The primary role of the Industrial Development Authority is the implementation and management of federally legislated bond financing programs serving as fixed asset investment incentives for private sector industry expansion and location. Programs implemented will be consistent with the Authority’s legal status and compatible with the economic development goals established by the Board of County Commissioners and other economic development organizations operating in Miami-Dade County. The tax-exempt industrial development revenue bond program is the principal program provided by the Authority and is considered an effective tool to attract new industry and assist existing industry to expand.
Through the issuance of tax-exempt industrial development revenue bonds, the Miami-Dade County Industrial Development Authority provides below market interest rate financing for fixed asset projects. For qualified manufacturers, loans ranging from $2 million to $10 million for terms up to 20 years can be made available at interest rates approximating 75% of the prevailing New York prime rate. Eligible projects can include manufacturing, processing, assembly, printing, food processing and others in which raw material is converted or combined with other raw material to produce a finished or semi-finished product. Eligible costs can include the purchase of land, construction of new buildings and purchase and installation of new equipment. The purchase and rehabilitation of an existing facility may also qualify. The Authority can also issue bonds for certain hazardous waste/solid waste disposal projects and qualified 501(c)(3) projects, including special education projects that are built, installed, or established to serve primarily the educational purposes of operating any nonprofit private school established under chapter 617 or chapter 623 of the Florida Statutes or that is owned or operated by an organization described in s.501(c)(3) of the United States Internal Revenue Code, and certain airport and seaport facilities, transportation projects and other eligible uses.
Since authorizing its first industrial development revenue bond issue, the Authority has issued in excess of $2.9 billion in bonds for local projects.