Supervisors authorize infrastructure investment to revitalize Old Town La Verne
Supervisor Kathryn Barger announced yesterday the unanimous approval by the Board of Supervisors of an Enhanced Infrastructure Financing District (EIFD) for the Fifth District City of La Verne.
Created in 2015 by the state of California, an EIFD will allow the County to partner with the City of La Verne and other local stakeholders to finance a $33 million infrastructure investment in an area next to the proposed Gold Line Transit Station. This infrastructure investment will take place adjacent to an ambitious development that will revitalize Old Town: 750 apartment units and 950 condominium units, including 255 affordable units; 110,000 square feet of retail; 150,000 square feet of business park; and a 150-room hotel.
This effort will generate hundreds of jobs in the community. The project will also generate an additional $37.6 million in property tax revenue to cover the investment.
Supervisor Barger said, “Today’s action by the Board of Supervisors caps several years of collaboration between the County of Los Angeles and the City of La Verne, who have worked together to identify common public investment needs, boost private investment, and leverage funding to finance projects. This is a prime example of what we can accomplish to serve our residents and local businesses by effectively stretching the value of each dollar.”