Otay Mesa Enhanced Infrastructure Financing District Fiscal Year 2021 Annual Report
The Otay Mesa Enhanced Infrastructure Financing District's Fiscal Year 2021 Annual Report covers projects undertaken, revenue and expenditure comparisons, tax increment revenues, and assessments. Key highlights include the La Media Road Improvements project and a detailed financial chart. The report emphasizes transparency and accountability in public financing.
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Presentation Transcript
Otay Mesa Enhanced Infrastructure Financing District Fiscal Year 2021 EIFD Annual Report June 13, 2022 Public Financing Authority Meeting Item #2
Otay Mesa Enhanced Infrastructure Financing District Recommended Action Approve the Fiscal Year 2021 District Annual Report Fiscal Year 2021 EIFD Annual Report page 2
Otay Mesa Enhanced Infrastructure Financing District AB 116 Amendment to EIFD Legislation Fiscal Year Annual Report 1. Adopt annual report on or before June 30th after holding a public hearing 2. Draft report shall be made available to the public 30 days before the hearing 3. Written notice shall be mailed to every landowner and occupant of District Fiscal Year 2021 EIFD Annual Report page 3
Otay Mesa Enhanced Infrastructure Financing District Fiscal Year 2021 Annual Report Report Requirements 1. Description of the projects undertaken in the fiscal year 2. A chart comparing the actual revenues and expenses 3. Amount of tax increment revenues received 4. Assessment of the status of the District s projects 5. Amount of revenues expended to assist private businesses Fiscal Year 2021 EIFD Annual Report page 4
Otay Mesa Enhanced Infrastructure Financing District Fiscal Year 2021 Annual Report 1. Description of the projects undertaken in the Fiscal Year La Media Road Improvements (S-15018) This project will widen La Media Road between SR-905 and Siempre Viva Road Estimated total project cost $52.5 Million Project will provide mobility and accessibility to residents and businesses Fiscal Year 2021 EIFD Annual Report page 5
Otay Mesa Enhanced Infrastructure Financing District Fiscal Year 2021 Annual Report 2. Chart comparing actual revenues and expenditures FY 2021 Budget vs Actuals $1,191,347 $1,185,182 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $85,500 $67,942 $200,000 $- Budgeted Property Tax Revenue Actual Property Tax Revenue Operating Budget Operating Expenditures 3. Amount of Tax Increment revenues received A total of $1,191,347 of tax increment revenues were received Fiscal Year 2021 EIFD Annual Report page 6
Otay Mesa Enhanced Infrastructure Financing District Fiscal Year 2021 Annual Report 4. Assessment of the Status of the District s projects La Media Road Improvements (S-15018) Continued work on the final design, environmental and Right-of-Way Phases Obtained CEQA clearance Continued efforts to obtain the required resource agency permits Continued coordination with Caltrans to obtain the necessary encroachment permit 5. Amount of revenues expended to assist private businesses No Fiscal Year 2021 revenues were expended to assist private businesses Fiscal Year 2021 EIFD Annual Report page 7
Otay Mesa Enhanced Infrastructure Financing District Fiscal Year 2021 EIFD Annual Report June 13, 2022 Public Financing Authority Meeting Item #2
