File #: 220074    Version: Name: Review and Recommendation of Proposed Amendment to the Business Retention Economic Incentive Policy
Type: Resolution Status: Passed
File created: 2/22/2022 In control: Village Board of Trustees
On agenda: Final action: 4/7/2022
Title: Resolution Authorizing an Addition to the Village of Lombard Financial Policies Regarding an Economic Development Fund Policy Recommendation of the Finance & Administration Committee approving an addition to the Village Financial Policies regarding funds in the Economic Development Reserve to be encumbered upon approval of an incentive agreement in accordance with provisions of the agreement. Total incentive agreements should not exceed the amount of the unencumbered funds in the Economic Development Fund Reserve.
Attachments: 1. Business Retention Policy Amendment 2-22.pdf, 2. Economic Development Fund Refill Discussion v2.pdf, 3. BOT-3-22-2022-LEG#220074.pdf, 4. R 18-22.pdf, 5. Cover Page 220074.pdf

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Resolution Authorizing an Addition to the Village of Lombard Financial Policies Regarding an Economic Development Fund Policy

Recommendation of the Finance & Administration Committee approving an addition to the Village Financial Policies regarding funds in the Economic Development Reserve to be encumbered upon approval of an incentive agreement in accordance with provisions of the agreement.  Total incentive agreements should not exceed the amount of the unencumbered funds in the Economic Development Fund Reserve.

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