SB 696

Bill Subjects

Abstract

Existing law authorizes the legislative body of a city or a county to designate a proposed enhanced infrastructure financing district, with a governing body referred to as the public financing authority, to finance public capital facilities and specified other projects that provide significant benefits to the district or surrounding community. Existing law requires the public financing authority to prepare and adopt an infrastructure financing plan and a resolution to form the district, as provided. Existing law authorizes a district to finance a mixed-income housing development if the district is only financing units restricted to occupancy by persons of very low, low, or moderate incomes or onsite facilities for childcare, after school care, and social services for tenants of the restricted units. This bill would authorize a district to also finance units in a mixed-income housing development that are allocated to the jurisdictions in the district pursuant to regional housing needs allocations determined in accordance with housing element laws. This bill would authorize, upon fulfilling certain requirements, a district to acquire, as defined, any restrictive covenant or easement of underutilized or deteriorated retail property identified in an infrastructure financing plan that is preventing the use of the property in a manner that advances public use, as described by the bill. The bill would authorize the authority to acquire the real property and any interest in the property by eminent domain, so long as the activities that would produce the benefit are defined as a public use for eminent domain purposes. The bill would make the acquired restrictive covenants and easements void and unenforceable upon acquisition, and would require the authority to provide specified notice to holders of interests that would be made void and unenforceable. The bill would require the authority to conduct an appraisal process to determine the fair market value of the prospective real property and covenants and restrictions, and to establish and identify through an independent community benefits analysis the value of the private and public contributions, to be considered at a specified infrastructure finance hearing. The bill would authorize the district to finance costs related to those powers. The bill would make related findings and declarations.