Industrial Development Authority Board of Directors
The mission of the Industrial Development Authority Board of Directors is to create and maintain jobs within Maricopa County and assist the residents of the County to achieve a better standard of living and way of life.
The Industrial Development Authority of the County of Maricopa (the "Authority") is a nonprofit corporation designated by statute as a political subdivision of the State of Arizona (the "State"), duly formed under The Industrial Development Financing Act. The Authority is governed by a Board of Directors consisting of 9 members, each of whom must be a qualified elector of Maricopa County (the "County"), and elected by the Maricopa County Board of Supervisors. Note: The Authority's Directors need not be a resident of any particular Supervisorial District. The Authority performs an essential government function by assisting in the financing of:
- Commercial and industrial enterprises
- Safe, sanitary and affordable housing
- Healthcare facilities
The Authority primarily fulfills its essential government function through the issuance of multiple revenue bonds, the interest income on which may either be tax-exempt or taxable. In most instances, the Authority issues its bonds on a "conduit basis" for the benefit of the prospective user of the bond proceeds (the "Borrower"), who, in turn, ultimately has an obligation to pay:
- All the Authority's direct and indirect costs associated with the issuance of the bonds
- The principal and interest on the bonds
- A share of the Authority's actual administrative expenses incurred for each of the Authority's fiscal years during the period of time the Borrower's bonds are outstanding
By statute, the Authority:
- Does not have any taxing power
- Is proscribed from pledging its full faith and credit
- The Authority is also proscribed from pledging the full faith and credit or taxing power of the County for the repayment of the bonds
In addition to issuing municipal revenue bonds on a conduit basis, the Authority is involved in other activities.
- 2nd Tuesday of each month
- Board of Supervisors Conference Room
301 West Jefferson
Phoenix, AZ 85003
For updates to this webpage, contact BoardsAndCommissions@Maricopa.gov
|District 1||Jeremey Stawiecki||12/18/2019 - 12/17/2025|
|District 1||Jim Rounds
||12/18/2017 - 12/17/2023
|District 2||Ronald Westad||12/18/2019 - 12/17/2025|
|District 2||Andrew Cohn||12/18/2019 - 12/17/2025|
|District 3||Rebecca Burnham||12/18/2017 - 12/17/2023|
|District 3||Lisa James||12/18/2017 - 12/17/2023|
|District 4||Ron Castro||12/18/2021 - 12/17/2027|
|District 4||Freddie Bracamonte||03/23/2022 - 12/17/2027|
|District 5||Jose Martinez||02/23/2022 - 12/17/2027|
The authority shall have a board of directors in which all powers of the authority shall be vested and that shall consist of any number of directors, not less than three nor more than nine, all of whom shall be duly qualified electors of the municipality or county with respect to which the authority was formed, except that a corporation that is formed by the Arizona finance authority shall be governed pursuant to section 41-5353. In the case of a corporation formed with the permission of the Arizona board of regents the directors must be qualified electors of this state. In the case of a corporation formed with the permission of the Arizona finance authority, the Arizona finance authority board shall serve as the board of the industrial development authority. The directors shall serve without compensation, except that the directors shall be reimbursed for their actual expenses incurred in the performance of their duties in the same manner as is provided for other state officers. A director shall not be an officer or employee of the authorizing municipality or county. All directors shall declare any conflict of interest as provided in title 38, chapter 3, article 8. The directors shall be elected by the governing body of the authorizing municipality or county, and they shall be so elected that they shall hold office for overlapping terms. At the time of the election of the first board of directors the governing body of the municipality or the county shall divide the directors into three groups containing as nearly equal whole numbers as possible. The first term of the directors included in the first group shall be two years, the first term of the directors included in the second group shall be four years, the first term of the directors included in the third group shall be six years, and thereafter the terms of all directors shall be six years. The governing body may remove a director at any time, with or without cause.
Duties & Powers
The Authority's duties and powers are set for in A.R.S. §35-706 and the Non Profit Act.