A. The qualifying entity shall prepare with the village a project participation agreement. This agreement is the formal document, which states the contribution and obligation of all parties in the economic development project. The agreement must state the following items:
1. The economic development goals of the project;
2. The contribution of the village and the qualifying entity;
3. The specific measurable objectives upon which the performance review will be read;
4. A schedule for project development and goal attainment;
5. The security being offered for the village's investment;
6. The procedures by which a project may be terminated and the village's investment recovered; and
7. The time period for which the village shall retain an interest in the project. Each project agreement shall have a "sunset" clause after which the village shall relinquish interest in and oversight of the project.
B. Each project participation agreement shall be subject to review and approval by the governing body at a public hearing. (Ord. 346, 8-11-2008)