Industrial Development Authority, Board of Directors
Details about the Industrial Development Authority, Board of Directors
The Board of Directors of the Industrial Development Authority shall promote and solicit industrial and economic development projects as authorized by Rev. Mo. Stat. 349.010 and to make and execute leases, contracts, releases, compromises and other instruments necessary or convenient for the exercise of its powers or to carry out its purposes.
The Board of Directors shall be appointed by the Mayor of the City of St. Louis with the consent and approval of the Board of Alderman for 6-year terms.
|James (Jim) Faul||Member||05/11/2025|
|Gary Reed||Vice Chairperson||
Serving Beyond Term
Serving Beyond Term
Rev. Mo. Stat. 349.
Board Duties and Purpose
The corporation is hereby granted and may exercise all powers necessary or appropriate to carry out and effectuate its purposes, including but not limited to the following:
(1) To adopt bylaws and rules for the regulation of its affairs and the conduct of its business;
(2) To adopt an official seal;
(3) To sue and be sued;
(4) To promote and solicit industrial and economic development projects as authorized by section 349.010 and to make and execute leases, contracts, releases, compromises and other instruments necessary or convenient for the exercise of its powers or to carry out its purposes;
(5) To acquire, whether by purchase, exchange, gift, lease or otherwise, and to improve, maintain, equip and furnish one or more projects, including all real and personal properties which the board of directors of the corporation may deem necessary in connection therewith and regardless of whether or not any such projects shall then be in existence;
(6) To lease to others any of its projects and to charge and collect rent therefor and to terminate any such lease upon the failure of the lessee to comply with any of the obligations thereof; and to include in any such lease, if desired, a provision that the lessee thereof shall have an option to purchase the project; or
(7) To sell, assign, mortgage, grant a security interest in, exchange, donate and convey any or all of its properties whenever its board of directors shall find such action to be in furtherance of the purposes for which the corporation was organized;
(8) To loan the proceeds of the bonds or temporary notes hereinafter authorized to provide for the purchase, construction, extension, and improvement of projects;
(9) To issue bonds and temporary notes as hereinafter provided;
(10) To employ and pay compensation to such employees and agents, including attorneys, and others of like professional skills and abilities, as the board of directors shall deem necessary for the business of the corporation;
(11) To invest any funds not required for immediate disbursement in obligations of the state of Missouri or of the United States or any agency or instrumentality thereof, or in bank certificates of deposit;
(12) To acquire by gift or purchase, hold and dispose of real and personal property in the exercise of its powers and the performance of its duties hereunder;
(13) To receive and accept appropriations, gifts and grants and to utilize or dispose of the same to carry out its purposes;
(14) To collect rentals, fees, and other charges in connection with its services or for the use of any project;
(15) To sell at private sale any of its property or projects to any private corporation, person, firm, or to any public body, political subdivision or municipal corporation on such terms as it deems advisable including the right to receive for such sale the note or notes of any such person to whom the sale is made. Any such sale shall provide for payments adequate to pay the principal of and interest and premiums, if any, on the bonds issued to finance such project or portion thereof. Any such sale may provide for the construction of the project by the purchaser of the project. It shall not be necessary for a corporation to acquire title to any project.
Member RequirementsAppointments require Board of Aldermen approval.
The corporation shall have a board of directors in which all the powers of the corporation shall be vested. The current board consists of seven (7) directors, all of whom must be duly qualified electors of and taxpayers in the City. All directors shall be appointed by the Mayor with the advice and consent of the Board of Aldermen and must be resident taxpayers for at least one (1) year immediately prior to their appointment. No director shall be an officer or employee of the City.
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