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Committee advances Stonestown redevelopment deal and EIFD plan to finance infrastructure for 3,500 housing units
Summary
Supervisors forwarded a development agreement and a resolution of intention to form an Enhanced Infrastructure Financing District (EIFD) for the Stonestown project, which would allow up to 50% of incremental property tax to be used for site infrastructure that supports up to 3,500 new homes and community benefits including childcare and a senior center.
The Budget & Finance Committee on July 10 forwarded a package of three items that would authorize a development agreement (DA) with the project sponsor, begin formation of an Enhanced Infrastructure Financing District (EIFD), and amend city code to allow the public financing authority to act for multiple EIFDs.
The Stonestown project proposes to transform about 30 acres of surface parking around…
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