Report to Mayor and City Council
Wednesday, March 06, 2024
Consent
SUBJECT:
Title
CONSIDER APPROVAL OF AN ADMINISTRATIVE REIMBURSEMENT AGREEMENT BETWEEN THE CITY OF CARSON AND THE CARSON ENHANCED INFRASTRUCTURE FINANCING DISTRICT (CITY COUNCIL)
Body
I. SUMMARY
Since 2017, the City of Carson ("City") initiated efforts to form the Carson Enhanced Infrastructure Financing District ("Carson EIFD"). The initial efforts led by the City include preparing an EIFD feasibility analysis, conducting outreach to potential public partners, and initiating formation efforts. In 2020, the County of Los Angeles ("County") expressed its intent to participate as a taxing entity to the Carson EIFD by adoption of a resolution. The efforts led by the City, and in partnership with the County, has resulted in the successful formation of the Carson EIFD.
The newly formed EIFD aims to support needed public infrastructure, low and moderate income and workforce housing, rehabilitation, and environmental mitigation and remediation of brownfields of properties as described by the adopted Infrastructure Financing Plan ("IFP"). However, the Carson EIFD does not have any personnel, official equipment, or other facilities necessary to conduct its essential operations and to carry out its remediation and project development programs. The City is best positioned to aid the Carson EIFD in the form of personnel and City services in order for the Carson EIFD to function efficiently and to fulfill the purposes for which it was formed.
Attached for the City Council's approval is the Administrative Reimbursement Agreement ("Agreement") (Exhibit No. 1) which allows the City to provide certain administrative services to the Carson EIFD provided that the Carson EIFD reimburse the City for such services. This Agreement was previously approved by the Carson EIFD Public Financing Authority ("PFA") at its annual meeting on June 12, 2023.
II. RECOMMENDATION
Recommendation
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