Scottsdale Industrial Development Authority seeks to revive bond financing and community grants
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Summary
Rod Hancock, executive director of the Scottsdale Industrial Development Authority, told Scottsdale board members the IDA is reactivating outreach to issue conduit revenue bonds and restart community grant programs after years of limited activity; any bond issuance requires City Council approval.
Rodney (Rod) Hancock, executive director of the Scottsdale Industrial Development Authority, told the City of Scottsdale’s housing-agency governing board on Nov. 13 that the IDA is reviving efforts to use conduit revenue bonds to support local economic and housing projects. "Our mission is to expand the economic development and business enterprises for Scottsdale," Hancock said, summarizing the IDA’s focus on business retention, attraction and community-support grant programs.
Hancock told the board the IDA is a city-approved nonprofit political subdivision formed in 1984 that issues tax-exempt and taxable revenue bonds. He listed volunteer board members and said he is the organization’s only paid staff member. Hancock said the IDA had a grants budget in prior years (noted as $150,000 in 2022) but had been mostly dormant until new board members and his recent hiring increased outreach.
The IDA’s recent impact figures cited by Hancock included approximately $200,000 in small-business relief grants and $80,000 to educational nonprofits; he said the organization is drafting a strategic plan to scale grant activity and partnerships. Hancock emphasized that the IDA serves as a conduit financier — it markets bonds to banks and investors rather than directly providing operating grants — and that any bond issuance or related financing would still need Scottsdale City Council approval.
During questions from commissioners, Hancock said the organization has operating funds but "not enough to issue any grants" right now and that the last bond the IDA took to council was several years ago (an estimate of about five years). When asked about potential partnerships with large employers such as Axon, Hancock said the IDA would entertain conversations but expected its most likely role to be supporting smaller-scale projects that create local jobs and housing for workers.
Commissioners encouraged the IDA to expand outreach to underserved areas and explore partnerships with nonprofit human-services providers. Hancock invited proposals and said developers and organizations may submit proposals via the IDA website or contact him directly. No formal action or vote was taken on IDA programs at the meeting; the presentation concluded with the board moving to a brief recess.
What’s next: the IDA plans a strategic plan rollout and further engagement with city staff and council; commissioners said they would follow up on possible collaboration opportunities.
