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Committee forwards EIFD to finance infrastructure for 3333 and 3700 California Street developments
Summary
The committee advanced a resolution to form an Enhanced Infrastructure Financing District to capture incremental property tax for two California Street projects (3333 and 3700 California) to finance streets, utilities, open space and affordable housing; staff said 50% of net new property tax revenue is proposed for the district and a net fiscal benefit analysis was completed.
The Budget & Finance Committee on Jan. 14 voted to forward to the full Board a resolution approving an infrastructure financing plan (IFP) and formation documents for an Enhanced Infrastructure Financing District (EIFD) covering the 3333 and 3700 California Street projects.
Leigh Lutenski of the Office of Economic and Workforce Development told the committee…
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