Industrial Development Authority Board
- Authorized by Arizona Revised Statutes (A.R.S.) 35-701 et. Seq.
- Comprises three to nine members
- Members are appointed by the Board of Supervisors for 6-year terms
- Members are not required to reside within specific districts
The Coconino County Industrial Development Authority (CCIDA) provides alternative business financing for private and non-profit applicants (through their lenders or investors) in Northern Arizona by using tax-exempt bonds.
This financing can fund a variety of projects not only for new businesses and organizations in the region, but also for the expansion of existing entities. The tax-exempt nature of the financing allows lenders, underwriters or investors to provide money to applicants at rates that are generally lower than conventional financing.
CCIDA approves the issuance of bonds that can provide financing for numerous types of development projects, including: the acquisition, construction, improvement, rehabilitation and equipment of manufacturing, distribution, warehouse and health care facilities; affordable housing; research and development; and pollution control facilities.
Revenue bonds are not a direct government lending or government guarantee program; applicants must secure a purchaser (i.e., lender or investor) for the bonds. CCIDA merely acts as a "conduit" or "pass-through" for the issuance of revenue bonds, which bonds may potentially provide lower interest rates due to Federal tax treatment. The applicant must negotiate the terms with the lender or underwriter, including the amount of the loan, maturity date and interest rate.
For More Information
For more information, call the law firm of Mangum, Wall, Stoops & Warden P.L.L.C at (928) 779-6951.