City of Redondo Beach Enhanced Infrastructure Financing District (EIFD)
In May 2019, the City of Redondo Beach
approved a Resolution of Intent to establish an EIFD at its
now-closed AES Power Plant. Following the City’s Resolution of
Intent, the County of Los Angeles also approved a Resolution of
Intent to partner with the City to form the Redondo Beach EIFD in
November of 2019. The Redondo Beach EIFD is proposed to revert
the Power Plant’s 50-acre site into open space and park
development, wetland restoration, and private development. The
assessed value of the development on the area is $265 million.
The Redondo Beach EIFD’s term is 45 years, although it is
projected to incur over $71 million in revenue over the course of
50 years. Not only will these funds go towards developing park
and wetland space, but will also fund circulation improvements
(streets, parking, and coastal access) and site remediation. As
of December 2020, the Redondo Beach EIFD’s Infrastructure
Financing Plan is currently under review. With the County’s
participation, it will soon become the third formed EIFD in the
State to involve a city and county partnership.
Official information on the EIFD can be found at https://www.redondo.org/