Few of us need reminders as to how not so long ago the cost of everything was a lot lower. That refers not only to food and fuel but the cost of money as well.
The ability to borrow with low interest rates often fuels periods of growth and expansion. But when the growth of the money supply spikes, we can see inflation rise accordingly or even higher. Hence the balancing act playing out to varying degrees now as the Federal Reserve adjusts interest rates.
As a hedge for economic development during volatile times, we’re fortunate to have in our economic arsenal the Martin County Industrial Development Authority (MCIDA). Created in 1981, MCIDA assists in financing and refinancing projects by issuing tax-exempt bonds for select private projects.
Of course, criteria to qualify is highly specific and limited to projects with undeniable public uses and benefits. Examples include social service centers, retirement housing (if registered as 501(c)3) and educational, manufacturing, tourism, water and sewer and solid-waste disposal facilities.
Examples of local entities that benefitted from MCIDA includes the YMCA of the Treasure Coast, the Indiantown Cogeneration facility and Stuart Web, a commercial printing facility.
The tax-exempt bond status obviously increases appeal to investors. Revenues derived from the projects go to paying the principal and interest on the bonds. Martin County (or any municipality with an industrial development authority, for that matter) is in no way liable for any debt incurred on the bonds.
We recently welcomed new board members Charles David Marshall Dees, John Moffitt and Pam Ouellette alongside returning members Brian Powers and Jacob Bynum to the MCIDA board of directors (thank you retiring Directors Donald Barber, George Haley and Melissa Pietrzyk). We’re excited to bring together both fresh talent and veteran leadership as we anticipate the potential that MCIDA could avail to qualified projects. Their varied individual experience levels in business, a keen recognition and high degree of responsiveness to the needs of executives seeking financing will help in these ever-changing economic times.
To find out more about how MCIDA or the Business Development Board of Martin County can assist your business, please call (772) 221-1380.
This article can also be found in the December 4, 2022 Friends and Neighbors of Martin County Newsletter.
