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Santa Maria agrees to participate in statewide development financing programs; no city financial obligation
Summary
The council approved participation in two statewide financing programs — CMFA's BOLD program and CSCDA's SCIP — designed to enable developers to finance infrastructure and impact fees through bonded assessments without direct city fiscal exposure.
The City Council on Sept. 16 approved a staff recommendation to make two economic-development financing tools available to property owners and developers: the California Municipal Finance Authority’s BOLD program and the California Statewide Communities Development Authority’s Statewide Community Infrastructure Program (SCIP).
A presenter identified as Shenandoah described both programs and told the council they are administered by joint powers authorities that include the city as a member. The programs allow property owners to apply for infrastructure financing (streets, sewer, water lines, flood control, parks, school facilities, impact fees and similar costs) through special assessments or bond issuance. Shenandoah emphasized the proposals would create no financial obligation for the city, that bonds would be issued by the external JPAs and repaid through property assessments, and that the programs can help close financing gaps and make smaller projects feasible.
Shenandoah said the programs have issued substantial financing statewide since 2020 and 2002 respectively (BOLD: more than $550 million since 2020; SCIP: more than $1 billion since inception) and noted benefits such as flexible payoff options for property owners and improved developer financing options to support local projects.
The council opened the public hearing, received no in-person requests to speak and one written comment identified in the record, and then voted to approve participation. Council members recorded unanimous support during the roll call.
Votes at a glance Authorization for city participation in CMFA BOLD and CSCDA SCIP financing programs (no city fiscal obligation): approved (unanimous).
