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/