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Board directs staff to pursue iBank financing to close animal shelter funding gap
Summary
County staff presented bond, USDA and iBank financing options for an animal shelter project; the debt advisory committee recommended pursuing an iBank infrastructure loan for speed and lower regulatory risk, and the board voted to authorize staff to explore iBank financing.
The Board of Supervisors on Sept. 9 directed staff to pursue investigation of an infrastructure loan from the California Infrastructure and Economic Development Bank (iBank) to finance construction of a county animal shelter.
Theresa Hitchcock, the county CEO, told the board the debt advisory committee evaluated three financing paths: municipal bonds (spread cost but require a ballot measure and voter approval; next regular election June 2026), USDA financing (lower rates but requires NEPA review and may delay the project), and an iBank loan (lower regulatory complexity and faster timeline). Given the urgency and lack of grant funding, the committee recommended exploring iBank terms to enable financing to be in place before bids are issued.
Board discussion covered general-fund impacts and timelines; staff said they would return with a resolution to authorize iBank application and with recommended terms before any borrowing or bidding occurs. The board voted to proceed with exploring the iBank option (motion passed 5–0 to direct staff to investigate the loan option).
