REPORT TO THE FRESNO EIFD PUBLIC FINANCING AUTHORITY
FROM: SANTINO DANISI, MBA, City Controller/Finance Director
Finance Department
SUBJECT
Title
Actions pertaining to the Fresno Enhanced Infrastructure Financing District (Fresno EIFD) Annual Reports for Fiscal Year 2022-2023 and 2023-2024:
(1) HEARING to Consider the Resolution to Adopt the Fresno EIFD Annual Report for the Fiscal Year 2022-2023 and 2023-2024.
(2) RESOLUTION - Adopt the Fresno EIFD Annual Report for Fiscal Year 2022-2023-2024.
Body
RECOMMENDATION
Staff recommends that the Fresno EIFD Public Financing Authority Approve a Resolution to adopt the Fresno EIFD Annual Report for Fiscal Year 2022-2023 and 2023-2024.
EXECUTIVE SUMMARY
The Fresno Enhanced Infrastructure Financing District Annual Report for Fiscal Year 2022-2023 and 2023-2024 is hereby formally submitted for adoption. This Annual Report is prepared pursuant to Government Code Section 53398.66 and presents the following information:
a) A description of the projects undertaken in the fiscal year, including any rehabilitation of structures, and a comparison of the progress expected to be made on those projects compared to the actual progress.
b) A chart comparing the actual revenue and expenses, including administrative costs, of the PFA to the budgeted revenues and expenses.
c) The amount of tax increment revenue received.
d) An assessment of the status regarding completion of the EIFD’s projects.
e) The amount of revenue expended to assist private businesses
As required by State Law, a draft Annual Report for the Fiscal Year 2023-24 was made available to the public 30 days before the public hearing. The draft Annual Report was posted on the Fresno EIFD’s website on July, 16 2024, and a written notice was mailed to all residents and landowners within the boundary of the Fresno EIFD on July 26, 2024.
BACKGROUND
The City of Fresno established the Public Financing Authority (PFA) for the Enhanced Infrastructure Financing District (EIFD) on April 23, 2020. The purpose of the PFA is to establish and implement the EIFD. The governing Infrastructure Finance Plan (IFP) was adopted by the City Council on September 17, 2020, and separately by the PFA (which includes representatives from the City) on October 7, 2020.
On January 1, 2020, California EIFD legislation was revised to incorporate Assembly Bill 116 (AB 116), which modified both the process by which EIFDs are formed and the requirements to achieve approval to issue debt secured by EIFD revenues.
Pursuant to the revised EIFD statute, the PFA conducted a series of public meetings and hearings from April 2020 through October 2020, and an ordinance was adopted to culminate the IFP approval and EIFD formation process under the updated EIFD statutory requirements.
The City of Fresno EIFD encompasses approximately 4,237 acres of land, representing approximately 5.8% of the City’s total approximately 73,400 acres. The District can be characterized as a catalyst for private sector investment and critical infrastructure with transformative potential for the EIFD area and the City of Fresno as a whole. The EIFD includes the City’s Downtown Planning Area and the southern portion of the Blackstone Avenue Bus Rapid Transit (BRT) Corridor as described in the City General Plan. It includes overlap with the Tower District Specific Plan, Fulton Corridor Specific Plan and Fresno Chandler Downtown Airport Specific Plan areas.
Land use designations in the District include residential, commercial, retail and office. The specified areas were chosen based on their capacity to benefit from catalytic infrastructure improvements with communitywide and regional benefit. It is anticipated that the EIFD will assist the funding of approximately $2.3 billion (present value dollars) in future private development of residential, commercial, retail and hotel properties, and approximately $100 million (present value dollars) in multi-modal transportation.
On an annual basis, State law requires the PFA to review the Infrastructure Financing Plan (IFP) and consider any amendments that are necessary and appropriate, require the preparation of an annual independent financial audit, and adopt an annual report documenting the status of specific elements of implementation of the IFP following a public hearing process.
ENVIRONMENTAL FINDINGS
By the definition provided in the California Environmental Quality Act (CEQA) Guidelines Section 15378, this action does not qualify as a project as defined by the CEQA requirements.
LOCAL PREFERENCE
Local preference is not applicable as this resolution does not include a bid or award of a construction or services contract.
FISCAL IMPACT
This report relates only to the submission of informational financial accounting data and calls for no approval for spending or acceptance of receipts.
Attachments:
1. Resolution No.2024-001
2. Fresno Enhanced Infrastructure Financing District Annual Report FY 2022-2023 and FY 2023-2024