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AB 1259, to support economic development in the City of Merced, signed into law

For immediate release:

SACRAMENTO – Governor Newsom signed Assemblywoman Soria’s AB 1259 into law today, October 10th.

AB 1259 authorizes the City of Merced to establish an Enhanced Infrastructure Financing District (EIFD). An EIFD is an economic development tool used by cities to support public infrastructure and economic development projects of community-wide significance.  The City of Merced intends to establish an EIFD to advance the city’s affordable housing goals, in alignment with the State’s priorities like transit oriented development and rail projects and make infrastructure improvements to support a growing UC Merced campus.

 “I’m grateful the Governor signed this important measure to support economic development in the City of Merced,” said Assemblywoman Soria. “Residents of Merced will benefit from investments in public infrastructure, development of affordable housing and other improvements to bolster economic development projects.”

“Merced’s future is bright with the passage of this bill,” said Frank Quintero, Deputy City Manager for the City of Merced. “We look forward to the projects that will move forward with the help of AB 1259, especially in housing opportunities.”