DIS- 7390
Items For Discussion 1.
Work Session Board of Supervisors - 3:00 pm
Board of Supervisors
- Meeting Date:
- 10/24/2023
- Title:
- Industrial Development Authority (IDA)
- Submitted By:
- Lara Loewenheim, Board of Supervisors
- Department:
- Board of Supervisors
Presentation:
PowerPoint
Recommendation:
Document Signatures:
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
NAME
of PRESENTER:
of PRESENTER:
Dan Coxworth
TITLE
of PRESENTER:
of PRESENTER:
Development Services Director
Mandated Function?:
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Information
Agenda Item Text:
Discussion and possible direction regarding the reestablishment of the Cochise County Industrial Development Authority (IDA).
Background:
The Cochise County IDA could benefit existing businesses or new businesses that wish to relocate to Cochise County. An IDA serves as a non-profit entity, typically established by a State or local government, with the primary mission of fostering economic development within its jurisdiction. IDAs play a pivotal role as intermediaries, enabling bond issuers to offer tax-exempt bonds at both the Federal and State levels.
In 1975, the BOS approved by Resolution (attached) the creation of the IDA of Cochise County. In 2013, the BOS met in a Work Session to discuss the dissolution of the IDA. The last annual report was filed with the Arizona Corporation Commission (ACC) in 2013, and after six years without filling an annual report, the IDA of Cochise County was administratively dissolved. To re-establish the IDA, the County may be required to adopt a new Resolution and apply with the ACC.
In 1975, the BOS approved by Resolution (attached) the creation of the IDA of Cochise County. In 2013, the BOS met in a Work Session to discuss the dissolution of the IDA. The last annual report was filed with the Arizona Corporation Commission (ACC) in 2013, and after six years without filling an annual report, the IDA of Cochise County was administratively dissolved. To re-establish the IDA, the County may be required to adopt a new Resolution and apply with the ACC.
Department's Next Steps (if approved):
Move forward as the Board directs.
Impact of NOT Approving/Alternatives:
n/a
To BOS Staff: Document Disposition/Follow-Up:
n/a