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File #: 210223    Version: Name:
Type: Ordinance Status: Consent Agenda-Second Reading
File created: 7/7/2021 In control: Village Board of Trustees
On agenda: Final action:
Title: An Ordinance Approving a Lombard Business Retention Economic Incentive Policy The Economic & Community Development Committee and the Finance & Administration Committee recommend that the Village Board adopt a Business Retention Economic Incentive Policy. This Policy would be funded from the proposed Economic Development Fund and supplements the previously approved Economic Incentive Policy. It would establish funding parameters and would establish eligibility and qualification criteria. Authority to create such a Policy is provided by 65 ILCS 5/8-1-2.5. This recommendation was approved by both the Finance & Administration Committee and the Economic & Community Development Committee at their Joint Meeting on September 13, 2021. In addition, this was also discussed at the Village Board Budget Workshop on September 27, 2021.
Attachments: 1. 210223_Business Retention Economic Incentive Agreement Policy Introduction - HIGH RES, 2. 210223_Economic Development Fund Policy and Business Retention Economic Incentive Policy.pdf, 3. BOARD MEETING 10-07-21 210223_Business Retention Economic Incentive Policy, 4. EconDev Fund_Business Retention Policy rev

Title

An Ordinance Approving a Lombard Business Retention Economic Incentive Policy

The Economic & Community Development Committee and the Finance & Administration Committee recommend that the Village Board adopt a Business Retention Economic Incentive Policy.  This Policy would be funded from the proposed Economic Development Fund and supplements the previously approved Economic Incentive Policy. It would establish funding parameters and would establish eligibility and qualification criteria.  Authority to create such a Policy is provided by 65 ILCS 5/8-1-2.5.  This recommendation was approved by both the Finance & Administration Committee and the Economic & Community Development Committee at their Joint Meeting on September 13, 2021.  In addition, this was also discussed at the Village Board Budget Workshop on September 27, 2021.

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