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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, Kennard and Davis voting yes and Commissioner Janet Barrick voting no.
Supporters framed the IDA as a “toolbox” item for recruiting industry and growing higher-wage employment. Bham told the board the authority would be governed by Florida law (Part 3 of Chapter 159 and the Florida Industrial Development Financing Act), the Internal Revenue Code and federal securities rules, and that statute requires a minimum five-member unpaid board made up of county residents. He said projects still must return to the Board of County Commissioners for final approval and that the county would not levy ad valorem taxes for the IDA.
Opponents voiced concerns about risk and long-term accountability. Commissioner Barrick said she was uncomfortable with appointed, not elected, board members having a role in financing decisions and questioned whether the county could be pulled into litigation or liability if a financed project defaulted. County Attorney Denise A. Lind and staff responded that Florida Statute 159.49 and related law generally make revenue bonds of such authorities non‑recourse to the county and that IDAs commonly use outside bond counsel paid from applicant fees rather than public funds.
The board directed staff to advertise for applicants to serve on the five-member IDA and adjusted the proposed schedule: the commission approved opening the application period for 90 days for the initial board appointments. Officials said application and financing fees paid by applicants would cover bond counsel and administrative costs so the county taxpayer impact would be minimal.
Next steps: county staff will accept applications and return to the commission with candidate names and a final resolution designating the authority’s first board members and bylaws.
Votes at a glance: Motion to create the Citrus County Industrial Development Authority and open a 90‑day application period for board seats — mover: Commissioner Holly Davis; second: Commissioner Jeff Kennard; vote: 4 yes (Bays, Finnegan, Kennard, Davis), 1 no (Barrick).
