Plans to update Blackstone will affect businesses along the thoroughfare, especially between Dakota Avenue and Highway 180. Photo by Ram Reyes.

The Fresno City Council voted Oct. 7 in favor of the formation of the Fresno Enhanced Infrastructure Financing District (EIFD).

EIFDs create funds from property taxes as land values increase.

The Fresno EIFD will provide funding for $345 million worth of infrastructure improvements along the Blackstone Corridor and in Downtown Fresno over the next 50 years.

These investments will lay the foundation for more housing units and mixed-use development.

Revenues collected by the Fresno EIFD will be 33% of the city’s future property tax-increment within the boundaries of the district. The city’s EIFD does not raise taxes on property owners and is expected to result in a net positive fiscal impact of $9.8 million to the City of Fresno’s General Fund over the lifespan of the district.

Fresno City Council member Nelson Esparza is chairman of the Fresno EIFD Public Financing Authority (PFA), the body tasked with overseeing the functions and allocations of the city’s EIFD.

“This is a momentous step forward in the redevelopment of a part of city that has historically been ignored,” Esparza said. “This level of investment is long overdue and will ultimately benefit the entire city at large. We’re taking full advantage of the economic development opportunity that we have along Blackstone and in downtown.”