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File #: 2020-589    Version: 1 Name:
Type: Consent Status: Agenda Ready
File created: 8/17/2020 In control: City Council
On agenda: 9/15/2020 Final action:
Title: CONSIDER RESOLUTION NO. 20-140 AMENDING THE FISCAL YEAR 2020-21 BUDGET IN THE AMOUNT OF $115,000 FOR THE PURPOSE OF CARSON ENHANCED INFRASTRUCTURE FINANCING DISTRICT (EIFD) FORMATION AND AUTHORIZE CERTAIN OTHER ACTIONS RELATED THERETO (CITY COUNCIL)
Attachments: 1. Exhibit No. 1 - Budget Resolution No. 20-140 (Planning Professional Services)
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Report to Mayor and City Council
Tuesday, September 15, 2020
Consent


SUBJECT:
Title
CONSIDER RESOLUTION NO. 20-140 AMENDING THE FISCAL YEAR 2020-21 BUDGET IN THE AMOUNT OF $115,000 FOR THE PURPOSE OF CARSON ENHANCED INFRASTRUCTURE FINANCING DISTRICT (EIFD) FORMATION AND AUTHORIZE CERTAIN OTHER ACTIONS RELATED THERETO (CITY COUNCIL)

Body
I. SUMMARY

The City has been considering the formation of the Carson Enhanced Infrastructure Financing District ("EIFD") for the past several years. On December 3, 2019, the City adopted Resolution No. 19-192 to declare intention to establish the Carson EIFD to preserve the possible option of forming the EIFD under pre-AB 116 rules, pending legislative clarification of AB 116. To date, no legislative clarification has been provided by the State's Legislative Analyst's Office whether the City is able to form the EIFD under the pre-AB 116 procedures if it adopted a Resolution of Intent prior to the effective date of the new AB 116. Staff has previously expressed no opinion which EIFD formation procedures (pre-AB 116 or AB 116) were preferable. However, should Council decide to move forward with the formation of Carson EIFD at this time, the EIFD working group consisting of staff, the City Attorney's Office, and Kosmont Companies is now recommending the formation under the AB 116 procedures.
Additionally, throughout this year, the EIFD working group has reached out to the County of Los Angeles ("County") to jointly form the Carson EIFD. The County is forming an EIFD in the unincorporated area to the west called the West Carson EIFD. While the County initially expressed interest and continues to express interest in participating in the Carson EIFD, the County is not expected to provide a definitive determination on its preparedness to jointly form the EIFD in the near future. EIFDs are most effective when other taxing agencies participate. Otherwise, the EIFD can only pledge City's property tax for infrastructure expenditur...

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