Title
Phoenix IDA Strategic Planning and Priorities
Description
This memo transmits the report from The Industrial Development Authority of the City of Phoenix, Arizona (the Phoenix IDA) regarding its mission, accomplishments, investments and priorities for City Council feedback and input.
THIS ITEM IS FOR DISCUSSION AND POSSIBLE ACTION.
Report
Summary
The mission of the Phoenix IDA is to provide access to funding to benefit underserved communities. Its vision to be the premiere nonprofit community investor, known for providing the most innovative, efficient and highest quality services, improving the lives of all Arizonans. The Phoenix IDA is governed by a nine-member board of directors. Each member serves a six-year team and is appointed by the Mayor and City Council of the City of Phoenix.
The Phoenix IDA provides public finance options, including bonds, investments and loans to projects that benefit the overall health and sustainability of the City of Phoenix and underserved communities. Projects are focused in the areas of housing, healthcare, education and community and economic development. Its impact includes $3.4 billion issued in private activity bonds since 2009, $10 million awarded as grants to nonprofits since 2011, 25,000 new homeowners helped with down payment assistance since 2012, and 322 students received higher education scholarships since 2018.
The Phoenix IDA is also the administrator of the Phoenix Community Development and Investment Corporation (PCDIC). PCDIC is a nonprofit corporation created by the City of Phoenix in 2002. The PCDIC’s mission is to attract and provide funds for projects that will improve the quality of life for individuals who live and work in underserved areas. The PCDIC is governed by a seven-member board of directors comprised of representatives from organizations that serve the low-income community and City of Phoenix executives. Through PCDIC, the Phoenix IDA continues to expand investments in projects such as health and human services due to multi-million-dollar federal awards for New Markets Tax Credit (NMTC) financing, which benefit local projects in underserved areas. Since 2018, PCDIC has made approximately $195 million in NMTC allocations in support of numerous projects in Phoenix and Maricopa County’s underserved communities.
Please see the attached report from Phoenix IDA CEO Juan Salgado with more details regarding the Phoenix IDA’s programs and accomplishments, support to the City of Phoenix, and priorities for 2024 (Attachment A).
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer and the Phoenix IDA.