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Industrial Development Authority
Duties
The Mt. Lebanon Industrial Development Authority (IDA) was created on April 10, 2006. Resolution R-9-06 named the initial five authority members and established Articles of Incorporation.
The IDA is a special purpose authority created by Mt. Lebanon to enhance and promote development, redevelopment and economic activities and fund a wide variety of projects including housing, commercial and industrial development, to create public infrastructure and mass transit systems, or to fund education and healthcare facilities.
The IDA is a "conduit" issuer, which enables private borrowers to receive the benefit of tax-exempt financing.
Fee Income
In addition, initial and annual fees on these borrowings create a revenue stream for the issuing authority which can reinvest the income in other economic development projects, or use it as a local match for state, and federal funds.
Other Costs
Out of pocket costs of the borrower as well as expenses and/or fees for the Authority solicitor are not deducted from the authority's fees, but paid directly by the borrower/applicant.
Market Area
The IDA may compete for business with any other authority established for the same purpose and is not limited to financing only those projects located in Mt. Lebanon.
Board
Five members
Meetings
Second Monday of the months of February, May, August, and November, and held in the Commission Chambers at the Mt. Lebanon Municipal Building, 710 Washington Road.
Staff Liaison
Municipal Manager Steve Feller, 412-343-3404 |