Samoa Peninsula Enhanced Infrastructure Financing District (EIFD)

Overview

On June 29th 2021 the Humboldt County Board of Supervisors adopted a Resolution of Intention (Resolution No. 21-505) to establish the Samoa Peninsula Enhanced Infrastructure Finance District (Samoa Peninsula EIFD). The proposed EIFD consists of over 2,400 acres located southwest of the Samoa Bridge and will help fund infrastructure improvement and contribute to job growth and economic prosperity in Humboldt County. 

On February 15th, 2022, The Humboldt County Board of Supervisors adopted a resolution approving the Infrastructure Financing Plan (IFP) for the Samoa Peninsula EIFD.

Following three public hearing on the formation of the Samoa Peninsula EIFD the Public Financing Authority (PFA), the governing body of the EIFD, adopted a resolution to establish the Samoa Peninsula EIFD on March 1st, 2022.

At this time Staff will continue to work with community stakeholders and the PFA to identify infrastructure projects on the Samoa Peninsula, establish funding procedures, and report on available fund revenues.

What is an EIFD?

The State of California created Enhanced Infrastructure Financing Districts in 2014 as a tool for local governments to finance infrastructure projects and improvements as a replacement for state redevelopment funding. An EIFD is a special financing district, a governmental entity comprised of both public and private partners distinct from the entity which establishes it.  EIFDs can aid communities in funding a wide and diverse variety of public capital improvement projects and other projects of communitywide significance set forth in state law, by capturing and leveraging property tax increment (PTI) generated within the EIFD area. The EIFD does not impose a new tax. Added improvements gained through EIFD funding supports future development and results in increased property values. This generates increased property tax revenues from the “base year” which can then be leveraged for additional improvements.  A successful EIFD increases countywide economic growth and stability by utilizing local sustainable assets to contribute to job growth and community health.

Purpose

• Assisting with the infrastructure investment gap by allocating tax increment to provide a stable source of financing for strategic infrastructure projects, and to other eligible EIFD uses.
• Support projects with a community-wide or regional benefit
• Provide a stable source of revenue for capital investment.
• Leverage private investment.
• Support land assembly and environmental mitigation.
• Leverage outside funds, such as federal/state grants.
• Support adaptive reuse and creative reuse of existing real estate assets.
• Induce private investment where it would otherwise not occur

For more information regarding EIFDs please refer to this Resource Guide developed by The California Community Economic Development Association, or review the California Legislation: Senate Bill No. 628