Reso 2020-149 Bay Fair TOD - Laserfiche WebLink

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BAY FAIR TOD SPECIFIC PLAN Table 7.8 Summary of Major District -Based Value Capture Tools FUNDING TOOL DESCRIPTION USES CONSIDERATIONS Requires majority vote of paying stakeholders. Additional assessment against a range of Increases costs and risk for paying participants, depending stakeholders. Stakeholders need to perceive a on the type of district and clear benefit for themselves. relative benefit received Most useful for Impacts paying stakeholders' overall ability Special Assessment Examples include: funding ongoing to support other taxes, fees, and community Districts Landscaping and Lighting operations and benefits. District, Community maintenance. Little financial risk to the City or public Benefit District, Business agencies; could lead to increased tax revenue Improvement District, based on private reinvestment. Property -Based Business Improvement District Additional City staff time to administer districts could offset some gains Requires approval of 2/3 of property owners (by land area) if there are fewer than 12 registered voters residing in the district. Boundaries can include non-contiguous Infrastructure parcels. Additional assessment improvements, Community Facilities on property, levied and development of Fees can be proportionally subdivided and District (Mello Roos) varied based on a selected public facilities, passed on to future property / home owners property characteristic ongoing (excluding property value). operations and Increases costs and risk for landowners maintenance. and homeowners if fees dissuade buyers or reduce achievable sales prices. Impacts paying stakeholders' overall ability to support other taxes, fees, and community benefits. Formation does not require a local vote, but bond issuance requires a vote of 55 percent of landowners by area if there are fewer than Infrastructure 12 registered voters residing in the district. Diverts a portion of future improvements, Does not cost individual property owners Enhanced Infrastructure General Fund property tax development of additional fees and taxes. revenues generated within public facilities, Financing District the district to help fund affordable Does not divert revenues from schools. infrastructure projects. housing Reduces future General Fund revenues by development. restricting use of the district's future property tax revenue growth. Does not typically generate significant additional revenue above what the City already receives. 134