Salinas symposium spotlights community investment, 63‑20 bonds and 'Main Street' capital

A session on creative procurement and financing brought three strands together for Salinas leaders: community investor activation, progressive delivery with nonprofit bond sponsors, and tax‑increment/value capture tools.

Dr. Stephanie Grippney (Impact Finance Center) proposed activating local personal, foundation and donor capital to co‑invest in infrastructure through community notes, cosigners and nonprofit intermediaries — an approach she said has produced pilots that grew dozens of new, locally focused investors. "If you could take 1% of your 401(k) or IRA and invest it in Salinas, you would have the capital you need," Grippney said, framing the idea as complementary to taxes and bond markets rather than a replacement.

Craig Hill (NHA Advisors) and Erin Birkenkopf (Public Facilities Group) explained delivery and tax‑exempt debt mechanics that make such models practical: progressive design‑build and 63‑20 bond structures allow a not‑for‑profit sponsor to issue tax‑exempt debt, lease the facility to the city for the debt term and transfer ownership to the city at maturity — insulating the city from construction cost overruns and enabling faster delivery of civic facilities.

Speakers stressed this is not an off‑the‑shelf fix: investor education, an 'easy‑button' intermediary, safety‑net guarantees for retail investors and careful alignment with existing public grant opportunities are prerequisites. Salinas has options on the table — including tax increment or infrastructure financing districts and value‑capture zoning — to combine public and private capital and accelerate projects that meet local priorities.

Salinas officials were encouraged to run a small pilot (identify 50 committed local investors and one or two pilot projects) while pursuing other public money and district tools to scale projects across the city.