As we have reported in the past, Governor Jerry Brown and the Legislature are moving forward to create a program that addresses the void left by the dismantling of California’s $5 billion per year Redevelopment programs.  The Governor is proposing in his budget to bring some elements of the program back.  The centerpiece of the plan is to use Infrastructure Finance Districts (IFD’s) which have taxing authority once created by voters.

Our friends at Best Best & Krieger have provided some analysis that we are happy to share:

“As part of California’s 2014-2015 budget, Governor Jerry Brown has proposed the expansion of infrastructure financing districts (IFDs), a funding mechanism for communitywide infrastructure and development projects that has not been widely used since its inception in 1990. The California Legislative Analyst’s Office (LAO) has reviewed the Governor’s proposal and made recommendations for improving the effort to broaden the use of IFDs in support of local infrastructure and economic development. Since the enactment of the Redevelopment Dissolution Act in 2011, cities and other local public agencies have sought alternative incentives for economic development and funding for infrastructure projects.”  Click here to read the full piece.

© 2007-2012 Building Owners and Managers Association of California (BOMA Cal)