Commissioners Greenlight Industrial Development Authority

Following the lead of neighboring counties, Flagler County commissioners earlier this month unanimously approved the creation of an industrial development authority to provide financing and refinancing for projects to spur economic development in the county.

According to the staff report prepared for the commission meeting, an industrial development authority has the power to issue revenue bonds or other debt obligations. The IDA does not use public money for the bonds but generates revenue through application and financing fees.

Flagler County Tourism Director Amy Lukasik briefed commissioners on the IDA program and said the agency provides a benefit to companies by offering long-term financing at lower than prime interest rates. She said in preparation for the presentation, staff reviewed the bond program in St. Johns County and found that county’s most recent project generated 75,000 in collected revenue for the St. Johns IDA.

In addition to approving creation of the industrial development authority, commissioners okayed recommendations for the composition of the IDA board to include members with financing or accounting backgrounds, legal experience, commercial banking expertise, commercial real estate broker experience and a business leader or business owner.

Lukasik said with commission approval, staff will open the application process for 120 days before coming back to commissioners with recommendations.

“We also need time to do a lot of public outreach and public information sessions,” she said. “The next step after that is we would bring applications and the board (of county commissioners) will select the five members.”

Once the members have been approved by commissioners, they will work with county staff to draft bylaws, which will be reviewed by the County Commission in a workshop.

Commissioner Leann Pennington said she was pleased to see the different qualifications as part of the selection process for IDA members.

“I think they have to have financial information,” she said.