Calif.'s Flexible New Tool For Infrastructure Development
Law360, New York (April 17, 2015, 12:36 PM EDT) -- After the dissolution of California redevelopment agencies (RDAs) in 2011, many local governments desired a tool to raise capital to invest in infrastructure and community revitalization. On Sept. 29, 2014, SB 628 was signed into law by Gov. Jerry Brown. SB 628 grants cities and counties the power to create enhanced infrastructure financing districts (EIFDs) in order to finance public capital facilities or other specified projects of communitywide significance that provide significant benefits to the district or the surrounding community. SB 628 expands on the powers granted to cities and counties pursuant to infrastructure financing districts (IFDs) and community facility districts (CFDs). EIFDs provide greater flexibility to local governments seeking to invest in infrastructure and community revitalization, including a lower voter approval threshold to issue bonds and a wider range of infrastructure investments....
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