Long-term infrastructure and community improvements without raising taxes
Auburn, Calif. – The Placer County Public Finance Authority approved the formation of the Sunset Area/Placer Ranch Enhanced Infrastructure Financing District, following a public hearing July 15 that invited input from residents and property owners.
The EIFD is a finance tool that will help Placer County invest in long-term infrastructure and community improvements without raising taxes or fees. This financing district will use a portion of the increased property tax revenues, known as "tax increment," generated by new growth in the Sunset Area to fund a range of public projects, including roads, parks, trails, water and sewer systems and affordable housing.
"This is a big step forward in shaping the future of the Sunset Area," said County Executive Officer Daniel Chatigny. "The EIFD provides a smart, fiscally responsible way to invest in the infrastructure needed to support jobs, housing, and a vibrant community, without burdening current taxpayers."
The Sunset Area/Placer Ranch EIFD aligns with the goals of the Sunset Area Plan and Placer Ranch Specific Plan, which envision the region as a hub for high-wage employment, higher education, and high-quality development. Projects that may be funded through the EIFD could include significant community-wide infrastructure projects along with affordable housing, which benefits both current and future residents.
Key highlights of the approved EIFD's Infrastructure Financing Plan include:
- No new taxes or fees to residents or property owners
- Up to $607 million in cumulative funding for public improvements
- Opportunities to fund affordable housing
- A focus on projects that offer communitywide benefits
- A flexible structure to adapt to changing needs over time
4,279 acres
The EIFD comprises 4,279 acres located in unincorporated west Placer County. It is located west of the state Route 65 corridor and situated between the cities of Lincoln to the north, Rocklin to the east, Roseville to the south, and unincorporated Placer County to the west. The EIFD is a portion of the 8,497 acres that comprise the Sunset Area Plan and Placer Ranch Specific Plan.
The two plans include single-family and multifamily residential units, retail and entertainment uses, business parks, innovation centers, community parks and trails, and industrial parks. At build-out, the EIFD is anticipated to include over 6,600 residential units, 3.6 million square feet of entertainment and commercial uses, and 22.3 million square feet of business and industrial parks. The residential units will include an active adult community, student housing and general community homes. Approximately 10% of the residential units within the Placer Ranch Specific Plan will be affordable to very low, low, and moderate-income households.
The district will be governed by the Placer County EIFD Public Finance Authority No. 1, which includes three members of the Board of Supervisors and two public members. The PFA will oversee project selection and manage funding to ensure the most efficient use of resources. The Board of Supervisors will maintain the sole authority to issue bonds and other forms of indebtedness to support selected projects.
More information about the EIFD, including the full Infrastructure Financing Plan and district boundaries, is available on the Placer County website.