A. The purpose of this chapter is to allow public support of economic projects to foster, promote and enhance local economic development efforts while continuing to protect against the unauthorized use of public money and other public resources. Further, the purpose of this chapter is to allow the village to enter into one or more joint powers agreements with other local governments to plan and support regional economic development projects.
B. Local governments are allowed to provide direct or indirect assistance to qualifying businesses for furthering or implementing an economic development plan and projects. Furthermore, local and regional governments have the authority to contribute assets to development projects; however, the imposition of a tax must be approved by the voters in referendum. Municipalities may impose a municipal infrastructure gross receipts tax and dedicate the revenue for economic development projects. A total of 0.25 percent tax (in 4 increments of 0.0625 percent) may be imposed. (Ord. 346, 8-11-2008)