Samoa Peninsula Enhanced Infrastructure Finance District
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.
An initial public hearing on the establishment of the Samoa Peninsula EIFD will occur at 3:00pm on October 14th, 2021, in the Humboldt County Board of Supervisors’ Chambers at 825 Fifth Street, Eureka, California. This is an opportunity for the Samoa Peninsula EIFD Public Financing Authority to hear written and oral comment from the public on this matter.
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.
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