Polk County's Industrial Development Authority was created by a special act of the Florida Legislature to finance, by the issuance and sale of revenue bonds, the cost of capital projects conferred on counties, municipalities, special districts and other local governmental bodies by the Florida Industrial Development Financing Act, Chapter 159, Part II, Florida Statutes, and to act in any manner that an industrial development authority created pursuant to Florida Statutes Section 159.45 may act. Under Section 159.46 of Florida Statutes, industrial development authorities are created for the purpose of financing and refinancing projects for the public purposes described in the act and by Sections 159.44 to 159.53, Florida Statutes, for the purpose of fostering the economic development of a county.

Service Area - show / hide

The service area of the development authority is Polk County, Fla. However, the authority is authorized by law to participate in interlocal agreements as provided by the Florida Interlocal Act of 1969, Chapter 163, Part I, Florida Statutes. The members of the authority study the advantages, facilities, resources, products and conditions concerning the county with relation to the encouragement of economic development in the county and, as it deems advisable, uses media to publicize and to make known such facts and materials to such persons, facilities, corporations, agencies, and institutions which, in the discretion of the authority, would reasonably result in economic development in the county.

Taxes, Fees, Assessments and Charges - show / hide

The Authority currently charges a $3,000 nonrefundable application fee to a person who makes application to·the development authority to finance or refinance a public purpose project. Although the fee is not refundable, the applicant receives a credit for the full amount of the fee if a bond issuance occurs.

If the authority members determine to issue bonds on behalf of the applicant, the applicant is required to pay, at closing of the bond issue, a service charge equal to 1/10 of 1 percent of the first $5 million in principal amount of the bonds and 1/20 of 1 percent for all amounts in excess of $5 million. If the authority is requested to enter into an interlocal agreement to allow another governmental entity to issue bonds to finance or refinance facilities in Polk, the applicant is required to pay the authority a service charge equal to any issuance fee or service charge that would be imposed by the issuer on its issuance of that portion of the bonds financing or refinancing the facilities located in Polk.

In all events, the service charge is a minimum of $3,000 and the application fee is credited against the service charge. The applicant is also responsible for fees and expenses of counsel to the authority and the authority's bond counsel. No taxes, fees, assessments, or charges are imposed and collected by the authority other than as set forth above. The fees are charged pursuant to the general powers granted to the authority by Section 159.28, Florida Statutes.