Industrial Development Authority

Meetings

November 8 - Following Discussion Session
Meeting Location: In Person & Virtual

Link: https://us02web.zoom.us/j/81303871701?pwd=TFVpY3hVS1hmWWUvQitnWW94T2EwUT09

Meeting Recorded? Yes

IDA Agendas Most Recent | All
IDA Minutes Most Recent | All

Second Tuesday of the months of February, May, August and November. Check the municipal calendar for exact dates or updates.

Board Members

The Industrial Development Authority is made up of five members.

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 health care 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.