Existing law authorizes the legislative body of a city or a county, defined to include a city and county, to establish an enhanced infrastructure financing district to finance public capital facilities or other specified projects of communitywide significance, as provided. Existing law provides for the preparation of a proposed infrastructure financing plan, as provided, which takes effect upon adoption by the public financing authority of the district following a specified public hearing and protest procedure. Existing law authorizes the infrastructure financing plan to provide for the division of taxes levied on taxable property in the area included within the district, as specified, and authorizes the public financing authority to issue bonds by adopting a resolution containing specified provisions, including a determination of the amount of tax revenue available or estimated to be available for the payment of the principal of, and interest on, the bonds.
This bill, the California Capital City Downtown Revitalization Act, would authorize the City or County of Sacramento to create an enhanced infrastructure financing district within the downtown Sacramento geographic area. The bill would authorize an affected taxing entity located entirely, or in part, in the County of Sacramento to opt in to the district, and would authorize the district to accept state funds.
This bill would make legislative findings and declarations as to the necessity of a special statute for the downtown Sacramento geographic area.