Delaware County Industrial Development Authority (IDA). The IDA is a governmental Authority established in 1969 pursuant to the provisions of the Industrial and Commercial Development Authority Law (now called the Economic Development Finance Law). The IDA is organized for the purpose of encouraging economic growth and development within Delaware County. The IDA serves as a conduit issuer for the financing of projects for manufacturing firms, 501(c)(3) organizations, including educational institutions and health care organizations, and exempt facilities such as water and power utilities and pollution control facilities. Financing is provided through third party sources such as private sector financing institutions and bond sales, with below-market interest rates payable by borrowers on loans that are tax-exempt to the lender. The IDA also serves as local sponsor for industrial and commercial development projects financed through the Pennsylvania Economic Development Finance Agency and as the local recipient and administrator for certain Commonwealth of Pennsylvania grant programs, such as RACP. The Authority has also funded local economic development grants and studies, concentrating in industry and job retention and creation.
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