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Orange County IDA outlines incentives, programs and new compliance tracker
Summary
IDA CEO Bill Fioravanti briefed the committee on the agency’s core tools—sales tax exemptions, mortgage‑reporting relief, and PILOT agreements—its sister funding corporation, and a new multi‑year tracker intended to improve PARIS reporting and long‑term compliance.
Bill Fioravanti, CEO of the Orange County Industrial Development Agency, gave the committee a multi‑part briefing on the IDA’s powers and recent initiatives, including sales tax exemptions, mortgage‑reporting relief, and PILOT schedules designed to phase in taxes for new capital projects. “We are 100% funded by fees that we charge applicants that apply for our benefits,” Fioravanti said, noting the agency does not take county, state, or federal operating funds and that its current fund balance is approximately $9 million for shovel‑ready work and operating resilience.
Fioravanti also described the Orange County Funding Corporation (OCFC), a local development corporation that can issue tax‑exempt revenue bonds and was used during COVID to run a $10,000 COVID Resiliency Loan Fund (94% repaid). He said the IDA uses a Uniform Tax Exemption Policy (UTEP), Project Approval Policy, and a standalone Recapture Policy to strengthen accountability, and that it is developing a new multi‑year tracker to supplement PARIS snapshots and verify long‑term job and payment performance.
