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Industrial Development Authority

Committee Member

Term

Michael Long

(first term)

1/1/16 – 12/31/18

Curtis Nielson

(first term)

1/1/16 – 12/31/17

Vacant

The City of Avondale Industrial Development Authority (IDA) was incorporated May 20, 1982.  An IDA is a political subdivision with the purpose of providing a financing mechanism for a specific list of projects (ARS §35-701).  The IDA can issue bonds to fund projects identified by State Statute, then the debt is repaid by the private developer, not the City.  The City of Avondale IDA issued $3.085M in 1997 to help finance a health care facility located at 350 E. La Canada.  The bonds have a maturity date of December 2014.

The resolution creating the IDA also established the board of directors and called for three directors to serve on the board.  The Board has not had any new business since 1997, and has not been actively meeting.  The Authority may be dissolved once the bonds have been paid in full.  An annual report is filed with the Arizona Corporations Commission on behalf of the IDA.