Chronology of Major Milestones

History in the Making

In 1973, The Industrial Development Authority of the County of Maricopa (the "Authority") was created and approved for incorporation by the Maricopa County Board of Supervisors as a non-profit corporation. It also was designated by statute as a political subdivision of the State of Arizona.

The Authority was created to take advantage of federal tax laws allowing tax-exempt financing for a variety of private concerns, including:
  • Manufacturing
  • Distribution
  • Warehousing
  • Health care
  • Affordable housing
  • Research and development facilities
  • Pollution control facilities
While the Authority's focus is on Maricopa County, its legal authority extends through the entire State of Arizona. The Authority also is unique, having certain limited governmental powers (e.g. issuing tax-exempt debt) while being able to act as a non-profit corporation and serve the needs of businesses, lenders, medical patients, home buyers and renters.
JUNE 1992

The Authority helped to get Arizona legislation passed to correct problems in the State's Industrial Development Financing Act.

JULY 1993

The Authority developed the Capital Access Program to create lending incentives.

SEPTEMBER 1993

A $40,000 grant is made to Homeward Bound Arizona, Inc. for the rehabilitation of transitional housing.

1994

The Authority initiated its first loan forgiveness program for 24 single family mortgages with an average principal balance of approximately $30,000.

JANUARY 1995

In total, the Authority had issued 192 separate bond issues, totaling $2.68 billion for 231 projects.

AUGUST 1997

The Authority loaned $280,000 to Arizona Housing, Inc. for its Horace Steele Commons Project to provide transitional housing to formerly homeless people.

DECEMBER 1997

The Authority issued its first taxable single family mortgage revenue bonds.

AUGUST 1998

The Authority issued $115 million in bonds for the benefit of Mayo Clinic Arizona to help finance the Mayo Clinic Hospital.

1999

The Authority successfully the Arizona legislature for changes to improve the process to establish single family mortgage revenue bond programs.

DECEMBER 1999

The Authority hosted its first Affordable Housing Workshop for more than 250 participants.

MAY 2000

The Authority issued its bonds for the benefit of the Villas Solanas project, which utilized a sophisticated tax structure that allowed the bonds to be converted from taxable to tax-exempt upon receipt of an allocation of private activity Bonding Authority. These bonds were subsequently dubbed "Cinderella Bonds."

JULY 2000

Since inception, the Authority had issued 253 separate bond issues, totaling $4,002,060,000 for 325 projects.

MAY 1974

First bond issue approved by the Authority.

MAY 1975

First bond issued to finance a hospital/surgical center.

JANUARY 1980

In total, the Authority had issued 21 separate bond issues, totaling $201,760,000 for 22 projects.

1980

The Authority issued first bonds for: single family mortgages, research and development facility, skilled nursing center & independent living facility and educational institution.

APRIL 1982

First loans-to-lenders program for the financing of multifamily housing. Program involves more than $75.3 million.

JANUARY 1985

In total, the Authority had issued 138 separate bond issues, totaling more than $1.2 billion to finance 155 projects.

JANUARY 1990

In total, the Authority had issued 166 separate bond issues, totaling $1.86 billion for 194 projects.

1990

America West Arena bonds are issued.

SEPTEMBER 1991

A new mission is established for the Authority; to create and maintain jobs in Maricopa County and assist residents to achieve a better standard of living and way of life.