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Norwalk council adopts infrastructure financing plan for Enhanced Infrastructure Financing District
Summary
Council approved Resolution No. 25-44 to adopt an infrastructure financing plan for a Norwalk Enhanced Infrastructure Financing District (EIFD), allocating a portion of future property tax increment and proposing a 50/50 county‑city split of increment; estimated outcomes include roughly 2,500 housing units and about 896 affordable units.
The Norwalk City Council voted unanimously to adopt Resolution No. 25‑44 approving the infrastructure financing plan (IFP) for the Norwalk Enhanced Infrastructure Financing District (EIFD) and the proposed allocation of the city's portion of future property tax increment within the district.
Staff presenter Alex Hamilton described the EIFD as a financing tool intended to catalyze redevelopment at scattered opportunity sites across the city, including the former California Youth Authority (CYA) parcel. Hamilton said the financing plan assumes a 50/50 split of incremental property tax revenues between the city and Los Angeles County and estimates that the district could support roughly 2,500 housing units citywide, of which about 896 would be affordable.
Hamilton and consultants presented financial assumptions and a map of…
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