La Verne Enhanced Infrastructure Financing District (EIFD)
The City of La Verne has initiated a process to establish 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.
Once established, the property tax increment (the amount above the property taxes collected in the base year (expected to be 2017)) 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 to eventually consider the attached IFP and the associated environmental determination (Notice of Exemption) at a public hearing. Any member of the public may attend this meeting and support or object to any portions of the proposed IFP or formation of the EIFD. In addition, upon request, we would be happy to meet with you prior to the public hearing.