What is the process to apply for IDA benefits?
  • Review the IDA’s Uniform Tax Exemption Policy (UTEP) (PDF).
  • Obtain uniform IDA application (PDF).
  • Complete application and provide all information requested and all supporting documentation.
  • Direct questions regarding application material and process to the IDA Chairperson.
  • Applicant formally submits application in electronic form online and in hard copy paper form to the IDA Chairperson together with the IDA application fee.
  • Once completed application is submitted, the IDA Board will review the application for completeness, accuracy, consistency of information and may contact the applicant with questions or requests for corrections or additional information.
  • After a satisfactory set of application information and material is provided, the IDA will conduct a thorough project analysis, including a cost-benefit analysis conducted, at the applicant’s expense, by a third-party firm selected by the IDA.
  • Thereafter, the IDA will hold a public hearing for the applicant to describe the applicant’s project and its expected benefits to the municipality and for the public to provide comment on the project.
  • Then, based on the project analysis, the IDA will determine the eligibility of the project to receive tax exemption or abatement benefits and, if eligible, in what amount, based on pre-determined tax exemption schedules plus any additional factors the IDA deems relevant to assessing the project.
  • The Chairperson will schedule a meeting with the applicant to review the IDA’s findings and the intended recommendation to the full board.
  • Whether the IDA decides to grant benefits to the applicant or not, a resolution declaring the approval or denial of the project to receive benefits, the amount and timing of benefits, and any other stipulations or conditions will be taken to vote by the full IDA Board.
  • If benefits are granted, the applicant’s legal counsel with work directly with the IDA’s legal counsel to finalize a formal contract to be entered into prior to or in connection with a formal closing.

Show All Answers

1. What is an IDA?
2. What is the purpose of an IDA?
3. What are the benefits an IDA provides to applicants?
4. Who can apply for IDA benefits?
5. What is the cost of IDA involvement?
6. What is the process to apply for IDA benefits?
7. How are Board members selected?