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Record of Proceedings

Aggie Square EIFD Public Financing Authority Meeting - April 20, 2021

Aggie Square Enhanced Infrastructure Financing District Public Financing Authority — Tuesday, April 20, 2021
BodySacramento, California
SessionAggie Square Enhanced Infrastructure Financing District Public Financing Authority
DateTuesday, April 20, 2021
StatusFILED
Video Record
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Transcript — Verbatim
0:25

Chair Staff is ready when you are.

0:28

Uh thank you, Madam Clerk.

0:30

Um, we're gonna go ahead and call this meeting of the Aggie Square Enhanced Infrastructure Financing District Public Financing Authority to order on April 2021.

0:40

If the clerk could please call a roll.

0:42

Thank you.

0:42

Member Jennings.

0:44

I'm here.

0:45

Member Hernandez.

0:47

Here.

0:48

Member Titherington.

0:52

Here.

0:53

And Vice Chair Getta?

0:55

Here.

0:56

And we expect Chair Shane momentarily.

1:00

Great.

1:01

Thank you very much.

1:02

Okay.

1:03

Well, let's uh go ahead and move on to our first item here, the consent calendar.

1:11

Does anyone have any questions on the consent calendar?

1:15

And Madam Clerk, do we have anyone signed up to speak on the consent calendar?

1:20

I have no one signed up to speak on the consent calendar.

1:26

Bring it back to the board here.

1:28

Sure, Garrett, I'll make a motion to move the consent calendar.

1:32

Then properly moved by board member Jennings.

1:35

And I'll second.

1:36

And properly seconded by board member Hernandez.

1:39

Any comments?

1:41

Seeing none.

1:42

Madam Clerk, if you could please call the rule.

1:45

Thank you.

1:45

Member Jennings.

1:47

Hi.

1:48

Member Hernandez.

1:50

Hi.

1:50

Member Titherington.

1:53

Hi.

1:53

Vice Chair Gatta.

1:55

All right.

1:55

And Chair Shineer is absent.

1:59

Thank you, Madam Clerk.

2:00

Okay, we'll move on to our discussion calendar.

2:03

Our update on use of enhanced infrastructure financing district funds.

2:10

And we'll pass this over to Ms.

2:12

Leslie Fritchie.

2:13

I think this is a follow-up from our conversation last time.

2:17

Good questions we had from board member Titherington, Board Member Hernandez here.

2:23

Yes, uh good morning, uh board members and uh of the Aggie Square PFA.

2:29

I do just have a brief little fact sheet I will share with you to provide you some information to follow up on the questions that you raised last time.

2:37

So if you bear with me, I will pull up my screen.

2:42

Hopefully.

2:45

Okay, do you see a document before you?

2:49

Yes, we're good.

2:51

I see the thumbs up from the members.

2:53

So I will just walk you through.

2:55

Uh Councilmember uh Shaneer asked me to put together a fact sheet so um you could view this as the fact sheet I was directed to to provide to address questions that were first raised by uh member titherington as it related to funds that would um potentially remain um in the EIFD once the obligations were met.

3:16

So I'll just walk you through this very quickly and um maybe it will um answer the questions or maybe tease out others.

3:23

But um I'll be good.

3:25

So in the uh infrastructure financing plan, um you just approved or you approved.

3:32

Uh the obligations really are twofold.

3:34

One to fund 30 million dollars in infrastructure and financing and interest costs that basically will take up 80 percent of the EIFD funding, and then to dedicate 20 percent of the EIFD generated revenues for affordable housing in the area.

Discussion Breakdown — Share of Meeting
Budget and Finance████████████████████████████████████████████44%
Procedural██████████████████████████████████34%
Community Engagement██████████████████████22%
Summary of Proceedings

Aggie Square Enhanced Infrastructure Financing District Public Financing Authority Meeting - April 20, 2021

The Aggie Square Enhanced Infrastructure Financing District (EIFD) Public Financing Authority held a brief meeting on April 20, 2021, at 10:00 a.m. The meeting included adoption of the EIFD Infrastructure Financing Plan and a discussion on the future use of district funds. All votes were unanimous, with four members present and the chair absent.

Consent Calendar

  • Item 1: Unanimously adopted an ordinance adopting the Infrastructure Financing Plan for the Aggie Square Enhanced Infrastructure Financing District (EIFD). The plan commits 80% of district revenues to fund $30 million in infrastructure and financing costs and 20% to affordable housing in the area. The motion was made by board member Jennings, seconded by board member Hernandez, and approved 4-0.

Discussion Items

  • Item 2: Update on Use of Enhanced Infrastructure Financing District Funds. Leslie Fritzsche from the Office of Innovation and Economic Development presented a fact sheet outlining the obligations under the plan and the process for any remaining funds. The 80% infrastructure obligations are projected to be met around 2055-2057; after that, those funds would revert to the city's general fund, while the 20% affordable housing funds would continue for the life of the district. If annual revenues exceed obligations, excess funds would be used to pay down debt, shortening the timeline. Any changes to the plan would require reopening the amendment process. Board members expressed interest in directing future excess funds (the 80% portion after obligations are met) to community projects in the Oak Park and surrounding neighborhoods.

Key Outcomes

  • The board voted unanimously (4-0) on a motion by board member Titherington, seconded by board member Jennings, to direct staff to bring back a resolution at the next meeting signaling the board's intent that future funds (the 80% portion after obligations are met) be used for community projects in the affected neighborhoods. The board also acknowledged that an amendment to the infrastructure financing plan could be pursued later when more information is available. The meeting adjourned at 10:14 a.m.

Meeting Transcript

Chair Staff is ready when you are. Uh thank you, Madam Clerk. Um, we're gonna go ahead and call this meeting of the Aggie Square Enhanced Infrastructure Financing District Public Financing Authority to order on April 2021. If the clerk could please call a roll. Thank you. Member Jennings. I'm here. Member Hernandez. Here. Member Titherington. Here. And Vice Chair Getta? Here. And we expect Chair Shane momentarily. Great. Thank you very much. Okay. Well, let's uh go ahead and move on to our first item here, the consent calendar. Does anyone have any questions on the consent calendar? And Madam Clerk, do we have anyone signed up to speak on the consent calendar? I have no one signed up to speak on the consent calendar. Bring it back to the board here. Sure, Garrett, I'll make a motion to move the consent calendar. Then properly moved by board member Jennings. And I'll second. And properly seconded by board member Hernandez. Any comments? Seeing none. Madam Clerk, if you could please call the rule. Thank you. Member Jennings. Hi. Member Hernandez. Hi. Member Titherington. Hi. Vice Chair Gatta. All right. And Chair Shineer is absent. Thank you, Madam Clerk. Okay, we'll move on to our discussion calendar. Our update on use of enhanced infrastructure financing district funds. And we'll pass this over to Ms. Leslie Fritchie. I think this is a follow-up from our conversation last time. Good questions we had from board member Titherington, Board Member Hernandez here. Yes, uh good morning, uh board members and uh of the Aggie Square PFA. I do just have a brief little fact sheet I will share with you to provide you some information to follow up on the questions that you raised last time. So if you bear with me, I will pull up my screen. Hopefully.

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