Apache Junction’s Industrial Development Authority should not be dissolved because of lack of activity, the city council decided recently.
The council on Nov. 1 and Dec. 6 discussed directing staff to dissolve the board but voted unanimously at the second meeting to keep it in place and in the future appoint people as needed. Councilmember Peter Heck was absent.
The Industrial Development Authority’s main purpose is to be a funding mechanism for tax-exempt, low-interest bond financing made available by federal law for certain eligible construction projects. State and federal laws restrict the types and cost of projects the authority may finance. In Arizona, the beneficiaries of such funding are almost always 501(c)(3) entities such as hospitals, private universities, charter schools, museums, etc., according to the city’s website.
