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At its meeting on June 6, the La Verne City Council and the Joint Public Financing Authority (JPFA) Board of Directors adopted Resolution 22-32 to initiate the financing of the first Enhanced Infrastructure Financing District (EIFD) projects. The EIFD area covers the City’s future L Line (formerly known as the Gold Line) rail station at E Street and Arrow Highway with a sub-area near Wheeler Avenue and Arrow Highway.
Since 2020, staff has collaborated with the EIFD’s governing board to evaluate the priority projects, determine cost estimates and identify funding sources. The EIFD receives revenue by the incremental property tax generated within its designated area, which takes time. To expedite the initiation of the projects, the City Council approved leasing the City’s Main Corporate Yard to the JPFA and authorized the City to issue bonds to pay for the initial work. The City’s lease payments will be used to repay the obligation over a 20-year term, and EIFD will reimburse the City at a later date.
“This is a major step forward as we work toward improving our infrastructure and enhancing accessibility for residents,” said City Manager Bob Russi. “La Verne is very proud to be the first to execute this type of bond in the state, which shows our staff’s dedication to continued progress and growth.”
The EIFD was created in 2017 to fund over $33 million in projects anticipated to support future L Line riders, as well as facilitate the Transit Oriented Development that will enhance the experience of L Line riders. These improvements include utility upgrades, undergrounding of overhead utilities, street improvements, pedestrian connectivity and aesthetic improvements, including landscaping and lighting upgrades. The EIFD’s creation did not result in new taxes or feed for property owners; instead, the City will fund these projects through Tax Increment Financing (TIF).
Several projects have been deemed a priority and are anticipated to be completed prior to the L Line becoming operational. This work includes the pedestrian bridge, which is funded through grants and federal dollars, and the connectivity work needed to facilitate movement between Old Town and University of La Verne’s main campus to the L Line station. This is generally E Street to Second and Second to D Street. The connectivity work and Arrow Highway improvements are expected to be funded through the approved bond.
For more information about the EIFD and project updates, visit the City’s website.
Contact: Eric Scherer, Community Development DirectorTelephone: (909) 596-8706