Last Tuesday, the Placer County Public Finance Authority approved the formation of the Sunset Area/Placer Ranch Enhanced Infrastructure Financing District during a public hearing. The new financing tool is intended to support public infrastructure projects in the Sunset Area without increasing taxes, according to the County of Placer.
The Enhanced Infrastructure Financing District will use part of the tax revenue from new development to fund public projects such as roads, parks, trails, and affordable housing, without increasing taxes for current residents. The plan follows the goals of the Sunset Area Plan and Placer Ranch Specific Plan, which include adding jobs, education facilities, and housing for very low, low, and moderate-income families. “This is a big step forward in shaping the future of the Sunset Area,” said County Executive Officer Daniel Chatigny, as reported by the County of Placer.
Placer County’s Enhanced Infrastructure Financing District plans to use up to $607 million for public improvements in a 4,279-acre area in unincorporated west Placer. The district is expected to include over 6,600 homes and large areas for commercial, business, and industrial use. It is managed by the Placer County EIFD Public Finance Authority No. 1, which includes members of the Board of Supervisors and public representatives. The funding is aimed at supporting infrastructure needs without raising taxes, as stated by the County of Placer.
