There is hereby established a fee payable to the Village of
Thornton for the submission and approval of requests for tax increment
funding ("TIF") assistance and Cook County tax incentives through
the Cook County Assessor, commonly known as but not limited to "Class
6b," "Class 7" and "Class 8."
The application fee for tax increment financing shall be $250,
plus any fees incurred by consultants retained by the Village to analyze
the request. Applicants shall be notified of additional fees before
consultants are retained and shall have the opportunity to withdraw
their application. Said fee and additional amounts shall be paid before
consideration of said request by the Village.
The processing fee for application requests for Cook County
tax incentives shall be $250, which shall also include requests for
renewal and shall be paid before consideration by the Village. Said
fee shall be refundable in the event that the request is denied by
the Village Board.
All applications for Village approval of the classifications referred to hereinabove shall include a letter from the applicant describing the nature of the proposed development and redevelopment plan for the subject property; the amount of estimated monetary investment into the subject property; the number of jobs currently existing and number of new jobs estimated to be created; Cook County copies of the most recent property tax bills corresponding with the subject properties and copies of the estimation tax input. A copy of the Cook County Incentive application shall also be filed with § 1-16-3 above.
