Title:
Title
Resolution of Intention to Establish an Enhanced Infrastructure Financing District for the Stadium Area of the Railyards
End
FileID
File ID: 2019-00978
Location
Location: District 3
Recommendation:
Recommendation
Adopt a Resolution of Intention to establish an Enhanced Infrastructure Financing District (EIFD) for the Stadium Area in the Downtown Sacramento Railyards (Railyards).
Contact: Eric Frederick, Program Specialist, (916) 808-5129; Sheri Smith, Special Districts Manager, (916) 808-7204, Department of Finance
Body
Presenter: None.
Attachments:
1-Description/Analysis
2-Schedule of Proceedings
3-Resolution of Intention
4-Exhibit A: EIFD Boundaries
5-Exhibit B: List of Authorized Facilities
Description/Analysis
Issue Detail: On April 9, 2019, City Council approved the Sacramento Major League Soccer Stadium Preliminary Term Sheet (Term Sheet) between the City and a private investor group (Resolution No. 2019-0112). The Term Sheet provides a framework for a public-private partnership for the construction and operation of a new multi-purpose stadium and investment in critical Railyards infrastructure.
One element of the Term Sheet is the formation of an EIFD to finance public infrastructure improvements that support broad development within the EIFD boundaries. An EIFD is a type of special financing district that utilizes a portion of tax increment revenue from a specific area to finance capital facilities or other specified projects of communitywide significance. The California Legislature authorized the formation of EIFDs in 2014 through Senate Bill 628, and the statutory framework for EIFDs is codified in Chapter 2.99 of Part 1 of Division 2 of Title 5 of the California Government Code (commencing with Section 53398.50) (EIFD Law).
Pursuant to EIFD Law, proceedings for the establishment of an EIFD are instituted by Council adopting a Resolution of Intention (ROI). In addition to stating the City's intent to form the EIFD, t...
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