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The City Council is taking a significant step toward community revitalization with the adoption of a Resolution of Intent (ROI). This resolution paves the way for the potential establishment of an Enhanced Infrastructure Financing District (EIFD) and the creation of a Public Financing Authority (PFA).
Senate Bill 628, passed in 2014, empowers local government entities to leverage EIFDs as a financing tool for enhancing specific community areas. By moving forward with this resolution, the City Council demonstrates its commitment to exploring new avenues for growth and development, although it does not obligate City Council to proceed with the EIFD formation.
– Staff report, The East Bay 100