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EIFD
Background
With the completion of the Main Street Plan the Town explored ways to make the Plan become a reality. One of the major issues noted in the Main Street Plan was the lack of comprehensive snow management and parking strategies. To respond to this issue the Town completed a Parking and Snow Management Feasibility Study in July of 2014 to look at ways to address funding for parking and snow management throughout the Main Street area and the rest of town.
The Parking and Snow Management study made several recommendations for funding improvements to parking and snow management functions in Mammoth Lakes. Two of the recommended actions were to form a Property-Based Improvement District (PBID) and/or an Infrastructure Financing District (IFD). (Please note that Infrastructure Financing Districts were the subject of recent changes by the State of California and are now called Enhanced Infrastructure Financing Districts (EIFDs)). The Town Council directed staff to move forward with a consulting contract to explore these two funding options but did not allocate any funding to the project and recommended that the private sector fund the process. The Town received donations in excess of $12,000 which has allowed the Town to enter into a limited contract with Jamie Licko of Centro Inc. to assist in this work effort.
Although the Parking and Snow Management Study recommended forming both a PBID and an EIFD, because of funding limitations and participant interest, staff will be exploring only an EFID at this time. There may be exploration of a PBID in the future and, if so, staff will bring that discussion to the Town Council for consideration.
What is a PBID?
A PBID is a quasi-governmental entity utilized to foster the growth of commercial business districts. As a financing mechanism, PBIDs are used to provide revenue for a variety of local improvements and services that enhance, not replace, existing municipal services. The PBID is self-imposed and self-governed and must be supported by private sector businesses and property owners to be established.
For more information about the details of a PBID please see the PBID section of the Parking and Snow Management Feasibility Study which starts on Page 11.
What is an EIFD?
With the dissolution of Redevelopment Agencies, a little known piece of California law allowing for the creation of Enhanced Infrastructure Financing Districts (EIFDs) is being revived, and cities are now seeing the EIFD tool as an innovative way to fund infrastructure and important public facilities. The EIFD tool differs from Redevelopment in that it cannot take money from schools and does not take money from local governments without their agreement. Rather, local governments have the option of participating or not. This allows them to determine their level of participation, gives them a voice in whether to contribute to the projects the EIFD is proposing to pay for, and allows them to decide how their contribution will be used. This proactive participation in an EIFD allows taxing bodies to leverage future tax revenues in the short-term to invest in important public infrastructure that has a multiplier effect on tax revenues in the future. This ultimately benefits the taxing bodies by putting more tax dollars in their coffers in the long-term. Another key difference is that IFDs require voter approval, whereas with Redevelopment, city councils typically decide on projects without going to the electorate.
In September of 2014, the State of California enacted new regulations regarding EIFD's (formerly known as IFD's). The State prepared an EIFD Guide which summarizes the new regulations. For additional information about EIFD's please see the EIFD section of the Parking and Snow Management Feasibility Study which starts on Page 17 of the document.
On January 13, 2014, a California non-profit, Meeting of the Minds, hosted webinar titled New Infrastructure Financing Tools for California: Local Infrastructure Financing Authority. The webinar and associated PowerPoint provide information regarding the changes to the EIFD law that took effect January 2015. The webinar is available for viewing on the Meeting of the Minds website. Additionally, the PowerPoint presentation is available for review.
October 27, 2014 Joint Town Council/Planning & Economic Development Commission Meeting
The EIFD consultant, Jamie Licko of Centro Inc., discussed the EIFD process with the Town Council and Planning & Economic Development Commission on Monday, October 27, 2014. The recorded meeting is available online for review.
Materials for the October 27th Town Council meeting
October 27th PowerPoint Presentation
February 26, 2015 Joint Town Council/Planning & Economic Development Commission Meeting
The EIFD consultant, Jamie Licko of Centro Inc., discussed meetings that she had attended with staff members from Mono County, Mammoth Lakes Fire Protection District, and Mammoth Community Water District. As a result of these meetings Ms. Licko will be returning to Mammoth Lakes in mid-May to discuss the EIFD with the Boards of these agencies. The February 26, 2015 meeting is available online for review.
Materials for the February 26, 2015 Town Council meeting
Future Meetings
The Town will update this webpage when additional meetings regarding the EIFD are scheduled. If you have any questions about this project please contact Sandra Moberly, Community and Economic Development Director at (760) 965-3633.