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HomeMy WebLinkAbout02-17-2004 Study Session Blue SheetsTOWN COUNCIL TOWN MEETING OF INFORMATION MARANA DATE: February 17, 2004 AGENDA ITEM: Il. 1 TO: Mayor and Council FROM: Dick Gear, Community and Economic Development Director SUBJECT: Study Session: Discussion of the Town's Formation of an Industrial Developmenl Authority (IDA)~ IDA Non-Profit and Community Housing Development Organization (CE[DO) DISCUSSION: For some time Town staff has been investigating the benefits of forming three entitie~ to assist with economic development, setting up a community loan program, and establishing greater links for funding of its affordable housing program. The three entities are an Industrial Development Authority (IDA), and 1DA non-profit, and a Community Housing Development Organization (CHDO). The IDA is a statutorily authorized political subdivision of the State of Arizona with the purpose of promoting industry and affordable housing through the issuing of IDA bonds. The IDA non-profit (Marana Resource Corporation) acts as an extension of the IDA and is formed to lessen the burdens of the IDA and the Town of Marana. The CHDO is a non-profit organization focused on providing more opportunities to low- and moderate-income families desiring housing. The CHDO can apply directly for HOME funds from HUD, and will be outside of the operational control of the Town of Marana. Anne Morales, an attomey with Rusing & Lopez, P.L.L.C., has assisted several communities in establishing IDA's and non-profit organizations and will present the three concepts to council along with the rationalization of why their formation will be beneficial to the Town of Marana. RECOMMENDATION: SUGGESTED MOTION: No Council action, discussion only. Council's pleasure. ADMIN/SRG/02/09/2004 0 0 0 © ° o I i J/ Ii ·