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Downey directs staff to pursue EIFD study; consultant cites $50 million funding potential
Summary
Council unanimously directed staff to continue work on an Enhanced Infrastructure Financing District (EIFD) after a Cosmont presentation outlining EIFD fundamentals, a proposed ~191‑acre study area, and illustrative funding capacity ranging from low‑millions to tens of millions depending on development intensity.
The Downey City Council voted unanimously to direct staff to continue exploring the formation of an Enhanced Infrastructure Financing District (EIFD) following an informational presentation by Cosmont consultants.
Joseph Dieguez (introduced in the meeting) and a Cosmont presenter described EIFDs as a form of tax‑increment financing that can be used for infrastructure and affordable housing. The consultant said the tool can enable a city to set aside a portion of future property‑tax growth within a defined boundary for infrastructure investment and to leverage matching contributions from other taxing entities, such as Los Angeles County.
Cosmont presented an illustrative study area of approximately 191 acres and described a range of potential funding capacity: a low‑intensity scenario showing $3–10 million within 10 years and a higher‑intensity scenario producing $8–25 million within 10 years; the firm also noted EIFDs can generate larger funding capacity (Cosmont cited an illustrative $50 million range over time depending on partner commitments and development outcomes).
Council members asked about the study area composition, grant competitiveness, and the share of property‑tax dollars that the city currently receives (the consultant noted the city receives about $0.14 of each property tax dollar collected). After discussion the council unanimously approved a motion to proceed with continued analysis and outreach, authorize staff to return with a nonbinding resolution of intention if appropriate, and continue dialogue with county representatives on potential partnership.
What’s next: staff will work with Cosmont to prepare additional materials and, if directed, a resolution of intention and public‑notice materials for subsequent hearings as required by state law for EIFD formation.
