AB 2841 Summary

• Establishes a state financing mechanism for California seaports and harbors to fund infrastructure development and zero-emission equipment purchases through the Infrastructure and Economic Development Bank.

• Requires the bank to establish criteria, priorities, and guidelines for evaluating seaport infrastructure projects and to approve projects based on economic impact reports showing the project will likely generate projected state fiscal and economic benefits.

• Mandates harbor agencies to adopt resolutions containing state fiscal and economic impact estimates including tax revenues, fund savings, job creation, and public health benefits, supported by independent economic impact reports using nationally recognized methodologies.

• Requires legislative appropriation of funds before the bank can provide financing to harbor agencies, with the Department of Finance including approved project valuations in the Governor's annual budget proposal.

• Designates permanent fixtures and capital improvements funded under this chapter as state trust assets once completed, and allows harbor agencies to submit applications on behalf of tenants if equipment reverts to the agency upon lease termination.