The Application Process
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Step by Step Process
The following is a brief description of the application process for a new project to the Pima IDA. For a complete description of the application process, see the Application Form.
Please consult the Pima IDA’s counsel with any questions.
- Applicant submits the completed application to the Pima IDA.
- Application is reviewed by Pima IDA counsel and further information is requested, if necessary.
- Application is considered by the Pima IDA at a regular or special meeting, together with a preliminary (or inducement) resolution.
- If approved, a portion of the non-refundable application fee is due.
- Applicant works with Bond Counsel and Underwriter (or Purchaser) to establish parameters for Bonds and structure terms.
- If necessary, request for volume cap allocation is submitted to the Arizona Department of Commerce.
- Bond documents are prepared and forwarded to the Pima IDA for review.
- Public hearing conducted by Pima IDA (if required by Internal Revenue Code).
- Final Bond resolution authorizing the issuance of bonds and stating terms considered by the Pima IDA.
- Letter describing project is sent to the Arizona Attorney General.
- Pima County Board of Supervisors approves public hearing and authorizes issuance of the bonds by the Pima IDA.
- If necessary, an application is made to the Arizona Department of Housing for review of the Bonds under Section 35-726, Arizona Revised Statutes, as amended.
- If necessary, a hearing under 35-726, Arizona Revised Statutes, as amended is held by the Arizona Department of Housing, which approves the issuance of the bonds.
- Bonds are sold by the Underwriter (or purchased by the Purchaser).
- Transaction closes, bonds are issued and all fees are paid.