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About the Gila County IDA

The Industrial Development Authority of Gila County is an innovator that has promoted economic development, created jobs and helped enhance the County's economic well-being since 1972.

The Industrial Development Authority works in cooperation with the County and its economic development entities to promote and facilitate development activities in Gila County. The IDA also provides significant opportunities for industrial and commercial development in the County through tax-exempt bond financing and low-interest business loans.

The IDA issues tax-exempt bonds to provide long-term financing to promote industry and develop trade by inducing manufacturing, industrial, governmental and commercial enterprises and institutions of higher education to locate in and remain in the County and further the use of Gila County's agricultural products and natural resources, either through the increase of commerce, or through the promotion of safety, health, welfare, convenience or prosperity.

Mission Statement
The Industrial Development Authority of Gila County is committed to expanding economic development and business enterprise for Gila County, Arizona. The primary mission of the IDA is to secure and apply resources that promote the retention, expansion and attraction of business and commercial enterprises in Gila County and to expand employment opportunities.

The IDA is committed to supporting projects that impact the social, cultural, environmental and physical needs of Gila County and therefore improving the quality of life for its citizens.

Inception
In 1972, The Industrial Development Authority of the County of Gila (the "IDA") was created and approved for incorporation by the Gila County Board of Supervisors as a non-profit corporation; designated by statute as a political subdivision of the State of Arizona. The governing body of the IDA is comprised of nine board members, appointed for six-year, staggered terms. These dedicated people serve the County without compensation. The IDA was created to take advantage of federal tax laws allowing tax-exempt financing for a variety of private concerns, including:

  • Manufacturing
  • Distribution
  • Warehousing
  • Health care
  • Affordable housing •
  • Research and development facilities
  • Pollution control facilities
While the IDA's focus is on Gila County, its legal authority extends through the entire State of Arizona. The IDA is unique, having certain limited governmental powers (e.g. issuing tax-exempt debt) while being able to act as a non-profit corporation and serve the needs of businesses, lenders, medical patients, home buyers and renter.

The IDA defines economic development as those activities intended to encourage the accumulation of wealth through the creation and retention of jobs; attraction, expansion and retention of businesses, expansion of the tax base and improvement of the business climate. The IDA's economic development activities are guided by a series of goals and principles which serve to further the economic vitality of Gila County.

Why the IDA is so effective?
Confident we have the right mix of skills and expertise to pursue our mandate with agility and faster time-to-implementation, the Industrial Development Authority is a countywide entity with the vision and goal of spurring economic development. Utilizing creativity, agility and the application of entrepreneurial instincts to every aspect of business, identifying ways to do more with less, and shortening the path from planning to action has enabled the IDA to do more for Gila County business attraction than would otherwise be done.

No Reliance on Public Funds
The IDA is self-supporting. Sources of income include fees from past bond issues and fees paid by new users of the IDA's services.

Bonds
The Industrial Development Authority (IDA) is a conduit-issuer of bonds, formed in 1972 by the Gila County Board of Supervisors. The IDA enables bonds to be issued with a tax-exempt status, but does not pledge County funds to repay the bond issues. These bonds are offered as an incentive to companies involved in manufacturing and processing activities, non-profit organizations to relocate to Gila County, or remain and expand in the County, thereby creating and retaining jobs, promoting economic revitalization, and providing much needed public and community services. Since its inception, the IDA has directly issued or facilitated over $50 million in bond issues. The IDA works closely with a team of qualified financial professionals whose goal is to process bonds in a timely, accurate and cost-effective manner.

Benefits
Issuances of bonds creates a win-win situation for all parties involved. Bonds benefit the borrower, investor and the communities in which the projects are located. Due to the tax-exempt status of bonds, investors benefit from the tax-free interest earnings received from the bonds. The interest income may be lower than other investments, but the tax savings may offset the difference. Bonds typically reduce financing costs by 20%-30% annually. In many cases these savings allow companies to purchase their leased facilities or acquire a new property, allowing them to expand or increase the capacity of their operations.

Gila County - The Place to do Business!



 
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