Title
Fiscal Year (FY) 2025/26 Annual Report for the Aggie Square Enhanced Infrastructure Financing District and Adoption of the FY2026/27 Budget [Noticed 07/24/2026]
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FileID
File ID: 2026-01372
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Location
Location: District 5, District 6
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Recommendation
Recommendation: Conduct a public hearing and upon conclusion, pass a Motion: 1) adopting the FY2025/26 Annual Report for the Aggie Square Enhanced Infrastructure Financing District (EIFD); and 2) adopting the FY2026/27 revenue and expense budget.
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Contact
Contact: Sini Makasini, Senior Development Project Manager, (916) 808-7967, smakasini@cityofsacramento.org; Eric Frederick, Special Districts Manager, (916) 808-5129, efrederick@cityofsacramento.org; Department of Finance
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Presenter
Presenter: Sini Makasini, Senior Development Project Manager, (916) 808-7967, smakasini@cityofsacramento.org, Department of Finance; Monique Brown, Community Director, Wexford Connect Labs, (925) 323-9351, monique.brown@wefordconnectlabs.com
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Attachments
Attachments:
1-Description/Analysis
2-Annual Report FY2025/26
3-Slide Presentation
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Description/Analysis
IssueDetail
Issue Detail: On April 13, 2021, the Aggie Square EIFD Public Financing Authority (PFA) established the Aggie Square EIFD near the University of California Davis Sacramento Campus along the Stockton Blvd. corridor (Resolution No. 2021-0002). The EIFD was formed in accordance with Chapter 2.99 of Part 1 of Division 2 of Title 5 of the California Government Code (commencing with Section 53398.50) (EIFD Law) for the purpose of financing certain public infrastructure improvements in support of a new mixed-use innovation and research center.
Annual Report: Section 53398.66(j)(2) of the EIFD Law requires that the PFA adopt an annual report within seven months of the close of each fiscal after holding a public hearing. The Aggie Square EIFD Annual Report for the Year Ending June 30, 2026 (Annual Report) contains all the information required by the EIFD Law and is included as Attachment 2. In addition, the Annual Report was made available to the public on July 24, 2026, and written notification of such availability was sent to each owner of land within the EIFD boundaries, all as required by the EIFD Law.
FY2026/27 EIFD Budget: The first EIFD revenue was received in 2023. Because construction had not started when the equalized tax roll was completed, the increase in assessed value within the EIFD was two percent as expected in the early years. However, due to the commencement of construction in the fall of 2024, the assessed value has increased significantly. As of the date this report was made available to the public, all on-site improvement projects listed in the attached infrastructure facilities list of the Annual Report, with the exception of affordable housing development, have been completed as reported by the Developer. The City, has verified that 95% of the off-site improvements in the City right-of-way have been completed. The estimated revenue from both property tax increment and vehicle in lieu fees for FY2026/27 is $1,710,360 as detailed in Attachment 2.
Infrastructure Financing Plan: Section 53398.66(j)(1) of the EIFD Law requires that the PFA review the Infrastructure Financing Plan (IFP) and make any necessary and appropriate amendments. The IFP was adopted via Resolution No. 2021-0002 and included the methodology to distribute revenue and the facilities to be funded. Last year the PFA approved an amendment to the IFP to increase Wexford’s maximum authorized reimbursement amount for EIFD eligible facilities by $720,000, for a total authorized reimbursement of $30,720,000. This year, under a separate report, the PFA will consider whether an additional amendment to the IFP is necessary and appropriate to clarify the payment of development impact fees as an eligible financing method that may be used by the EIFD. The facilities to be funded by the EIFD shall have a tangible connection to the work of the Aggie Square EIFD as described in the IFP. End
PolicyConsiderations
Policy Considerations: The recommended actions will satisfy the annual reporting, budgeting, and IFP review requirements outlined in the EIFD Law.
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EconomicImpacts
Economic Impacts: Not applicable.
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EnvironmentalConsiderations
Environmental Considerations:
California Environmental Quality Act (CEQA): Under CEQA Guidelines, administrative activities of the EIFD do not constitute a project and are therefore exempt from review (14 Cal. Code Regs. §15378(b)(4) and (5)).
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Sustainability
Sustainability: Not applicable.
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Commission/Committee Action
Commission/Committee Action: Not applicable.
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RationaleforRecommendation
Rationale for Recommendation: The actions in the staff report are necessary for the administration of the EIFD.
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FinancialConsiderations
Financial Considerations: Adoption of the Annual Report is necessary to allow the PFA to make expenditures of the funds collected in FY2026/27. With the adoption of the FY2026/27 budget, all revenues will remain in fund balance until utilized for authorized expenditures.
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LocalBusinessEnterprise
Local Business Enterprise (LBE): Not applicable.
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