I am working with my colleagues to establish policy that will provide a dedicated revenue stream for projects along the LA River.
As the Chair of the City’s Arts, Parks, Health, Aging, and the Los Angeles River Committee, I am taking a closer look at an Enhanced Infrastructure Financing District (EIFD). The new state law allows local officials to direct a portion of future property taxes for community improvement projects. I proposed an EIFD, the first in the City, that could address habitat restoration, improved infrastructure, economic development, and affordable housing along the LA River corridor.
This is exciting news -- and I want to take great care in making sure the public knows that this is not a tax nor an assessment, rather this tool can provide us a means to use already collected property taxes for immediate reinvestment along the Los Angeles River.
I want to thank thank my Council colleague Bob Blumenfield who co-authored this policy with me, and the Economic Workforce Development Department for their research on this issue.
Folks, this new tool holds great promise for the future of the LA River. I look forward to continuing this adventure, and riding the rapids both figuratively and literally, until we have a long term plan for the EIFD. In case you’re interested in learning more, here are some details about the testimony we heard today in Council.
Councilmember Mitch O'Farrell