30 Years of Service on the IDA
Mr. William F. Seymour, III, has seen a few projects come before the Authority in his time. He has served on the Industrial Development Authority’s (IDA) board for approximately thirty years now. He currently is the Chairman and represents the Midlothian district.
The IDA is composed of 7 directors; they serve 4-year terms; each director upon appointment or reappointment must take an oath of office; directors generally cannot be an officer or employee of the locality; directors must reside in the locality or an adjoining locality; the board must elect a Chairman and Vice Chairman from the directors, and a Secretary and Treasurer from within or out of the directors; and four members constitute a quorum, except that no facilities owned by the IDA may be leased or disposed of without a majority vote.
The Industrial Development and Revenue Bond Act sets forth specific purposes for which IDAs were created. In short, these items are:
- Business Development
- Pollution Control
- Hospitals and Retirement Facilities
- Facilities for Non-Profits
- College and Collegiate Facilities
- Governmental Facilities
- Museums
- Equine Facilities (other than racing)
- Industrial Parks
- Housing
Other members serving on the IDA are: James Spencer, Henry Moore, John Ruckart, John Hughes, James Briggs and Willie Lanier. Congratulations and a word of thanks to Mr. Seymour and all the members of the IDA!