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Fortuna approves $50,000 to advance EFID formation, contingent on Humboldt County participation
Summary
Council authorized a $50,000 supplemental budget and contract with Cosmont to complete the final phase of forming an Enhanced Infrastructure Finance District (EFID) to capture future property-tax increment for infrastructure financing, contingent on county participation.
City staff and the consultant presented the purpose of an EFID (a financing tool that captures future property-tax increment to support major infrastructure without imposing a new tax) and described a fiscal analysis showing a $38 million present-value benefit to the city general fund and $26 million to the county over 50 years. The staff presenter said the EFID's bond capacity depends on county participation and that the council’s authorization would signal Fortuna’s intent to move forward.
Council approved a $50,000 supplemental budget and authorization for the city manager to contract with Cosmont to assist with final EFID formation contingent on Humboldt County agreeing to similar participation; staff said no city dollars would be spent to form the EFID if the county declines.
