Otay Mesa Enhanced Infrastructure Financing District Public Financing Authority
The PFA will serve as the governing board of the EIFD, which will approve an infrastructure financing plan and form the EIFD to fund infrastructure by capturing tax increment revenue generated within the district, and calling and certifying a special mailed ballot election to issue bonds. Please refer to Formation of an Enhanced Infrastructure Financing District (EIFD) to Provide Funding for Otay Mesa Public Infrastructure for further information.
The Mayor recommends members for the authority for City Council consideration. The City Council shall appoint members to the authority.
Public members of the Authority will serve a term of four years with the Authority, with the exception of the term of one seat of the inaugural public members that shall expire two years after the initial appointment. Appointments for each public member of the Authority shall thereafter be made effective upon the expiration of the preceding term for a period of four years.
The Authority shall have a membership consisting of three members of the Council and two members of the public chosen by the Council.
Public members of the Authority shall have knowledge, experience, or an educational background in real property development or finance and be at least one of the following: (1) an owner of real property within the Otay Mesa EIFD; (2) a resident of the Otay Mesa EIFD; or (3) an owner or operator of any business, private or non-profit, that owns or leases real property within the Otay Mesa EIFD. A corporate entity may appoint a designee; provided, however, only one representative of a particular entity may hold a public member position with the Authority at one time.
California Government Code (Code) sections 53398.50 through 53398.88