Industrial Development Authority Regular Meeting 5/19/26

The Flagler County Industrial Development Authority held a regular meeting on May 19, 2026, focusing primarily on procurement and financial matters related to industrial development projects. Key discussions included revising the application form for incentive requests to include more detailed financial information such as the amount requested, method of sale, and repayment plans to ensure compliance with IRS and state regulations. The board also reviewed and clarified the fee schedule for applications, including setting a $1,000 application fee and tiered rates for financing up to $10 million and beyond. They discussed marketing strategies to highlight their competitive fee structure to attract more applicants. The board is currently processing its first application, Project Steel Wheel, valued at approximately $9 million, and anticipates a TEFRA hearing and subsequent county commission vote in July. Additionally, the Authority is cultivating a pipeline of potential applicants and strengthening partnerships with state officials and local municipalities to support infrastructure growth and economic development in the region.