TAX INCREMENT FINANCING TOOLS COMPARISON CHART
This chart was created by CALED’s Tax Increment Financing Technical Committee to provide a summary of key similarities and differences between Enhanced Infrastructure Financing Districts (EIFDs), Community Revitalization Investment Authorities (CRIAs), and former Redevelopment Agencies (RDAs). To obtain more information and technical assistance on tax increment financing tools available to California cities and counties, visit www.caled.org.
FORMATION
| TOPIC | RDA | EIFD | CRIA |
| Blight Finding | Yes | No | 80% of revitalization area income must be less than 80% statewide median income
Must also meet 3 of 4 tests: 1. unemployment rate 3% higher than state rate 2. crime rate 5% higher than state rate 3. deteriorated/inadequate infrastructure 4. deteriorated commercial and residential buildings |
| Urbanization Finding | Yes | No | No |
| Relationship with RDA | – | · EIFD may include former redevelopment project area
· Successor Agency must have Finding of Completion for RDA project, RDA litigation must be resolved, Controller review must be complete |
· CRIA may include former redevelopment project area
· Successor Agency must have Finding of Completion for RDA project, RDA litigation must be resolved, Controller review must be complete |
| Citizen Committee Review | Yes- if residential eminent domain allowed | No | Voter protest hearing |
| Governing Board | Usually same as City Council/County Board that established RDA | · Governing board is separate public financing authority
· If one taxing entity: 3 members of entity’s legislative body + 2 public members · If multiple taxing entities: majority of members of each entity’s legislative body + 2 public members |
· If one taxing entity: 3 members of entity’s legislative body + 2 public members
· If multiple taxing entities: majority of members of each entity’s legislative body + 2 public members |
| Noticed Public Hearing | Yes | Yes | Yes – 3 hearings |
| Preparation of Plan | Yes- Redevelopment Plan | Yes- Infrastructure Financing Plan | Yes- Community Revitalization and Investment Plan |
| Public Agency Vote | Simple Majority | Simple Majority | Simple Majority |
| Voter Approval of Formation | No | No | Yes, if 25 – 50% of voters protest at public hearing |
| CEQA | Yes- EIR | Yes (may be covered by CEQA documentation for project) | Yes (may be covered
by CEQA documentation for project) |
POWERS
| TOPIC | RDA | EIFD | CRIA |
| Infrastructure Financing | Yes, if no other reasonable means of financing available | Yes, for public capital facilities and projects of communitywide significance | Yes |
| Land Acquisition | Yes (may acquire itself or finance acquisition) | Yes (finance acquisition only) | Yes (may acquire itself or finance acquisition) |
| Eminent Domain | Yes – 12 year limit | No | Yes – 12 year limit |
| Land Conveyance | Yes | No | Yes |
| Environmental Remediation | Yes | Yes | Yes |
| Affordable Housing | Yes | Yes | Yes |
| Private Commercial Rehabilitation | Yes, for commercial rehabilitation loans and industrial/manufacturing financing | Yes, for acquisition, construction or repair of industrial structures | Yes |
| Maintenance, Operations and Services | No | No | No |
FINANCING
| TOPIC | RDA | EIFD | CRIA |
| Property Tax Increment | Yes- mandatory for all taxing agencies | Yes- only for consenting taxing agencies; education districts may not consent | Yes- only for consenting taxing agencies; education districts may not consent |
| Amount of Tax Increment to District | All | All or portions of consenting agencies’ share as designated in plan | All or portions of consenting agencies’ share as designated in plan |
| Issuance of Tax Allocation Bonds | Yes | Yes | Yes |
| Vote for Bond Issuance | RDA Board- Simple majority | IFD Board-simple majority + District Voters- 55% majority | Yes – simple majority if between 20-50% protest. |
| Term | Up to 45 years receipt of taxes to repay debt | Up to 45 years from issuance of bonds | Up to 45 years from district formation |
| Relationship to RDA Debt | – | Subordinate to RDA enforceable obligations | Subordinate to RDA enforceable obligations |
SPECIAL REQUIREMENTS
| TOPIC | RDA | EIFD | CRIA |
| Mandatory Expenditure for Affordable Housing | Yes-20% of funds | No |
Yes-25% of funds |
| Inclusionary Housing | Yes – 15% of privately developed housing, 30% of RDA developed housing | Yes – 100% of EIFD financed housing | Yes – 15% of privately developed housing, 30% of CRIA developed housing |
| Replacement Housing | Yes | Yes | Yes |
| Relocation | Yes | Yes | Yes |
| Owner Participation Rights | Yes | No | No |
| Restriction on Assistance to Big Box Stores and Auto Dealers | Yes | No | Yes |
| Prevailing Wages | · Required for RDA’s own projects
· For assistance to other projects, depends on form of assistance |
Depends on form of assistance | Depends on form of assistance |
| Tax Sharing Payments to Other Taxing Agencies | Yes- Required for 1994-2011 plans, permitted for pre-1994 plans | No |
No |