Title:
Title
Establishing the City of Sacramento Stadium Area Enhanced Infrastructure Financing District and Adoption of an Infrastructure Financing Plan (Noticed 11/05/2019, 11/12/2019, 11/19/2019, & 11/26/2019)
End
FileID
File ID: 2019-01620
Location
Location: District 3
Recommendation:
Recommendation
Conduct a public hearing and upon conclusion, adopt a Resolution establishing the Sacramento Stadium Area Enhanced Infrastructure Financing District (EIFD) and adopting the Sacramento Stadium Area EIFD Infrastructure Financing Plan (Plan).
Contact: Eric Frederick, Program Specialist, (916) 808-5129; Sheri Smith, Special Districts Manager, (916) 808-7204, Department of Finance
Body
Presenter: Eric Frederick, Program Specialist, (916) 808-5129, Department of Finance
Attachments:
1-Description/Analysis
2-Schedule of Proceedings
3-Resolution
4-Exhibit A - Sacramento Stadium Area EIFD Infrastructure Financing Plan
Description/Analysis
Issue Detail: On July 23, 2019, City Council adopted a Resolution of Intention (ROI) proposing to establish an EIFD for the Stadium Area of the Downtown Sacramento Railyards (Railyards) (Resolution No. 2019-0282). The formation of an EIFD to finance public infrastructure improvements was one element of the Sacramento Major League Soccer (MLS) Stadium Preliminary Term Sheet (Term Sheet) approved by City Council on April 9, 2019 (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.
Pursuant to the ROI, the Stadium Area EIFD Public Financing Authority (PFA) was established as the governing board of the EIFD. On September 24, 2019, the PFA ordered the preparation of the Plan, the statutory requirements of which are 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).
In ac...
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