Howard Terminal Update: Oakland City Council Looking At Alternative To EIFD But Using TIF

Howard Terminal Update: Oakland City Council Looking At Alternative To EIFD But Using TIF
Howard Terminal Update: Oakland City Council Looking At Alternative To EIFD But Using TIF In this Howard Terminal Update livestream vlog, I, Zennie Abraham Zennie62Media Inc. CEO, share news that the Oakland City Council is considering alternatives to the current proposal to the use of Enhanced Infrastructure Financing Districts to provide a tax increment financing subsidy for use in the public / private partnership development of the Oakland Athletics Howard Terminal Ballpark District. The one option the Oakland City Council is taking a behind-the-scenes look at is called the Community Revitalization and Investment Authority (CRIA) Act process. To explain it simply, it means a kind of new version of the redevelopment process the City of Oakland used before California Redevelopment Law was eliminated by California Governor Jerry Brown in 2011. Here's what that means. 1) The Oakland City Council votes for the formation of a separate organization that forms the redevelopment plan, and is represented by three members of the city council or board of supervisors and two public members who live or work within the community revitalization and investment area. Or, for a CRIA created through a joint powers agreement: majority of the members from the legislative bodies of the public agencies that created the authority and a minimum of two public members who live or work within the project area. I think a CRIA formed between the City of Oakland and the Port of Oakland is the logical next step. 2) The new agency would form a redevelopment plan, and include project areas, say West Oakland, Howard Terminal / Jack London Square, Chinatown, Fruitvale, and East Oakland. Since the CRIA Act calls for a city to have census tracts that are below the regional average in income performance and have substandard properties, Oakland has a number of flat-land areas that fit that bill. 3) CRIA calls for tax increment financing to be used for affordable housing, and is designed to call for that in a way that Enhanced Infrastructure Financing Districts are not. That's the basic version of the more complicated but useful guidelines for the implentation of a Community Revitalization and Investment Authority. There's a also the chance that private activity bonds could be used with the tax increment financing approach in the CRIA. That way the bond default backstop is placed on the Oakland Athletics, as they have asked for from the start. The trouble with the way the City of Oakland has handled the process is it's not clear if they're going to establish a separate agency to float bonds, and have not even set out a schedule to do either. In closing, there's more in the livestream talk. Stay tuned to this channel for the Oakland City Council Howard Terminal Meeting Livestream for Tuesday, July 20th, 9:00 AM PST / 12 Noon PM EST.
via YouTube https://www.youtube.com/watch?v=UZg52WT2L8E