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Council hears CMFA 'BOLD' program pitch as possible tool for developer-funded infrastructure
Summary
In a workshop staff and a CMFA adviser presented the BOLD (Bond Opportunities for Land Development) program, which would let developers form CMFA-managed CFDs to fund infrastructure and impact fees; council asked for outreach to builders before any formal approval.
City staff and a representative of the California Municipal Finance Authority briefed the Fresno City Council on May 7 about the BOLD program, a CMFA-managed option that lets developers form community facilities districts (CFDs) through CMFA to finance public improvements and impact fees.
Travis Cooper, a CMFA financial adviser, told the council ‘‘BOLD stands for Bond Opportunities for Land Development’’ and described how CMFA forms CFDs, screens eligible improvements (streets, utilities, parks, school fees), and issues bonds on a pooled or standalone basis when projects are ready. Staff said there is no upfront cost to the city and that administrative costs are reimbursed by the developer; CMFA shares a portion of issuance fees with the local agency.
Council members asked for additional outreach to the building industry and a fuller explanation of when the city’s existing tools (developer-financed improvements and performance bonds) may or may not make BOLD useful. Several councilmembers said they were open to adding another tool to accelerate infrastructure delivery for housing and community projects but asked for developer input before returning a resolution for formal approval.
