Otay Mesa EIFD Formation Initiated by San Diego City Council
On February 7th, the San Diego City Council unanimously approved two resolutions that initiated the establishment of an EIFD for the Otay Mesa Community of San Diego. This will be one of the State's first Enhanced Infrastructure Financing Districts, and will help provide vital infrastructure in Otay Mesa, a large Community Planning Area along the international border with an estimated 2,000 open acres of land. KMA advised the City on the establishment of the EIFD and prepared the draft Infrastructure Financing Plan.
According to the San Diego Union Tribune, the EIFD would yield "nearly $800 million in estimated property tax increment over the next 45 years for badly needed infrastructure projects that are expected to accelerate economic development and job growth in Otay Mesa." With the demise of redevelopment in California, EIFDs have emerged as a property tax increment financing tool available to fund public facilities. KMA has been a leader in formation of EIFDs and is currently assisting other jurisdictions throughout the State in their adoption. To find out more about KMA's experience with infrastructure finance tools please click here.