Potential New Funding Sources
There are several existing options for large scale financing that should be considered and further researched during the implementation phase of this plan.
The framework of the LA River Master Plan allows for key decision-makers including the public, as well as elected officials at all levels of government to creatively build a package of revenue sources over the next 20-25 years in support of the goals and projects outlined in this plan. While the following list includes many existing opportunities for large scale financing, there may be additional opportunities that can be brought to the table with further research and targeted conversations with experts.
- LA River Bond Measure: A bond measure specifically for LA River funding would give the public and policymakers an opportunity to create a dedicated source of revenue over the course of 25 to 30+ years.
- Enhanced Infrastructure Finance District (all EIFDs should be written with affordable housing goals in mind to reserve funding for affordable housing): EIFDs can be used to finance public capital facilities, including affordable housing, by leveraging anticipated future increases in tax revenue due to these investments. Creating an EIFD for the LA River and or specific LA River projects could create long-term revenue for revitalization efforts and provide a great opportunity to directly support the Master Plan’s goal for housing. EIFDs have been relatively hard to implement since they generally require sharing tax revenue from county and local municipal partners. However, the Master Plan creates a collective set of goals for all parties to work toward together.
- Appropriations and Direct Funding: State member items, state and municipal budgets, and federal appropriations could be directly leveraged for the LA River. The appropriation of funds at all levels would have to be coordinated individually with policy makers to ensure funding applicability. It would be a great opportunity for short-term funding to jump start Master Plan next steps.