AB 1568: Enhanced infrastructure financing districts.

Existing law establishes procedures for the formation of infrastructure financing districts, enhanced infrastructure financing districts, infrastructure and revitalization financing districts, and community revitalization and investment authorities, as specified, to undertake various economic development projects, including financing public facilities and infrastructure, affordable housing, and economic revitalization. Existing law authorizes an infrastructure financing plan or a community revitalization and investment plan to provide for the division of taxes levied upon taxable property, if any, between the affected taxing entities, as defined, and the district or authority.

This bill would enact the Neighborhood Infill Finance and Transit Improvements Act, which would authorize a city, county, or city and county to adopt a resolution, at any time before or after the adoption of the infrastructure refinancing plan, to allocate specified tax revenues to the district under specified circumstances. This bill would require the legislative body of a city or county establishing an enhanced infrastructure financing district that will allocate those revenues, as described, to adopt an ordinance to establish the procedure by which the city or county will calculate the amount of revenues that will be dedicated to the proposed district.