As part of an agreement with Gateway Developers, the city of Paso Robles is responsible for constructing the South Vine street bridge, and realign a portion of the road.
Gateway Developers is responsible for a second portion. The next city council’s agenda says approximately 5 million of the needed 20 million dollars for the bridge and road has been funded by development impact fees.
In order to finance the next 15 million dollars, staff has brought forward a resolution forming the Paso Robles Infrastructure Financing Authority. This is a partnership between the city and the California statewide communities development authority.
Created in 1988, this authority has over 350 cities, counties, and special districts as participants, and has issued more than 75 billion dollars in tax-exempt bonds to help participants fund infrastructure, affordable housing, and more. The resolution forming the authority for the city is not binding the city to any borrowing terms.
You can attend tuesday’s meeting in person, or listen right here on KPRL.
