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Citrus County commissioners approve creation of Industrial Development Authority, 4-1
Summary
The Board voted 4-1 to create an Industrial Development Authority that can issue private-activity bonds for local projects. Commissioners set an application window to recruit unpaid, resident board members and emphasized the authority will not use county ad valorem tax revenue.
Citrus County commissioners voted 4-1 on Oct. 21 to create an Industrial Development Authority (IDA) to provide an additional financing tool for local economic development projects.
The authority, as presented by Economic Development Director Steve Bham, would be a standalone public body able to issue or facilitate private-activity bonds, enabling companies or projects in the county to access tax-exempt financing and potentially lower borrowing costs. Commissioner Holly Davis moved to approve formation of the IDA and establish a process to recruit the first board; Commissioner Jeff Kennard seconded. The motion passed with Commissioners Rebecca Bays, Diana Finnegan,…
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