The Industrial Development Authority (IDA) of Alexandria provides financing assistance to qualified businesses and organizations wishing to make an investment within the City of Alexandria. A seven-member body appointed by the Alexandria City Council for staggered four-year terms, the IDA was created by ordinance of the city council according to the Industrial Development and Revenue Bond Act (Chapter 49, Section 15.2 of the Code of Virginia).
The IDA acts as a conduit, issuing bonds and lending proceeds to 501(c)(3) organizations, small manufacturers and others. The financial markets set interest rates on such bonds below comparable rates for taxable financing because bondholders can exclude interest on the bonds from their gross income.
For more information, please download the IDA Bond Financing Brochure.
IDA Bond Counsel:
Michael W. Graff, Jr.
McGuire Woods LLP
1750 Tysons Blvd., Suite 1800
McLean, VA 22102
Tel: (703) 712-5110
Fax: (703) 712-5191
Alexandria Economic Development Partnership
625 N. Washington St., Suite 400
Alexandria, VA 22314
Tel: (703) 739-3820
Fax: (703) 739-1384