Basic Industrial Development Fund
The Basic Industrial Development Fund (IDF) assists town, city or county governments with incentive industrial financing for those industries eligible through Article 3J in the 80 most distressed counties. As an incentive for job creation by new or expanding industry, local units of government offer assistance for improved infrastructure. The fund may not be used for acquiring land or buildings or for constructing new buildings. For a grant, the amount funded depends on the number of new, full-time jobs created and cannot exceed $10,000 per job created or $500,000 per project, as determined by legislature.
Public facility projects requires a minimum local government match of 25%; however; there is no local match requirement if the project is located in one of the 25 most economically distressed counties.
Project Expenditures for Basic IDF may include:
Grant funds for construction of, or improvements to water, sewer, gas or electrical utility systems, distribution lines, or required storage facilities, or a rail spur when either is publicly owned and operated.