Sacramento, CA
When McClellan Air Force Base in Sacramento County was closed by the Defense Base Realignment and Closure Commission in July 2001, the County entered into a joint venture agreement with McClellan Park LLC that envisioned reuse of 10 million square feet of facilities and 7 million square feet of new development. EPS prepared a financing strategy that matched the timing of needed infrastructure improvements with available revenues. The $169.4-million financing implementation plan uses infrastructure charges, tax increment revenue financing, grants and other funding, and potential funding from the County’s developer/equity partner and the County. EPS served as special tax consultant for a Mello-Roos CFD that was formed as part of that strategy. EPS also prepared the loan package that was needed for a California Infrastructure and Economic Development Bank loan. McClellan Park is well on its way to success—the park is 25 percent built out and several thousand employees work there.