The Citrus County Industrial Development Authority helps expand the county’s economic development toolkit by enabling a bond financing option authorized under Florida law. For eligible projects, this structure can support private-sector investment while keeping repayment tied to the project’s own revenues and agreements rather than general county tax dollars.

Under Florida’s Industrial Development Financing Act, a local agency may issue industrial development revenue bonds to finance all or part of a qualified project. The bond structure is intended to be repaid from project-related revenues and payments, not from general county funds.

Florida law specifies that these bonds are not a debt or obligation of the local agency, the State of Florida, or any political subdivision. The statute also states that neither the faith and credit nor the taxing power of the local agency, the state, or any political subdivision is pledged to repayment. This is a project-based financing tool, not a county-backed debt.

This tool is most relevant for projects with meaningful capital investment and long-term operating plans, especially when a financing structure can help align development timelines with funding needs. Eligibility and suitability are determined under Florida law and a public-purpose standard.

Florida law sets criteria for projects undertaken under this Act. In general, the local agency must determine that a project is appropriate to the needs and circumstances of the community and contributes to economic growth or other public purposes described in the statute. The law also addresses considerations related to financial responsibility and the community’s ability to support facility and service needs tied to the project.

Citrus County has announced the formation of the Citrus County Industrial Development Authority and is seeking five volunteer board members. Experience in business, finance, investments, banking, real estate, or insurance is preferred. Applicants must be residents and electors of Citrus County.

If you are considering a major project in Citrus County and want to understand whether an industrial development revenue bond structure could be a fit, we can help you evaluate the basics quickly and point you toward the right process and partners.