The Industrial Development Authority (IDA) is a public corporation created by the City to support local economic growth. Its mission is to encourage commercial, industrial, agricultural, and manufacturing development within the community. The IDA is governed by a five-member board serving staggered six-year terms.
To carry out its mission, the IDA can acquire and develop property, enter into leases and contracts, hire professional staff, accept grants and gifts, and issue bonds to help finance qualified development projects. It may lease or sell projects to private or public entities, with bond financing structured to ensure repayment. The board oversees required public notices and hearings for proposed bond issuances, and the mayor provides final approval for issuing industrial revenue bonds.
MEMBERS & TERMS
- VACANT – Term expiring February 2026
- Lou Citro – Term expiring February 2032
- Bill Hutchings – Term expiring February 2027
- Larry Duffel – Term expiring February 2027
- Rick Grigsby – Term expiring February 2027
GOVERNING LEGISLATION
It is hereby found, determined and declared by the city council that it is wise, expedient, necessary and advisable that there be established a public corporation in accordance with RSMo ch. 349, to be known as the “industrial development authority” of the city.
(Code 1976, § 24-31; Code 2002, § 66-76)
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The industrial development authority is established for the purpose of promoting the development of commercial, industrial, agricultural and manufacturing facilities within the city under authority of RSMo 349.010—349.105.
(Code 1976, § 24-32; Code 2002, § 66-77)
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The board of directors of the industrial development authority shall be composed of five members. The members shall serve staggered terms of six years.
(Code 1976, § 24-33; Code 2002, § 66-78)
State Law reference— Similar provisions, RSMo 349.045.
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The industrial development authority may exercise all powers necessary or appropriate to carry out and effectuate its purposes, including, but not limited to, the following:
(1) Adopt bylaws and rules for the regulation of its affairs and the conduct of its business;
(2) Adopt an official seal;
(3) Sue and be sued;
(4) Make and execute leases, contracts, releases, compromises and other instruments necessary or convenient for the exercise of its powers or to carry out its purposes;
(5) Acquire, whether by purchase, exchange, gift, lease or otherwise, and improve, maintain, equip and furnish one or more projects, including all real and personal properties which the board of directors may deem necessary in connection therewith and regardless of whether or not any such projects shall then be in existence;
(6) Lease to others any of its projects and charge and collect rent therefor; and terminate any such lease upon the failure of the lessee to comply with any of the obligations thereof; and include in any such lease, if desired, a provision that the lessee thereof shall have an option to purchase the project;
(7) Sell, exchange, donate and convey any or all of its properties whenever its board of directors shall find such action to be in furtherance of the purposes for which the authority was organized;
(8) Issue bonds and temporary notes as provided in this article;
(9) Employ and pay compensation to such employees and agents, including attorneys, and others of like professional skills and abilities as the board of directors shall deem necessary for the business of the authority;
(10) Invest any funds not required for immediate disbursement in obligations of the state or of the United States or any agency or instrumentality thereof or in bank certificates of deposit;
(11) Acquire by gift or purchase, hold and dispose of real and personal property in the exercise of its powers and the performance of its duties under this article;
(12) Receive and accept appropriations, gifts and grants and utilize or dispose of the appropriations, gifts and grants to carry out its purposes;
(13) Collect rentals, fees and other charges in connection with its services or for the use of any project; and
(14) Sell at private sale any of its property or projects to any private corporation, person, firm, or to any public body, political subdivision or municipal corporation, on such terms as it deems advisable, including the right to receive for such sale the note of any such person to whom the sale is made. Any such sale shall provide for payments adequate to pay the principal and interest and premiums, if any, on the bonds issued to finance such project or portion thereof. Any such sale may provide for the construction of the project by the purchaser of the project.
(Code 1976, § 24-34; Code 2002, § 66-79)
Sec. 32-73. – Authority of board of directors, mayor.
(a) The board of directors of the industrial development authority is hereby designated by the city council to:
(1) Act as the governmental unit acting on behalf of the city council to publish notice reasonably designed to apprise the city residents of the proposed issuance of industrial development revenue bonds by the industrial development authority.
(2) Act on behalf of the city council to conduct public hearings at which city residents may express their views on the proposed issuance of industrial revenue bonds by the industrial development authority and on the location and nature of the proposed facilities to be financed out of the proceeds of the issuance of such bonds.
(b) The mayor is hereby designated as the elected city representative to approve the issuance of industrial revenue bonds by the industrial development authority.
(Code 1976, § 24-35; Code 2002, § 66-80)