SB 628 Summary

• Authorizes cities and counties to establish enhanced infrastructure financing districts (EIFDs) with 55% voter approval to finance public capital facilities including affordable housing, transit projects, brownfield restoration, and sustainable communities initiatives.

• Requires creation of a public financing authority (governing board) comprised of legislative body members and public members prior to district formation and infrastructure plan adoption.

• Allows districts to utilize tax increment financing with agreement from affected taxing entities, with district duration capped at 45 years from bond issuance approval.

• Mandates independent financial and performance audits every two years after debt issuance and prohibits cities/counties with former redevelopment agencies from creating districts until successor agency completion and Controller review requirements are satisfied.

• Permits districts to finance projects in former redevelopment areas, with any district debt subordinate to enforceable obligations of former redevelopment agencies, and allows cities/counties to dedicate net available revenue from the Redevelopment Property Tax Trust Fund to the district.