Industrial Development Authority

Print

Font Size: + -

Roles and Duties

In 1977, the Missouri Legislature authorized the establishment of municipal or county Industrial Development Authorities as an alternative to bonds being issued by a city or county. The enabling legislation is found in Chapter 349 of the Revised Statues of Missouri.

The Industrial Development Authority in Clayton, Missouri was created by a resolution adopted by the Board of Aldermen on December 12, 1978. The Industrial Development Authority was formed for the purpose of developing commercial, industrial, agricultural, and manufacturing facilities. Since its inception, the Authority's rights and responsibilities have been significantly impacted by changes in federal and state tax laws.

The business affairs of the corporation are managed by its Board of Directors. The number of directors of the corporation is five. Each director holds office from two to six years.

According to the bylaws of the Industrial Development Authority of the City of Clayton, a regular meeting of the Board of Directors is held on the 15th day of March, annually.

A majority of the Board of Directors constitutes a quorum for the transaction of business at any meeting of the Board of Directors, provided that if less than a majority of the directors are present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice.

The officers of the corporation are President, one or more Vice-Presidents, a Treasurer, a Secretary, and other such officers as may be elected in accordance with the provisions of the bylaws. The officers of the corporation are elected annually by the Board of Directors at the annual meeting. If the election of officers is not held at the annual meeting, the election takes place as soon thereafter as conveniently possible.

The President is the principal executive officer of the corporation and in general, supervises and controls all of the business and affairs of the corporation.

The staff liaison for the Authority is the Economic Development Director. The Administrative Secretary in the City Manager's Office maintains the Authority's files and performs clerical duties as needed.