Industrial Development Authority Industrial Revenue Bonds
The standard annual fee for IRBs issued by the Industrial Development Authority to assist with the financing of industrial projects is one eighth of 1 percent, per annum, on the annual outstanding principal balance, throughout the full term of the bond(s).
If IRB financing is approved for qualified non-industrial projects, such as, but not limited to, private medical clinics, hospitals, retirement or geriatric care projects, private educational facilities and similar community projects which qualify for financing under the law and may be either non-profit, for profit, 501 C3 designated or may be otherwise exempt from the State IRB financing allocation, the fee will be reduced to a rate of 75% of the normal assessment. Qualified non-industrial projects which are public or public-private projects will be assessed the reduced fee, or in certain instances, as determined by the Authority Directors, the annual fee may be reduced further or waived.
It is an objective of this policy to accommodate qualified non-industrial projects with IRB financing assistance, reducing the annual fee as an inducement to create facilities and or provide services which will significantly enhance the community's quality of life.