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.
Article III of the Authority’s Articles establish the purposes for which the Authority was formed. Section 5 of that Article authorizes the Authority to do any and all things provided by Arizona statute. Similarly, Section 15 was added in the First Amendment to the Articles to authorize the Authority to “do all other things permitted under Arizona law.” The Authority has very broad and non-specific objectives:
1. To acquire, own, construct, lease, sell and dispose of all kinds of properties;
2. To promote industry and develop trade by inducing manufacturing, industrial and commercial enterprises to locate and remain in Casa Grande;
3. To stimulate and encourage the production, development, and use of the agricultural products and natural resources of Casa Grande;
4. To assist, financially and otherwise, in the rehabilitation, expansion, and development of all kinds of business and industries in Casa Grande, which will reduce pollution, promote and assure job opportunities and promote and assure an improved standard of living and an increase in prosperity and health.