Napa City Council Approves New Loan Agreement With Napa Valley Opera House | Local News
Separately, Napa City Council unanimously approved a resolution to create the Napa Enhanced Infrastructure Funding District, which would help fund the public interest and the city’s infrastructure upgrades using a part of the property tax revenue from the future growth of the city within certain defined limits.
“It is a government entity that uses the city’s future additional land tax revenues over pre-defined boundaries to fund various infrastructure and capital improvement projects,” said Neal Harrison, development project coordinator for the city. .
The city council also voted to create a public funding board to lead the EIFD and appointed two residents, Carl Ebbeson and Lori Reich, to serve on the council. Three board members – Mary Luros, Bernie Narvaez and Beth Painter – were chosen to represent the board on the board at a meeting in April.
Neal Harrison, development project coordinator for the city, said the resolution of intent did not formally establish the EIFD and that there were other steps in the process. He said the public finance authority will develop an infrastructure finance plan, which will set the parameters for how the EIFD uses the city’s revenue.
That plan will include a list of eligible projects, Harrison said, and a list of projects the council wishes to accomplish. The city will hold at least three public hearings to review the plan, and city council will ultimately need to approve it.