Transit village developments: infrastructure financing.

Existing law authorizes a city or county to create a transit village plan for a transit village development district. A transit village plan is required to include all land within not less than 14 mile of the exterior boundary of the parcel on which is located a transit station, as defined. A legislative body is authorized to create an infrastructure financing district, adopt an infrastructure financing plan, and issue bonds, for which only the district is liable, to finance specified public facilities, upon voter approval. This bill would recast the area included in a transit village plan to include all land within not more than 12 mile of the main entrance of a transit station. The requirement of voter approval for the formation of an infrastructure financing district, adoption of an infrastructure financing plan, and an issuance of bonds for the purpose of implementing a transit facility, as defined, would be eliminated. A transit village plan financed by these bonds would be required to include specified demonstrable public benefits regarding housing, replacement dwelling units at an affordable housing cost when specified dwelling units are destroyed or removed, and a provision that at least 20% of all revenues derived from the property tax increment be dedicated to increase, improve, and preserve the transit village district's supply of affordable housing, as defined. The bill also would make technical, nonsubstantive changes. This bill would incorporate additional changes in Section 65460.2 of the Government Code proposed by AB 1158, that would become operative only if AB 1158 and this bill are both chaptered and become effective on or before January 1, 2010, and this bill is chaptered last.