(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:
(A) 
Publication of legal or other notices;
(B) 
Court reporter and/or recording secretary services;
(C) 
Private copying and reproduction services;
(D) 
Document delivery services; and
(E) 
Document recordation.
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:
(1) 
The Board of Trustees has taken final action on the petitioner's economic incentive request and any subsequent agreements; or
(2) 
The petitioner has withdrawn the economic incentive request; or
(3) 
The petitioner has abandoned the economic incentive request.
(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.