The Industrial Development Authority of the City of Casa Grande (the “Authority”) is a non-profit Arizona corporation established to encourage industry and job growth in Casa Grande. Under state law it is recognized as a political subdivision of the state. As such, the Authority has the ability to issue tax-exempt bonds. The Authority is governed by a Board of Directors not exceeding nine (9) members. Meetings are called by the President as needed. All of the Board Members are unpaid City of Casa Grande residents who have been appointed by the Casa Grande City Council.
On November 18, 1974, Mayor Jimmie Kerr signed Resolution Number 925 authorizing the incorporation of an Industrial Development Authority for the City. Subsequently, Articles of Incorporation were prepared, approved, and filed with the Arizona Corporation Commission.
Accordingly, the Authority has been in existence since 1975, and has been actively involved in the industrial development process in the area in or near the City of Casa Grande. During that time it has received numerous bonding applications and has issued bonds in connection with several Projects covering a variety of topics. However, such bonds can be issued only when the Project being contemplated and the Project’s financial arrangements meet the Authority’s high standards.