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Board committee forwards Rincon Hill IFD pilot and citywide IFD policy package amid fiscal safeguards
Summary
Staff proposed citywide infrastructure-financing district (IFD) policies and a pilot IFD for Rincon Hill to finance parks and streetscapes; the committee amended the package, set caps and safeguards, and forwarded the items with recommendations.
City staff from the Office of Economic and Workforce Development, Planning, Redevelopment and the Controller’s Office presented a package of resolutions and a draft ordinance to create citywide policies for Infrastructure Financing Districts (IFDs) and to launch a Rincon Hill pilot. Staff framed IFDs as a tax-increment financing tool distinct from redevelopment that can fund capital infrastructure (not ongoing maintenance or housing except in narrowly defined cases), has a 30-year maximum life, and requires owner or voter approval.
Michael Yarny (OEWD)…
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