IDB collects application and application fee (IDB Attorney provides estimate of legal expenses; Applicant forwards that amount to IDB Attorney who then deposits the fee into an escrow account)
IDB Staff forwards application to Younger & Associates for analysis to determine the number of years the project qualifies for and the economic impact
Applicant (or staff, if part of an incentive package) secures a letter of support from the’CountyMayor’s office and submits to IDB staff
IDB staff reviews application and analysis by Younger & Associates then prepares a recommendation for PILOT term, PILOT payment amount, and any lease terms
IDB Application Review Committee review
Notice of meeting sent to media to publish 7-days in advance of meeting
Packet (Application, Younger & Associates analysis, staff recommendation, and’County’Mayor’letter) sent to Committee 7-days in advance of the meeting
Committee prepares a recommendation to forward to IDB Board, in the form of minutes from the Application Review meeting
IDB Board review
Notice of meeting sent to media to publish 7-days in advance of meeting
Packet (Application, Younger & Associates analysis,’County’Mayor’letter, Minutes with Committee recommendation) sent to the Board 7-days in advance of the meeting
Staff and IDB Attorney prepare a resolution that includes terms of approval; Board may modify terms at meeting
Resolution approving the PILOT is signed by IDB Board Chair
If PILOT terms are within approved parameters, then’CountyCommission’review is not required
IDB Attorney and staff prepare Lease Agreement and send to Applicant
Applicant has 120 to sign Lease Agreement
Closing
Date specified by Board or 120 Days after distribution by IDB Attorney; must occur prior to December 31st(year end)
Fees determined and remitted to IDB Attorney
Closing documents (Lease Memo, Special Warranty Deed) prepares and recorded by IDB Attorney
IDB Attorney distributes recorded documents to Applicant, IDB staff, & Property Assessor’s office
Applicant distributes recorded documents to State Comptroller
IDB Attorney distributes fees to IDB staff for deposit
Improvements Constructed
IDB staff sends request to Lessee for Fiscal Summary of IDB Property; Lesee provides appropriate information to staff
IDB Staff files the Annual Report with the State Board of Equalization, prior to October 1
