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Carson EIFD board adopts annual report as revenues lag early projections
Summary
The Carson Enhanced Infrastructure Financing District’s board adopted its annual report June 15 after a Cosmont consultant reported FY receipts of roughly $830,000—about 60% of the original projections—while $1.63 million has accumulated and allocations for affordable housing and the Victoria Golf Course remain reserved.
The Carson Enhanced Infrastructure Financing District Public Financing Authority on June 15 adopted its annual report after a consultant reported that current-year receipts were running well below the district’s original projections.
Joe Dieguez of Cosmont told the board the annual report in the agenda packet showed revenue for the fiscal year at about $779,000 but that additional allocations since publication had raised that figure to roughly $829,000; he estimated the year would close near $830,000, “which is just shy of 60% of the original projections.” Dieguez said the district has about $1,630,000 accumulated in total revenue to date.
The report also documents how district receipts are set aside under the infrastructure financing plan: 20% is reserved for affordable housing (about $166,000 on the current-year receipts), roughly 40% is designated for Victoria Golf Course remediation and related projects (about $332,000), and the remaining roughly 40% is available for other EIFD activities, including infrastructure projects and programs.
Board members pressed staff and the consultant on why revenues were below early forecasts. Board member Dier noted prior presentations that had shown a robust development pipeline and asked whether projects had failed to move forward. Dieguez and Nathan, the city’s community development director, pointed to delayed project starts, higher interest rates and construction costs and said assessed-value gains typically appear only after projects receive certificates of occupancy. Nathan said staff expects revenues to rise in the coming fiscal years as pipeline projects advance.
On the use of the affordable housing set-aside, Dier asked for more transparency about likely projects; Nathan said the city owns several properties, is negotiating with affordable-housing developers and would return to the board with requests if and when deals mature enough to warrant disbursements. For the Victoria Golf Course, Dieguez and staff said county expenditures would require a reimbursement agreement and might also require an amendment to the infrastructure financing plan.
The board moved to adopt Resolution No. 206-001 accepting the annual report. The motion was made by Board member Dier and seconded by Vice Chair DeRozes; the board recorded the motion as passed.
