Application Process
Step 1 - Request Application for Bond Financing. Application requests for bond financing are required to be brought before The Industrial Development Authority of the City of Phoenix, Arizona (The Authority) for both preliminary and final approval. Exceptions may be allowed by The Authority in its sole discretion. Both preliminary and final approvals are subject to such conditions as the Authority, in its discretion, may require. The application deadline is 15 days before The Authority's regular scheduled meeting.
Step 2 - Preliminary Approval by The Authority. The Authority holds its regular scheduled meeting the second Tuesday of the month.
Step 3 - Public Hearing by Authority Representative. Section 147(f) of the Internal Revenue Code of 1986, requires that a public hearing be held, after sufficient notice, giving all interested parties an opportunity to express opposing views. A form of a notice is included within these Application instructions. The Applicant should have bond counsel contact the Executive Director as soon as possible regarding the coordination of the public hearing. A representative of The Authority will conduct the hearing but it need not coincide with The Authority meeting. The hearing must be held prior to the Phoenix City Council approval of the issuance of the Bonds.
Step 4 - Final Approval by The Authority. The Authority holds its regular scheduled meeting the second Tuesday of the month.
Step 5 - Final Approval by Phoenix City Council. After final approval has been granted by the Authority, the proposed bond issuance is referred to the Phoenix City Council for its final approval at the next available regularly scheduled formal meeting of the City Council. The Applicant must receive final approval of the Bonds from Phoenix City Council prior to closing.