CA AB 417
Title: Local finance: enhanced infrastructure financing districts: community revitalization and investment authorities.
Author: Juan Carrillo
Summary
AB 417, as amended, Carrillo. Local finance: enhanced infrastructure financing districts: community revitalization and investment authorities. (1) Existing law authorizes the legislative body of a city or a county to designate a proposed enhanced infrastructure financing district to finance public capital facilities or other specified projects, including acquisition, construction, or repair of commercial structures by the small business occupant of such structures, if such acquisition, construction, or repair is for purposes of fostering economic recovery from the COVID-19 pandemic, as specified, with a governing body referred to as the public financing authority, by adopting a resolution of intention to establish the proposed district.This bill would revise these provisions to instead authorize the designation of a proposed enhanced infrastructure financing district to finance capital facilities or other specified projects for the acquisition, construction, or repair of commercial structures by the small business occupant of such structures, as described above, if such acquisition, construction, or repair is for purposes of fostering economic recovery of a community, as specified.Existing law requires the public financing authority of an enhanced infrastructure financing district to hold a meeting and 3 public hearings on a proposed infrastructure financing plan, as provided. Existing law requires the public financing authority to review the enhanced infrastructure financing plan at least annually and to make any amendments, as specified. Existing law authorizes amendments to an approved infrastructure financing plan, as described, subject to approval by a majority vote of the governing board at a public hearing held following the provision of a 30 day mailed notice, as described. Existing law requires amendments that propose the increase of the limit of the total number of dollars in local taxes allocation to the plan to be adopted in accordance with all notices and hearing requirements for the affected landowners and residents within the proposed additional territory applicable to an initial proposed enhanced infrastructure financing plan.This bill would instead authorize the amendments, as specified, or the addition of a participating taxing entity and its representatives as members of a public financing authority after the date of district formation, to be approved by a majority vote of the public financing authority at a public hearing held following the provision of a 30-day mailed notice, as described above. The bill would instead require amendments that propose the increase of the limit of the total number of dollars in local taxes allocation to the plan, except where the increase is the result of an affected taxing entity agreeing to participate in the existing district and the plan is amended, as specified, to be adopted in accordance with all notices and hearing requirements, as described above.Existing law requires a public financing authority to adopt an annual report on or before June 30 of each year after holding a public hearing.This bill would instead require a public financing authority to adopt an annual report within 7 months of the close of each fiscal year after holding a public hearing.If, after the date of district formation, an affected taxing entity adopts a resolution approving the plan and to participate in the division of taxes used to finance an enhanced infrastructure financing district, existing law requires the division of taxes to be based upon the last equalized assessment roll that is used for the district, as specified.This bill would additionally authorize an affected taxing entity to, at any time after the date of district formation, approve the plan and participate in the division of taxes used to finance the activities of a district, by adopting a resolution of the governing body.(2) Existing law authorizes the creation of community revitalization and investment authorities, as specifi
Status
Read second time. Ordered to third reading.
Bill Documents
CA AB 417 - 03/27/25 - Amended Assembly
03/27/25 - CA AB 417 (03/27/25 - Amended Assembly)
CA AB 417 - 03/06/25 - Amended Assembly
03/06/25 - CA AB 417 (03/06/25 - Amended Assembly)
CA AB 417 - 03/03/25 - Amended Assembly
03/03/25 - CA AB 417 (03/03/25 - Amended Assembly)
CA AB 417 - 02/05/25 - Introduced
02/05/25 - CA AB 417 (02/05/25 - Introduced)