County of Los Angeles Board of Supervisors Authorizes L.A. County’s First Enhanced Infrastructure Financing District in Collaboration with the City of La Verne
On January 14, 2020, the Los Angeles County Board of Supervisors unanimously approved financial participation in the City of La Verne’s Enhanced Infrastructure Financing District (EIFD), announced Mayor Don Kendrick.
The State of California created Enhanced Infrastructure Financing Districts in 2015 as a tool for local governments to finance infrastructure projects and improvements as a replacement for state redevelopment funding. EIFDs do not impose new taxes, but instead rely on tax increments from interested agencies and jurisdictions.
Since the location of the Gold Line station was identified, the City of La Verne has been focused on how to maximize benefits of the light rail system for all its partners. The Old Town La Verne Specific Plan created a road map and now the EIFD provides the tools necessary to facilitate the level of development that will serve the La Verne community for years to come.
With the County’s action, they become an integral member and will give the City of La Verne access to over $50 million that will help facilitate the anticipated development. The City has been working in partnership with the University of La Verne and Fairplex on a shared vision that will ensure the development expected with the new rail line station will enhance the value of the community’s existing assets.
With the City and County’s contribution, La Verne’s EIFD will be used to fund over $33 million in public improvements that will pave the way for redevelopment of the area along Arrow Highway including the northern section of the Fairplex campus. This development is anticipated to include nearly 100,000 square feet of retail space, a 150,000 square-foot business park, a 150-bed hotel, and 1,700 market rate and affordable housing units. This growth will also bring hundreds of jobs to the local community.
“Today’s action by the Board of Supervisors caps several years of collaboration between the County of Los Angeles and the City of La Verne, who have worked together to identify common public investment needs, boost private investment, and leverage funding to finance projects,” Supervisor Kathryn Barger said. “This is a prime example of what we can accomplish to serve our residents and local businesses by effectively stretching the value of each dollar.”
The Metro Gold Line Foothill Extension spurred the City of La Verne to pursue the EIFD. Construction has already begun to extend the Gold Line light rail service from the existing terminus in Azusa to Pomona with a station in La Verne. There are also plans to eventually extend service across County lines to Montclair.