The Commercial and Industrial Development Authority is governed by a board of five members appointed by Council. This authority finances, constructs, and leases projects for industrial or commercial development using tax exempt revenue bonds.
The Commercial and Industrial Development Authority issues bonds backed by a pledge of revenues or mortgage of assets. Sale of bonds and construction of a project must be approved in advance by the Secretary of Community and Economic Development.
This authority is authorized to undertake industrial, specialized, or commercial development projects and sponsor disaster relief projects.
Industrial projects include pollution control, manufacturing, research and development, warehouse, distribution, and headquarters facilities, and tourist and recreation complexes.
Commercial projects include wholesale, retail and mercantile facilities, office buildings, hotels or motels, shopping centers, department stores and headquarters facilities.
Specialized projects include airports, docks, wharves, mass transit facilities, public parking facilities, intermodal transportation facilities, nursing homes, industrial parks, public utility facilities, energy source conversions, energy producing activities and construction of rail sidings, spurs and branch lines.
Disaster relief projects include replacement or repair of structures and equipment of industrial, specialized or commercial enterprises damaged in a federally declared disaster.