A public forum to gather input from residents of Cabazon and surrounding communities on proposed projects for a tax district awaiting state approval will be held next month, accessible both virtually and in person.
The next meeting of the Public Financing Authority for the Cabazon Infrastructure Financing District is scheduled for Oct. 7 at the County Administrative Center, 4080 Lemon St., in downtown Riverside. The PFA board will gavel the meeting to order at 2 p.m.
“We are very close to creating an EIFD in Cabazon that would serve as an opportunity to bring much needed infrastructure to the area and surrounding mountain communities,” Supervisor Yxstian Gutierrez said. “Whether in person or remotely, I encourage residents and stakeholders to attend the upcoming public meeting.”
For those who cannot attend on-site, Zoom access is available via us02web.zoom.us/j/86442659740pwd=tVDKL7xAcDhAaCfpLWXOgh1kiWIMtH.1#success.
Further information, including passcodes, is available at rivco.org/cabazon-eifd.
The Board of Supervisors has established EIFDs over the last decade, mainly in the eastern half of the county. The districts have Public Financing Authority governing bodies whose members are selected by the board.
The new district encompasses residents of the unincorporated communities of Cabazon and Twin Pines, according to the county Transportation & Land Management Agency.
The district covers about 10,000 acres, on which there are roughly 4,000 residential and commercial parcels, officials said.
“Cabazon is currently classified as a disadvantaged community,” the TLMA said. “Historically, both the Cabazon and Twin Pines communities have expressed concerns regarding infrastructure issues, including reducing flood hazards, increasing area accessibility and circulation, increasing drinking water supply and sustainability and enhanced capabilities to address wildfire suppression.”
EIFDs were authorized under Senate Bill 628 in 2014 and permit bond sales to finance construction of private and public projects. Districts rely on “tax increment” to pay off the bonds issued in support of them. Tax increment is generated by projects within specified locations that increase property values. No separate property taxes are actually created by EIFDs.
A financing plan authorized by the board earlier this month specifies that 25% of all property tax growth in the new district over the next 45 years should be reserved to fund infrastructure projects throughout Cabazon. The remaining 75% will continue to flow into the county General Fund and related accounts for a broad range of expenditures.
The district still awaits formal approval by the California State Board of Equalization, which must sign off on the county’s proposed “jurisdictional boundary change” defining the district.
That’s expected to take place before the end of the year.