What are IDA’s?
- Political Subdivisions of the State
- Not for profit corporations but cannot be 501(c) 3 charitable organizations.
- Function autonomously from the City except of for final approval of bond resolutions and appointments of Board Members
- Operate under their own Articles and Bylaws
- Chartered pursuant to Title 35, Chapter 5 of the Arizona Revised Statutes (the “ACT”)
What do IDA’s Do?
Authorities are empowered to issue bonds which provide funds for the financing or refinancing of the costs of the acquisition, construction, improvement, rehabilitation or equipping of a “project,” as defined in the Act.
IDA’s are also charged with the following responsibilities (as defined in the Authority’s Articles of Incorporation):
- To acquire, own, construct, lease, sell and dispose of all kinds of properties.
- To issue bonds for the purpose of carrying out any of its powers.
- To promote industry and develop trade by inducing manufacturing and use of natural resources of the City of Sierra Vista.
- To stimulate and encourage the production, development and use of natural resources of the City of Sierra Vista.
- To assist, financially and otherwise, in the rehabilitation, expansion and development of all businesses and industries in the City which will promote and assure job opportunities and promote and assure an improved standard of living and an increase in prosperity and health.
- To do all things as provided by Title 9, Chapter 11 “Industrial Development Plans for Municipalities and Counties” of the Arizona Revised Statutes.
The IDA stands ready to provide assistance, in any way possible, that will enhance the quality of life for residents of Sierra Vista.