Participation in the BAND Financing Program is open to all California cities, water districts, counties, school districts and other public agencies. CEDA membership simply requires formal board resolution to participate.
About
In 2006, the California Association for Local Economic Development (CALED), the premier statewide professional economic development organization, established the California Enterprise Development Authority (CEDA) to address gaps in economic development financing.
CEDA has developed its Bonds Assisting New Development or “BAND” Financing Program for local agencies to easily finance public improvements through CEDA. The various financing districts available include:
- Community Facilities Districts (CFDs)
- Assessment Districts (ADs)
- Enhanced Infrastructure Financing Districts (EIFDs)
- Community Revitalization and Investment Authorities (CRIAs)
- Climate Resilience Districts (CRDs)
BAND Financing Team
The BAND Financing Team is supported by dedicated, seasoned public finance professionals with extensive experience in land-secured and tax increment bond financing. The BAND Financing Program provides a cost-effective alternative to financing infrastructure projects by facilitating the formation process for the financing districts, reducing administrative burdens on local agency staff and managing required post-sale compliance reporting requirements for local agencies.
Below are the approved BAND Team Members:
- Bond Issuer: California Enterprise Development Authority
- Municipal Advisor: Kosmont Financial Services
- Disclosure Counsel: Kutak Rock
- Bond Counsel: Best Best & Krieger
- Appraiser: BTI Appraisal
- Special Tax Consultant: Willdan Financial Services
- Underwriter: Raymond James
- Underwriter’s Counsel: Nixon Peabody
Benefits Program
Participating agencies can reduce their administrative costs and burdens by using the BAND Financing Program:
- Formation and Bond Issuance – CEDA will oversee and/or assist in the formation of financing districts and issue bonds on their behalf.
- Continuing Disclosure – Reduce valuable staff time by transferring annual post-sale disclosure requirements to CEDA.
- Ongoing Administration –
- CEDA will place annual special taxes/assessments on the property tax roll.
- For CFDs and ADs, CEDA’s BAND Financing Program name appears on the property tax bill (not the participating agency).
- All inquiries will be handled by the BAND Financing Team.
- Refunding Savings – Existing special tax bonds can be refunded, which lowers property taxes for voters in your community.
Developers can save time and reduce issuance costs by using the BAND Financing Program.
- Maximize Flexibility – BAND can finance public infrastructure and applicable fees (in lieu of facilities) for multiple agencies.
- Accelerate Development – The streamlined application process, experienced financing team and 300+ public agency members result in an expedited approval, formation and issuance process.
- Take advantage of competitive issuance costs and fees.
Application Process
Applications are being accepted by CEDA’s BAND Financing Team who will coordinate all aspects of the financing district formation, subsequent bond issuance and ongoing administration on behalf of participating agencies.