Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Downey council adopts resolution of intent to form EIFD, appoints city members to oversight authority
Summary
The Downey City Council voted unanimously to adopt a resolution of intent to form an Enhanced Infrastructure Financing District (EIFD), a tool to capture future property-tax increment for infrastructure projects; the council also named city representatives to the proposed Public Financing Authority and set next steps toward formation.
The Downey City Council on Tuesday approved a resolution of intent to begin formation of an Enhanced Infrastructure Financing District (EIFD), a value-capture financing tool the city says could generate millions of dollars for roads, water, sewer, parks and affordable housing.
Joel Diegas of Cosmont, presenting the item for staff, told the council the district is intended to set aside a portion of future property-tax growth within a narrowly defined boundary to finance public infrastructure. "Order of…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
