As a region, we must find new ways to pay for sorely needed infrastructure improvements.
By embracing innovative financing and public-private partnerships, we can fund these critical investments in the housing, transportation, water and high-speed internet connectivity needed to fuel job growth and build sustainable, resilient communities.
We must mobilize the private sector not only to advocate for maintaining and modernizing essential infrastructure but also to spur adoption and investment in innovative tools, creative approaches and efficient processes. With the public and private sectors working together, priorities and strategies can be identified and implemented more quickly.
Actions
Develop Financing Tools
Develop a suite of civic participation financing tools that invite public involvement and investment, including:
- Mini-bonds – Bonds sold at small increments ($500-$1,500) have proven effective at engaging residents in local infrastructure projects.
- Ballot measures – Seeking voter approval imposes a discipline on identifying appropriate projects and persuading the public that infrastructure improvements are needed and merit investment.
Leverage Opportunity Zones
The Central Coast’s six Opportunity Zones – created by the federal government in 2017 to incentivize economic development – hold great potential to create new jobs and improve infrastructure in low-income areas through tax benefits for investors.
Leverage Strategic Sourcing
Leverage strategic sourcing for local government through a regional approach. Formalizing regional strategic partnerships across multiple jurisdictions maximizes purchasing power. This practice has the potential to save local governments tens of millions of dollars through higher efficiencies and reduced labor and material costs.
Form Partnerships
Form public-private partnerships to create revenue through redevelopment opportunities. Repurposing surplus and underutilized property through development, facility and infrastructure projects presents local governments opportunity to generate revenue and meet community needs for housing, recreation and other uses.
STAKEHOLDERS NEEDED AT THE TABLE:
- Local government
- Local school districts
- Private industry
- Economic development organizations
- SLOCOG
- SBCAG
METRICS WE WILL USE TO TRACK SUCCESS
- Costs avoided through strategic sourcing strategies
- Revenues generated through redeveloped property
- Dollars invested in infrastructure improvements
- Amount of total available surface water supply and storage year over year
- Average daily traffic on key transportation corridors
- Percentage of population, housing and jobs within 1⁄2-mile of transit stop or other non single occupancy vehicle options of transportation
