Through a partnership with the California Municipal Finance Authority (CMFA), the City offers financing through the Bond Opportunities for Land Development (BOLD) program. Under the program, bonds are issued that finance both infrastructure improvements and development impact fees for residential and non-residential projects.

What is BOLD?

The BOLD program allows developers the option to finance infrastructure and development impact fees on residential and non-residential projects in the City of Elk Grove. The program provides financing through the issuance of bonds under the Mello-Roos Community Facilities Act of 1982 (California Government Code Section 53311). The developer/property owner applying for BOLD financing agrees to pay assessments to BOLD over a period that may not exceed 30 years (secured by a lien against the property). Property owners of participating projects may be reimbursed for the costs of infrastructure improvements and/or development impact fees paid at the time of building permit issuance, or can receive pre-funding of the development impact fees just prior to obtaining a building permit.

Benefits to Property Owners

BOLD financing provides low-cost tax-exempt financing for both development impact fees and direct infrastructure financing, thereby enhancing cash flow during the development process. The program allows smaller projects to access cost-effective, tax exempt financing. Property owners also have the option to pay off the assessments at any time within the 30 year maximum period.

What City fees may be financed through BOLD?

All City of Elk Grove impact fees are eligible to be financed by SCIP. Other development impact fees here in the City are not eligible to be financed through the SCIP program, as outlined in the City's Land Secured Financing Policy.

What type of projects are eligible for BOLD?

BOLD may be used for residential and non-residential projects such as housing developments, retail, commercial, office, and industrial projects.

How is BOLD administered?

BOLD is administered by the experienced staff at CMFA, who prepare the tax roll, disseminate continuing disclosure reports, and handle delinquencies. More information and applications

How do I obtain more information on BOLD?

For questions relating to BOLD, contact the City of Elk Grove Finance Department at (916) 627-3205, or email financingdistrictinfo@elkgrovecity.org