Placentia Partners with the County of Orange on an Enhanced Infrastructure Financing District

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C i t y  o f  P l a c e n t i a

Press Release

 

 For Immediate Release

April 24, 2019

Damien R. Arrula

City of Placentia

(714) 993-8264

administration@placentia.org

 

PLACENTIA PARTNERS WITH THE COUNTY OF ORANGE ON THE ESTABLISHMENT OF AN ENHANCED INFRASTRUCTURE FINANCING DISTRICT (EIFD) TO HELP FUND INFRASTRUCTURE IMPROVEMENTS

PLACENTIA, CA – At the April 23, 2019 meeting for the Orange County Board of Supervisors, the Board Members approved a partnership to participate in an Enhanced Infrastructure Financing District (EIFD) with the City of Placentia. This is one of four EIFDs established in California, and the first EIFD in the State to involve a partnership between a city and county for improved infrastructure.

The City of Placentia and the Southern California Association of Governments (SCAG) have been working on a comprehensive plan for the establishment of an EIFD in Placentia. With the County’s support, Placentia’s EIFD will help finance public infrastructure improvements near the upcoming Metrolink Station, Placentia Old Town area, and Transit-Oriented Development District near the 57 and 91 freeways.

Championed by Mayor Rhonda Shader, Mayor Pro Tem Ward Smith, and Councilmember Chad P. Wanke, the Placentia City Council approved a resolution supporting the establishment of the EIFD on February 19, 2019. “With this County partnership, the City will be able to produce over 1,600 new units of housing, create 3,900 construction jobs, and over 1,100 permanent jobs at full build out,”said Mayor Rhonda Shader.

“Infrastructure improvements remain a top priority for Placentia citizens,” said Mayor Pro Tem Ward Smith. “With the establishment of an EIFD, we will be able to allocate funding towards infrastructure projects that will help revitalize and improve our community.”

“I am proud that Placentia and the County of Orange were able to unite in forming the first City- County EIFD in the State which will spur regional economic development,” said Councilmember Chad Wanke.

“The EIFD is a unique partnership that prioritizes infrastructure projects in the Old Town area while also maintaining fiscal responsibility to the tax payers,” said City Administrator Damien R. Arrula.

Municipalities throughout California have been hamstrung in their ability to finance infrastructure improvements, economic development and affordable housing since the elimination of redevelopment agencies in 2011. Tax-increment financing programs such as EIFDs allow communities to utilize anticipated increases in future property tax revenues to pay for infrastructure projects, with no increase in residents’ property taxes. For this reason, Governor Newsom emphasized in his recent budget proposal that EIFDs should be made easier to establish by communities throughout California. Placentia, Orange County and SCAG are proud to partner to facilitate the first of its kind EIFD in California and hope that other cities in the State follow the City’s lead in the area.

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