IDA Signs Intergovernmental Agreement to Move Forward With SPLOST
The Dade County Industrial Development Authority on Feb. 2 approved an intergovernmental agreement that would position the authority to receive funding from a proposed countywide Special Purpose Local Option Sales Tax (SPLOST) if voters approve the measure.
The vote on the six-year SPLOST is scheduled for May 19 of this year.
The agreement brings together Dade County, the City of Trenton, the Dade County Water and Sewer Authority, and the Industrial Development Authority and lays out how proceeds from the proposed sales tax would be divided and managed. The document states the tax is expected to raise an estimated $23 million “to be used and expended for capital outlay projects of the County, the City, the Water and Sewer Authority, and the Industrial Development Authority.”
Under the agreement, the Industrial Development Authority would receive $1.9 million from the tax. The funds would be used for “purchasing or acquiring real or personal property for industrial or commercial expansion in Dade County,” as well as for “constructing, adding to, remodeling, or renovating infrastructure or other improvements on Industrial Development Authority property,” and related project costs. The agreement specifies that the IDA “shall hold title to and shall be solely responsible for acquiring, constructing, equipping, installing, operating, maintaining, and insuring the IDA Projects.”
The county would receive approximately $15.455 million for a wide range of capital projects, while the City of Trenton would receive 16.28% of the available proceeds, or about $3.745 million. The Water and Sewer Authority would receive $1.9 million for water and sewer infrastructure projects, according to the agreement.
Financial oversight requirements are spelled out in the agreement. Proceeds “shall be kept in a separate account” and “shall not in any manner be co-mingled with other funds,” and detailed project schedules must be included in the annual audits of the county and city.
Voter approval is required before any of the plan can take effect. The last SPLOST referendum passed overwhelmingly in June 2020.
Should the voters reject the proposal in May of this year, the agreement would become null and void.
By approving the agreement, the Industrial Development Authority formally joins the multi-agency plan and secures its place in the proposed funding structure, contingent on the outcome of the 2026 referendum.
