|
The Industrial Development Authority (IDA) is a conduit-issuer of
bonds, formed in 1982 by the Los Angeles City Council. The IDA enables
bonds to be issued with a tax-exempt status, but does not pledge
City funds to repay the bond issues.
These bonds are offered as an incentive to companies involved in
manufacturing and processing activities, Empowerment Zone operations
and non-profit organizations to relocate to Los Angeles, or remain
and expand in the City, thereby creating and retaining jobs, promoting
economic revitalization, and providing much needed public and community
services.
Since its inception, the IDA has directly issued or facilitated
over $2.3 billion in bond issues. The IDA works closely with a team
of qualified financial professionals whose goal is to process bonds
in a timely, accurate and cost-effective manner.
|
