VICTORY ALERT – Supervisor Kathryn Barger’s amendment to the Enhanced Infrastructure Financing District (EIFD) policy unanimously approved by LA County Board of Supervisors!
On Tuesday, the LA County Board of Supervisors voted unanimously to support Supervisor Barger’s motion to amend the Enhanced Infrastructure Finance District (EIFD)/Community Revitalization and Investment Authority (CRIA) projects policy to allow more flexibility for all 88 cities in the County to partner with LA County to finance critical infrastructure projects. EIFDs and CRIAs are critical tools for multiple public entities to collaboratively address the state’s housing crisis, infrastructure deficit, sustainability goals, and economic development needs through tax increment financing.
When the County Board of Supervisors first adopted this EIFD/CRIA policy on August 1, 2017, it required cities to have a property tax increment requirement that must equal a minimum of 15 cents ($0.15) for every dollar ($1.00) captured in the project area to evaluate EIFD & CRIA. Before Tuesday’s approved amendment, we argued back in 2017 that this ambiguous rule preemptively eliminated the opportunity for 71 cities to approach the County to participate in an EIFD.
This culminates work that BizFed leaders Larry Kosmont, Kosmont Companies and Kristine Guerrero, League of Cities have been working on for the past 18 months to advocate to local cities and the County of Board of Supervisors to understand the unintended consequence of a policy that limits the tools for local cities to address critical issues from housing, job creation and infrastructure upgrades. We thank Supervisor Barger for bringing this amendment forward.
Supervisor Barger thanked BizFed for continuing to beat the drum of aiding local cities economic development tools like these to promote a healthy and functioning economy. CLICK HERE to read BizFed’s letter to the Board of Supervisors
If you have any questions send all replies to Jerard Wright, jerard.wright@bizfed.
REMINDER TO TAKE THE BizFed PULSE POLL BY APRIL 9th!
Have you taken our annual poll yet? It takes only 7 minutes and will ensure your industry’s voice is represented. This data will shape BizFed’s priorities and inform media & policy makers throughout our region. So far, we are seeing the top 3 issues are; Taxes & Fees, Roads & Highways and Housing. However these results will change as more members take the poll.
As an alliance of 180 business groups that represent 400,000 companies and employ 3.5 million people in LA County, BizFed’s poll results are taken seriously by elected officials at every level of government. Please help us ensure that a diversity of perspectives are captured by our poll.
CLICK HERE to take the 2019 Pulse Poll
Thank you and remember that #BusinessMakesLAWork!