Official Summary Text
AB 417, Carrillo.
Local finance: enhanced infrastructure financing districts: community revitalization and investment authorities.
(1) Existing law authorizes the legislative body of a city or a county to designate a proposed enhanced infrastructure financing district to finance public capital facilities or other specified projects, including acquisition, construction, or repair of commercial structures by the small business occupant of such structures, if such acquisition, construction, or repair is for purposes of fostering economic recovery from the COVID-19 pandemic, as specified, with a governing body referred to as the public financing authority, by adopting a resolution of intention to establish the proposed district.
This bill would revise these provisions to instead authorize the designation of a proposed enhanced infrastructure financing district to finance capital facilities or other specified projects for the acquisition, construction, or
repair of commercial structures by the small business occupant of such structures, as described above, if such acquisition, construction, or repair is for purposes of fostering economic recovery of a community, as specified.
Existing law requires the public financing authority of an enhanced infrastructure financing district to hold a meeting and 3 public hearings on a proposed infrastructure financing plan, as provided. Existing law requires the public financing authority to review the enhanced infrastructure financing plan at least annually and to make any amendments, as specified. Existing law authorizes amendments to an approved infrastructure financing plan, as described, subject to approval by a majority vote of the governing board at a public hearing held following the provision of a 30 day mailed notice, as described. Existing law requires amendments that propose the increase of the limit of the total number of dollars in local taxes allocation to the plan
to be adopted in accordance with all notices and hearing requirements for the affected landowners and residents within the proposed additional territory applicable to an initial proposed enhanced infrastructure financing plan.
This bill would instead authorize the amendments, as specified, or the addition of a participating taxing entity and its representatives as members of a public financing authority after the date of district formation, to be approved by a majority vote of the public financing authority at a public hearing held following the provision of a 30-day mailed notice, as described above. The bill would instead require amendments that propose the increase of the limit of the total number of dollars in local taxes allocation to the plan, except where the increase is the result of an affected taxing entity agreeing to participate in the existing district and the plan is amended, as specified, to be adopted in accordance with all notices and hearing
requirements, as described above.
Existing law requires a public financing authority to adopt an annual report on or before June 30 of each year after holding a public hearing.
This bill would instead require a public financing authority to adopt an annual report within 7 months of the close of each fiscal year after holding a public hearing.
If, after the date of district formation, an affected taxing entity adopts a resolution approving the plan and to participate in the division of taxes used to finance an enhanced infrastructure financing district, existing law requires the division of taxes to be based upon the last equalized assessment roll that is used for the district, as specified.
This bill would additionally authorize an affected taxing entity to, at any time after the date of district formation, approve the plan and participate
in the division of taxes used to finance the activities of a district, by adopting a resolution of the governing body.
(2) Existing law authorizes the creation of community revitalization and investment authorities, as specified, to carry out a community revitalization plan within a community revitalization and investment area. Existing law requires not less than 70% of the land calculated by census tracts, census block groups, as defined, or any combination of both within the area to be characterized by specified conditions, including the annual median household income that is less than, at the option of the authority, 80% of the statewide, countrywide, or citywide annual median income and three of four conditions, including deteriorated commercial or residential structures.
This bill would instead require not less than 60% of the land calculated by census tracts, census block groups, as defined, or
any combination of both within the area to be characterized by either of the two specified conditions, including the annual median household income that is less than, at the option of the authority, 80% of the statewide, countrywide, or citywide annual median income or three of four conditions, including deteriorated commercial or residential structures. The bill would make related technical, nonsubstantive changes.
Existing law requires a community revitalization authority to consider adoption of a community revitalization plan at 3 public hearings, as specified. Existing law requires a community revitalization authority to post a notice of each meeting or public hearing, as specified, in an easily identifiable and accessible location on the authority’s internet website and to mail a written notice of the meeting or public hearing to each owner of land and each resident at least 10 days prior to the meeting or public hearing. Existing law also requires notice of
each public hearing to be published in a newspaper of general circulation, as specified.
This bill would instead require a community revitalization authority to consider adoption of a community revitalization plan at 2 public hearings, as specified, and would make conforming changes. As an alternative to mailing separate mailed notices prior to the meeting or public hearing, the bill would authorize the authority to mail a notice to each landowner, resident, and affected taxing entity at least 40 days before the meeting, as specified. The bill would require the designated contact person, as described, to assemble and maintain an email contact list of all landowners, residents, and other interested parties who have expressed interest in receiving information and materials. Except for the newspaper notices, as described above, the bill would require a notice required by the above-described provisions to be provided in English and in all other languages spoken jointly
by 20% or more of the population in the jurisdiction of the county of the proposed authority that speaks English less than “very well” and jointly speaks a language other than English, as specified.