By-Line: Julie Murphy, Flagler County Government
The newly formed Flagler County Industrial Development Authority (IDA) is eager to build its membership and to that end is hosting an informational meeting after the holidays – February 6 – about its mission to incentivize building manufacturing facilities and other projects that support economic development.
“IDAs have been used successfully throughout the State of Florida including Volusia, St. Johns, Clay, and Putnam Counties,” said Economic Development Manager Dolores Key. “The primary purpose of an IDA is to issue tax-exempt bond financing for certain economic development projects within Flagler County.”
The Flagler County Board of County Commissioners approved the Industrial Development Authority, as it supports the county’s Strategic Plan for Economic Vitality – specifically Goal 1 “Diversify and Enhance the Tax Base to Improve the Local Economy” and Goal 2 “Develop Competitive Advantages for New and Existing Businesses.”
Tax-exempt bonds can be issued for:
- Manufacturing facilities
- Water and sewer projects
- Solid waste facilities
- 501(C)(3) non-profit organizations
- Expansion of qualifying businesses
“By utilizing the tax-exempt financing, the end user receives a lower interest rate and therefore has a more economically viable project,” Key said. “Proceeds realized as a result of IDA activities will be used to enhance the economic competitiveness of Flagler County.”
The informational meeting will be held at 9 a.m. February 6 (Thursday) at the Flagler County Tourism Office Conference Room, 120 Airport Road, 3rd Floor, Palm Coast. Attendees are asked to RSVP to Key at dkey@flaglercounty.gov.
Flagler County IDA seeks members (one each), who will be appointed by the Board of County Commissioners, with expertise in the following areas:
- Attorney
- Commercial Banker
- Commercial Real Estate Broker
- Certified Public Accountant, or Finance
- Business Leader at Large
Those interested in being considered for board appointment are asked to complete and submit an application by February 15 to the Board of County Commissioners. Applications are available on the county website at https://www.flaglercounty.gov/departments/economic-development/.
Appointed members will be required to file Financial Disclosure Reports with the Florida Commission on Ethics and abide by Sunshine Laws as it pertains to Flagler County IDA business.
