In September of 1978, the Board of Aldermen established an 11-member Industrial Development Authority (IDA) Board of Directors, as authorized by State Statutes. The Articles of Incorporation, filed with the Secretary of State’s Office, were amended by Resolution No. 81-04 in January of 1981. Resolution No. 95-18, adopted by the Board of Aldermen on July 25, 1995, reduced the number of members from 11 to 7. Members must be residents of the city for five years prior to their appointment. The Chamber of Commerce was actively involved in the initial establishment of this authority.
- To promote and solicit industrial and economic development projects and to make and execute leases, contracts, releases, compromises and other instruments necessary or convenient to carry out the Authority’s purposes.
- To acquire, whether by purchase, exchange, gift, lease or otherwise, and to improve, maintain, equip and furnish projects, including all real and personal properties which the Authority may deem necessary. The Authority can charge and collect rent and any lease can be terminated upon failure by the lessee to comply with any of the obligations. An option to purchase may be included in the lease.
- To sell, assign, mortgage, grant a security interest in, exchange, donate and convey any or all properties. Proceeds of the bonds or temporary notes can be loaned for the purchase, construction, extension and improvements of projects; and, the Authority can issue bonds and temporary notes. Funds not required for immediate disbursement can be invested.
- To acquire, by gift or purchase, hold and dispose of real and personal property.
- To collect rentals, fees and other charges in connection with the Authority’s services or for the use of any project.
- To sell at private sale any properties or projects. Sales should provide for adequate payments to pay the principal of an interest and premiums on the bonds issued to finance a project or a portion of the project. Any sale may provide for the construction of the project by the purchaser of the project. The Authority does not necessarily have to acquire title to a project.