(A)
The requirements of this Article 16 shall apply to any person, firm,
or entity seeking an economic development incentive from the Village.
Notwithstanding the foregoing, this Article 16 shall not apply to
any person, firm, or entity seeking a property enhancement grant from
the Village pursuant to the Village's property enhancement program
(PEP).
(B)
Any person, firm, or entity seeking an economic development incentive
from the Village shall submit its request in writing and complete
any application form as required.
(C)
Completed requests for economic development incentives shall be filed
with the Director of Community Development who shall place the matter
on the agenda of the Economic Development Commission for consideration.
(D)
Each request shall be accompanied by a cash deposit as required herein.
(A)
Any person, firm, or entity seeking an economic development incentive
from the Village shall deposit with the Village the initial cash sum
of $3,000. This initial cash sum shall be the application deposit.
The application deposit shall be required to be paid to the Village
when the Economic Development Commission engages outside consultants
to evaluate the economic incentive request and incurs costs for out-of-pocket
expenses.
(B)
If the Village Board of Trustees authorizes the preparation of an
agreement implementing an economic incentive, the petitioner shall
deposit a cash sum with the Village that shall be the incentive deposit.
The incentive deposit amount shall be a minimum of $10,000 or equivalent
to 1% of the amount of the proposed economic incentive, whichever
is greater.
(C)
The application deposit and the incentive deposit shall be utilized
by the Village for reimbursement of the Village for costs incurred
by the Village in the review of the economic development request and
any subsequent preparation of an agreement.
(D)
The application deposit and incentive deposit shall cover the Village's
consulting, professional, overhead, Village staff review and preparation,
and processing costs in evaluating the application for an economic
incentive and preparing any necessary agreements as set forth herein.
(E)
In providing a completed written request for an economic incentive
to the Village the petitioner shall be deemed to have agreed to pay
all applicable fees and processing costs.
The Board of Trustees and, upon the approval of the Board of
Trustees, the Economic Development Commission, may utilize the services
of professional consultants in arriving at recommendations or decisions.
The costs incurred for such consultants shall include the fees and
costs for the preparation of any applicable ordinances and agreements,
including, but not limited to, development agreements and redevelopment
agreements and other documents, relating to the property which is
the subject of the incentive application. Consultants utilized by
the Village may include, but are not limited to, persons or firms
who provide the Village with advice in the fields of economics and
finance, engineering, law, planning, traffic, design, and land planning.
The Economic Development Commission and the Board of Trustees shall
use their reasonable discretion in determining those circumstances
when the services of consultants are necessary.
Processing costs incurred by the Village may include, but not
be limited to:
Any person, firm, or entity seeking an economic development
incentive from the Village shall reimburse the Village for its actual
costs and expenses at 115% of the Village's actual costs for professional
consultants and processing costs incurred in review of the incentive
request and the preparation of any agreement.
The Village shall maintain an accurate record of its expenses
and costs of processing a request for an economic incentive request
from the date of filing of such request.
(A)
The application deposit and incentive deposit shall be maintained
in a non-interest-bearing incentive deposit account at the Village
in the amount set forth herein throughout consideration of the economic
incentive request up to and including action by the Board of Trustees
on the economic incentive application and final Board of Trustees
action on any agreement between the Village and the petitioner.
(B)
The Village shall have the right to draw funds from the incentive
deposit account to reimburse the Village as set forth herein.
(C)
The Village shall maintain an accurate record of all such withdrawals
and transfers from the incentive deposit account.
(D)
The Village shall issue an invoice to the petitioner detailing the Village's consulting, out-of-pocket, and processing costs. The invoice shall cover services previously rendered, may include a reasonable estimate of additional deposit amounts, costs and reimbursement amounts pursuant to Section 8-16-5 of this Code. The petitioner shall fully reimburse the Village for the invoiced amount within 21 days after the submission of a Village invoice.
(E)
The petitioner's failure to reimburse the incentive deposit account
as required herein shall cause the economic incentive request to be
removed from the agenda of the Economic Development Commission or
the Board of Trustees, as the case may be, until the petitioner has
fully reimbursed the incentive deposit account. In the event that
the petitioner fails to fully reimburse the incentive deposit account
as required herein, the Village shall notify the petitioner that the
matter is being removed from the agenda due to a delinquency in the
incentive deposit account. The Village shall then direct its consultants
to cease evaluation of the economic incentive application. If petitioner
fails to reimburse the incentive deposit account and 45 days have
elapsed from the date the Village notified the petitioner of the delinquency
in the incentive deposit account, the economic incentive application
shall be considered abandoned and withdrawn.
(F)
As soon as reasonably feasible following final action on an economic
incentive request and any agreement, as the case may be, the Village
shall cause a final accounting to be made of all deposits made in
connection with such economic incentive request and all costs incurred
in processing such application, and shall make a final charge of such
costs against such deposits. A copy of the accounting shall be provided
to the petitioner. If the amount in the incentive deposit account
is insufficient to pay the final total costs, a written demand for
payment of the balance due shall be provided to the petitioner. The
petitioner shall fully reimburse the Village for the invoiced amount
within 21 days after the submission of the Village invoice.
(G)
Any amounts remaining in the incentive deposit account shall be disbursed
to the petitioner only after all Village consultants have been compensated
for their services and the Village has been reimbursed for all processing
costs in connection with the economic incentive application, and:
(H)
Any disbursement to the petitioner from the incentive deposit account
shall be without the payment of interest on the deposit amount.
No request filed pursuant to this Article 16 shall be considered
complete and available for consideration by the Economic Development
Commission or the Board of Trustees unless and until the costs and
deposits required by this Article 16 have been paid. Every approval
granted and every permit issued by the Village shall, whether or not
expressly so conditioned, be deemed to be conditioned upon payment
of costs and any deposits as required by this Article 16. The failure
to fully pay any such cost or deposit, when due, shall be grounds
for refusing to process an application and for denying or revoking
any permit or approval sought or issued with respect to the property,
land or development to which the unpaid cost or deposit relates. The
Village shall have no obligation to sign, execute or record any document
until all required costs are paid and all required deposits are made.
