West Sacramento Adopts the State's First EIFD
On June 28th, the City of West Sacramento officially formed the State's first Enhanced Infrastructure Financing District (EIFD). KMA was the financial advisor to the City and provided guidance throughout the formation process by testing feasibility of establishing an EIFD. Additionally, KMA evaluated the revenue-generating capacity of the proposed EIFD, prepared the Infrastructure Financing Plan (IFP), and assessed the fiscal impacts of anticipated new development.
The EIFD is comprised of fourteen subareas, encompassing approximately 4,144 acres, whcih represents 25% of the entire City. Additionally, significant portions of the former RDA are included within the boundaries of the EIRD, as well as the Bridge District.
The EIFD is projected to generate sufficient revenues to fund up to $1.1 billion of public facilities.
The City of West Sacramento had used California redevelopment law extensively over the past 25+ years to stimulate economic development throughout the City. Following the State's dissolution of redevelopment, the City was seeking to leverage all available tools and incentives to continue these important revitalization efforts and fund needed capital improvements.
KMA has extensive experience in preparing financing plans for public improvements and unmatched experience in preparing IFD financing plans. KMA prepared the financing plans for the following formed districts: City of West Sacramento EIFD, Treasure Island IRFD, Historic Core Pier 70 EWIFD, Rincon Hill IFD, and Legoland IFD. For more information, please click here.