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Norwalk council adopts resolution of intention to form Enhanced Infrastructure Financing District with county partner
Summary
The council unanimously approved a resolution of intention to form an Enhanced Infrastructure Financing District (EIFD) and public financing authority to capture a portion of future assessed‑value growth in targeted districts and finance infrastructure and affordable housing projects.
The Norwalk City Council voted unanimously March 18 to adopt a resolution of intention to form an Enhanced Infrastructure Financing District (EIFD) and the Norwalk Enhanced Infrastructure Financing District Public Financing Authority, a step staff and consultants say will allow the city to set aside part of future assessed‑value growth in targeted areas to pay for infrastructure.
Joe Dieguez, a public‑finance adviser with Cosmont, told the council the EIFD is “a way, without adding any new or increased taxes, to capture value from new investment coming in” and dedicate a share of that incremental property tax…
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