La Verne Enhanced Infrastructure Financing District (EIFD)
The City of La Verne has established an Enhanced Infrastructure Financing District (EIFD) near the City’s future Gold Line light rail station at E Street and Arrow Highway with a sub-area near Wheeler Avenue and Arrow Highway. The purpose of this district is to establish a funding mechanism that can facilitate the construction of infrastructure improvements in these areas. The establishment of the EIFD will not result in any new taxes or fees to the property owners.
The property tax increment (the amount above the property taxes collected in the base year (2017/2018)) that the City receives would be specifically restricted to pay for the 14 identified infrastructure projects listed in the Infrastructure Financing Plan (IFP) at an estimated cost of $33 million. These infrastructure improvements include utility upgrades, undergrounding of overhead utilities, street improvements, pedestrian connectivity, and aesthetic improvements including landscaping and lighting upgrades.
Bonds would be issued that would pay for these projects once new development occurs in the District. The idea is by having the improvements in place sooner it will spur development to occur faster, which in turn will help to pay for more of the identified projects.
The City Council has established a separate body, the Public Financing Authority (PFA), to oversee the creation of the EIFD and who was responsible for the adoption of the final IFP. The PFA will be responsible for the issuance of the bonds in the future as well.
Related documents to La Verne’s Enhanced Infrastructure Financing District are provided below.