Norwalk financing authority adopts bylaws to begin formation of Enhanced Infrastructure Financing District

The Public Financing Authority for the Norwalk Enhanced Infrastructure Financing District unanimously adopted bylaws and directed staff to prepare an infrastructure financing plan, the authority said at its inaugural meeting Tuesday.

Consultant Joseph Dieguez of Cosmont Companies told the authority that the tool is designed to ‘‘capture’’ a portion of future property tax growth in a defined boundary, pair the city’s set‑aside with a county match, and use the combined tax increment to pay for infrastructure and affordable housing. Dieguez said the draft boundary totals roughly 200 acres — just under 3% of the city’s land area and less than 2% of current assessed value. He said the current analysis shows an order‑of‑magnitude funding capacity of about $70,000,000 in present‑value dollars to address infrastructure needs over the district lifetime.

The infrastructure financing plan that staff will prepare if the authority proceeds will specify the district boundary, the infrastructure and public‑benefit categories the plan would pay for, estimated future development and revenues, and a financing section showing the city’s and county’s proposed contributions and timing. Dieguez said the presentation outlined draft terms, not final deal points; among the draft concepts discussed was a possible city allocation of roughly half of future property tax revenue within the district and a county match of a similar share.

Why it matters: local officials and consultants described the EIFD as a value‑capture financing tool that can pay for roadway, utility and streetscape improvements, parks and open space, transit connectivity and near‑term affordable housing. Cosmont said having an EIFD could also strengthen applications for some state grants that award extra points to jurisdictions with structured financing plans in place.

At the meeting the authority formally approved a resolution identified on the agenda as the adoption of financing authority resolution EIFD‑01 to adopt the authority’s bylaws and direct staff to prepare the infrastructure financing plan and return with a draft for public hearings. The authority’s clerk conducted a roll call; the minutes show all members present voted in the affirmative.

Next steps and timeline: Dieguez outlined a multi‑month public hearing schedule. He said staff and consultants expect to hold additional public meetings and notices between July and November, with the Public Financing Authority aiming to see a draft infrastructure financing plan in September and complete the public hearing process before December 1 if the authority chooses to continue.

During the short question period no members of the public spoke. Former Mayor Leonard Schryock and Vice Chair Kim Apodaca offered brief remarks of support on the authority record. The motion passed on roll call vote and the authority adjourned its inaugural session.

The authority’s action tonight is administrative: it adopted bylaws governing the authority and authorized staff and consultants to prepare the infrastructure financing plan for later public review. Any final district formation, county participation and allocation of tax increment will require further public hearings and separate approvals by the city council, the authority and the Los Angeles County Board of Supervisors.

Ending note: staff appended draft bylaws to the agenda packet and will return when the draft infrastructure financing plan is available for the first public hearing.