The city recognizes that it is necessary for the public purposes of development, redevelopment, diversification of the economy and commerce, and relief from conditions of unemployment and underemployment, to have a policy to stimulate business and commercial activity in the community. In order to implement these public purposes the city, under the authority of ILCS Ch. 65, Act 5, § 8-1-2.5 hereby establishes an Economic Development Incentive program. The city may agree to offer incentives to a developer, business or property owner for a specific project at a given location.
(Ord. 3757, passed 3-10-14; Am. Ord. 3846, passed 9-12-16)