AB 962

Bill Subjects

Abstract

Existing law authorizes the formation of a seaport infrastructure financing district to finance port or harbor infrastructure projects. Existing law requires that a harbor agency, as defined, prepare an infrastructure financing plan as part of a proposal to form a seaport infrastructure financing district, and requires that the plan meet specified requirements. Existing law authorizes a seaport infrastructure financing district to fund infrastructure projects through tax increment financing, consistent with the infrastructure financing plan and with the agreement of the new seaport infrastructure financing district's affected taxing entities. Existing law, the Bergeson-Peace Infrastructure and Economic Development Bank Act, establishes the Infrastructure and Economic Development Bank within the Governor's Office of Business and Economic Development, and requires the bank to establish criteria, priorities, and guidelines for the selection of projects to receive financial assistance from the bank, including, but not limited to, any combination of grants, loans, and the proceeds of bonds issued by the bank. This bill would require the bank, after consulting with appropriate state and local agencies, to establish criteria, priorities, and guidelines for the selection of infrastructure development and equipment purchase projects submitted by harbor agencies, as defined, for assistance from the bank, as specified. The bill would require the harbor agency to adopt a resolution that includes specified information, including, among other information, the state fiscal and economic impacts estimated to result from the proposed infrastructure development or equipment purchase project. The bill would require the bank to approve the infrastructure development and equipment purchase project if the bank finds that the project is more likely than not to result in the harbor agency's estimated state fiscal and economic impacts and would require the bank to adopt a resolution approving funding, as specified. The bill would authorize the bank to require the harbor agency to meet a specified condition prior to providing the moneys appropriated by the Legislature for the infrastructure development and equipment purchase project.