There is hereby established an Economic Development Commission consisting of nine members.
(A) 
Notwithstanding Section 3-1-2(B) of this Code, the members of the Economic Development Commission need not be residents of the Village. Because of specific expertise required, only seven of the nine members of the Commission shall be appointed from among the residents of the Village of Lincolnwood.
(B) 
All Commission members must be registered voters and, if Village residents, must have resided within the Village of Lincolnwood for at least one year preceding appointment to the Commission.
(C) 
Members shall include, but not be limited to:
(1) 
Resident and/or nonresident chief executive officers, officers or managers of businesses or corporations in the Village;
(2) 
Resident and/or nonresident local business owners or entrepreneurs;
(3) 
Residents with expertise in business development; and/or
(4) 
Residents who have a known interest in the purpose and objectives of the Commission.
The purpose of the Commission shall be to encourage and facilitate economic growth within the Village. The Commission shall function in an advisory capacity to the Board of Trustees relating to the following goals, objectives, and matters:
(A) 
Develop a local economic development action plan.
(B) 
Identify and evaluate business development or redevelopment opportunities within the Village, identifying parcels whose development or redevelopment will benefit economic conditions.
(C) 
Prepare appropriate economic development promotional materials.
(D) 
Develop a marketing strategy to retain existing businesses and attract new business enterprises.
(E) 
Make recommendations for upgrading the overall quality, appearance and usefulness of the building stock in the Village's business and manufacturing zoning districts, taking into consideration all techniques available, including financial incentives.
(F) 
Target specific companies or industries for business attraction efforts.
(G) 
Identify other community economic development needs as they arise and devise plans to meet such needs.
(H) 
Review and recommend to the Village Board of Trustees, where deemed warranted, specific requests for development incentives as may be proposed for development.
[Amended 10-16-2012 by Ord. No. 2012-3020]
Any biennial report provided to the Board of Trustees by the Economic Development Commission pursuant to Section 3-1-5 of this Code shall include, without limitation, the following topics:
(A) 
Business development in the Village within the past year.
(B) 
Specific activities of the Economic Development Commission within the past 24 months.
(C) 
Economic prospects and trends for the Village.
(D) 
Recommendation of measures with respect to economic development that should be considered by the corporate authorities in the following 24 months.