating legislative bodies adopt resolution of intention to establish EIFD Create Public Financing Authority (PFA) Create Infrastructure Financing Plan (IFP) Conduct public hearing Approve the IFP Adopt resolution proposing adoption of IFP and formation of EIFD Identify infrastructure projects Define project area Schedule public hearing for IFP Select vendor to prepare plan Distribute to property owners and affected taxing entities Legislative bodies adopt IFP and resolution of formation creating EIFD

23 What Types of Projects Could an EIFD Fund? Public Light Rail Inf. Sustainable Communities Parks & Open Space Affordable Housing Stormwater Recharge Industrial Structures Public BRT Inf. Wastewater Treatment Childcare Facilities 8

24 Thank You Any Questions? 9

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