Enhanced Infrastructure Financing District

Today the City Council approved a Resolution of Intent to form an Enhanced Infrastructure Financing District (EFID) for the purpose of expediting construction of projects in Otay Mesa. The District will ensure that the new City tax revenue generated by Otay Mesa stays in and is invested in Otay Mesa.

Otay Mesa — a dynamic and rapidly growing residential community with an expanding commercial and industrial presence — brought in $39 billion of commerce in 2014 and is forecasted to have 31,412 jobs in 2030. Despite this, the region continues to work against an infrastructure deficit encumbering its full economic potential.

As Otay Mesa’s local economy continues to grow, establishing this EFID will ensure that the infrastructure improvements needed to sustain its growth are actually built. Funding from the District will accelerate the construction of projects like parks, roads and fire stations. These projects will support the continued growth of cross-border commerce, the development of thousands of new housing units, and the massive expansion of industrial, commercial and office uses.

San Diego’s future economic growth is dependent on actually building the infrastructure we need, not just promising to build it. The formation of this District is a step towards turning infrastructure promises into action.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: