Industrial development can bring a lot to a community, including economic stimulation and new jobs. Chapter 100 industrial redevelopment allows local governments to issue industrial revenue bonds (IRB) to finance the development of industry within their community. This affords municipalities a great opportunity to attract industrial prospects by offering a significant financial incentives package. Industrial revenue bonds do not require voter approval, and can be assigned as the local governing body sees fit. The local government can choose to issue either taxable or tax-exempt industrial revenue bonds.
When taxable IRBs are issued, the municipality is able to abate local ad valorem taxes on the bond-financed property. Chapter 100 IDBs require the local government to retain legal ownership of the bond-financed property until the bonds are paid.
This is just another in the wide variety of options available for developers. It is very easy to get overwhelmed. The D2 team does the march for you and identifies which financial incentives are best suited for your project, and where they are available.