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Economic Development
Stanton Hazelroth
Executive Director
California Infrastructure and Economic Development Bank
For more information about I-Bank and its programs, go to www.ibank.ca.gov.
Responsibilities and accomplishments include:
Financing infrastructure projects with low-cost loans to public agencies:
- Approved more than $300 million in loans from the Infrastructure State Revolving Fund (ISRF) Program since June 2000.
- Financed a variety of public infrastructure projects including flood control, water and wastewater facilities, public safety facilities and public streets throughout the state during FY 2004-05.
- Committed more than $26 million in ISRF loans in FY 2004-05 that leveraged $40 million in additional public and private infrastructure investments.
- Continued to leverage infrastructure financing resources - where every $2 of an I-Bank loan historically results in $5 of infrastructure financed.
Issuing tax-exempt bonds for infrastructure and economic development projects:
- Continued to manage revenue bond-financing programs including the Government Revenue Bond Program issuing bonds for state agencies; the Industrial Development Revenue Bond Program issuing bonds for qualified California companies creating and retaining jobs; and the 501(c)(3) Non-profit Revenue Bond Program issuing bonds for qualified California non-profits for research, cultural and other public purposes.
- Issued nearly $2.5 billion in bonds during FY 2004-05 through I-Bank's Revenue Bond Financing Programs.
- Recognized as California's third largest issuer of municipal bonds during the first six months of 2005.
Advocating increased support for financing the state's infrastructure development needs:
- Partnered with other financing agencies in the California Financing Coordinating Committee to market the availability of government infrastructure financing programs.
- Provided input on statewide infrastructure issues such as goods movement and public private partnerships as well as proposing alternative financing methods to address the state's infrastructure needs.
The California Infrastructure and Economic Development Bank (I-Bank) is a state financing authority that provides low-cost financing to public agencies, manufacturing companies, nonprofit organizations and other entities eligible for tax-exempt financing. Since January 1, 1999, the I-Bank has financed more than $6.5 billion in tax-exempt bonds and loans for economic development and public infrastructure projects throughout the state.
"The I-Bank makes loans, issues bonds, lends expertise and formulates new and creative methods for financing California's infrastructure needs," I-Bank Executive Director Stanton Hazelroth said. "For many years we have been partnering with both public agencies and eligible private and non-profit corporations to help the state finance vital infrastructure."