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 a city or county within the downtown Sacramento geographic area to adopt a resolution, at any time before or after the adoption of the infrastructure financing plan, to allocate tax revenues of that entity to the district. The bill would specify that the allocated tax revenues could include local sales and use taxes or transactions and use taxes, if specified conditions are met.
This bill would make legislative findings and declarations as to the necessity of a special statute for the downtown Sacramento geographic area.