County Commissioners sign IDA
The creation of a Buchanan County Industrial Development Authority was signed by Buchanan County commissioners Monday morning to give area residents more options for business expansion.
“There’s now a new economic development tool that will be available to the county to be used in connection with business that either wish to expand in Buchanan county or relocate in Buchanan County,” said Buchanan County Attorney Jim Bowers.
The I.D.A. will give businesses wishing to relocate or expand in Buchanan County the ability to approach the I.D.A. to seek revenue bonds for financing. Bowers said the City of St. Joseph already has an Industrial Development Authority, however the addition of a County Authority is giving businesses a wider range of options
“They both have similar powers, and they both have similar jurisdictions, although the St. Joseph I.D.A. is restricted to St. Joseph,” said Bowers. “Buchanan County I.D.A. will have a larger restriction to include Buchanan County.”
He said, the East Hills Mall’s interest in the issuance of revenue bonds is the main reason for the formation of the I.D.A.
“The East Hills Mall is interested in using the Authority to issue industrial revenue bonds to refinance an existing debt that it has,” said Bowers.
The Industrial Development Authority which consists of five members will meet soon to begin organizing itself and taking applications.