Enhanced Infrastructure Financing District

The City of Placentia in partnership with the County of Orange has established an Enhanced Infrastructure Financing District (EIFD) near the City’s future Metrolink Station including the Old Town Placentia area and Transit Oriented Development Packing House District. The purpose of this district is to create a funding mechanism that can facilitate the construction of public infrastructure improvements in this area.

A portion of the property tax increment (the amount above the property taxes collected in the base year of 2019) that the City of Placentia and the County of Orange receive would be specifically restricted to pay for the infrastructure projects listed in the Infrastructure Financing Plan (IFP) at an estimated cost of $8.2 million. These infrastructure improvements include street improvements, pedestrian connectivity, and landscape and lighting upgrades. The establishment of the EIFD will not result in any new taxes or fees to the property owners in the EIFD boundaries or the City.

Documents related to Placentia Enhanced Infrastructure Financing District are provided below.

Documents and information pertaining to the Public Financing Authority's Meeting on July 30, 2019 can be viewed by clicking here.

Public Financing Authority (PFA)

The City Council has established a separate body, the Public Financing Authority (PFA), to oversee the creation of the EIFD and who is responsible for the adoption of the final IFP. The PFA will be responsible for the issuance of the bonds in the future as well. On August 11, 2020, the Placentia City Council approved Resolution No. R-2020-52 which formally announced and set forth the future PFA public hearing dates in order to comply with the current EIFD statue and achieve authorization to issue EIFD debt. Assembly Bill No. 116 (AB 116) was enacted to authorize the PFA to issue bonds without submitting a proposal to the voters and requires the PFA to hold 3 public hearings on an enhanced infrastructure financing plan.

The City of Placentia is now accepting applications for two public member positions on the Public Financing Authority (PFA) for the Placentia Enhanced Infrastructure Financing District (EIFD). If you meet the eligibility requirements below, we encourage you to apply by Wednesday, September 3rd at 5:00 p.m.

About the PFA
The PFA is made up of two City Council members, one member of the County Board of Supervisors, and two public members appointed by the Council. Public members serve in accordance with Government Code Section 62001 and the following provisions:

Eligibility
Public members must meet at least one of the following criteria:

Own real property within the Placentia EIFD.
Reside within the Placentia EIFD.
Own or operate a business, private or non-profit, that owns or leases real property in Placentia.

Term
Public members serve a four-year term.

Application

PFA Meeting

The City Council established September 2, 2020, at 5:00 p.m. or as soon as possible thereafter as the matter may be heard, at the Council Chambers, 401 E. Chapman Avenue, Placentia, California, as the date, time and place, when and where the PFA will conduct a meeting to present the draft IFP for Placentia EIFD, answer questions about the IFP for the Placentia EIFD, and consider comments about the IFP for the Placentia EIFD.

September 2, 2020 Meeting

PFA Meeting Notice - Posted August 18, 2020

PFA Agenda Packet

PFA Agenda Report

Meeting Audio

PFA Public Hearing

The City Council establishes October 14, 2020, November 18, 2020 and January 6, 2021, at 5:00 p.m. or as soon as possible thereafter as the matter may be heard, at the Council Chambers, 401 E. Chapman Avenue, Placentia, California, as the dates, time and place, when and where the PFA will conduct a public hearing on the IFP for the Placentia EIFD.

October 14, 2020 Public Hearing Meeting

PFA Public Hearing Notice - Posted September 17, 2020

PFA Public Hearing Agenda Packet

PFA Public Hearing Report

Meeting Audio

November 18, 2020 Public Hearing Meeting

PFA Public Hearing Notice - Posted November 5, 2020

PFA Public Hearing Agenda Packet

PFA Public Hearing Report
Meeting Audio

January 6, 2021 Public Hearing Meeting

PFA Public Hearing Notice - Posted December 17, 2020

PFA Public Hearing Agenda Packet

PFA Public Hearing Report

March 31, 2021 Special Meeting

PFA Special Meeting Agenda Packet

PFA Special Meeting Report

Meeting Audio

May 13, 2021 Regular Meeting

PFA Regular Meeting Agenda Packet

PFA Regular Meeting Report

Meeting Audio

PFA Public Hearing for Amended IFP

In 2019, the City of Placentia (City) and County of Orange (County) established the Placentia Enhanced Infrastructure Financing District (EIFD) to fund public infrastructure improvements within the City’s Old Town area. The EIFD Public Financing Authority (PFA) was established to review and approve the Infrastructure Financing Plan (IFP). The IFP was approved by the PFA on May 13, 2021. Since then, the base year for the collection of tax increment was established in 2021 and we have received ~$73,000 in tax increment since then. Unfortunately, a nascent EIFD bond market, the COVID pandemic, inflation, and related current economic conditions have contributed to delayed EIFD implementation and cost increases. As a result, the original Old Town Streetscape Master Plan cost estimate of ~$8 million is now ~$10.05 million (an increase of 25.6%). In addition, interest rates have risen, increasing cost of debt service (particularly to “first-time” debt issuer). This analysis concluded that multiple debt issuances over 7-8 years would be needed to fund key projects (only $3-5M available up-front). The City’s goal is to install all aspects of the Old Town Streetscape Master Plan at one time (instead of in phases), which would better induce private investment to fulfil Tax Increment (TI) and economic benefit projections. This one-time phase will also accelerate our efforts to meet regional housing needs, including affordable housing. Ultimately, this one-time phase will save the EIFD on construction costs. As a result, the need to amend the IFP is necessary at this time.

January 16, 2024 Regular Meeting

PFA Public Hearing Notice - Posted January 4, 2024

PFA Regular Meeting Agenda Packet

PFA Regular Meeting Agenda Report

Meeting Audio

February 27, 2024

PFA Regular Meeting Agenda Packet

PFA Regular Meeting Agenda Report

April 9, 2024

PFA Regular Meeting Agenda Packet

PFA Regular Meeting Agenda Report

Meeting Audio