(A) Comparison to Economic Development Incentive criteria. Each project application shall be compared to the goals and criteria contained in this section to ensure substantial compliance with said goals and criteria prior to the approval of incentives and execution of award documents.
(B) Specific criteria.
(1) The project shall directly serve one or more of the goals stated in § 37.31.
(2) The applicant requesting an incentive shall provide, at their sole expense, sufficient documentation on the proposed project and agree to furnish good faith estimates for information required for staff and the City Council to evaluate the application, which may include projected job retention/creation, projected assessed valuation, projected sales tax, historical and current financial data and other information needed to evaluate the project.
(3) Where applicable, the applicant shall agree to annual monitoring of the project progress by the city and shall provide the city information reasonably related thereto as provided for in any incentive or award documents.
(4) Any incentive or award documents shall contain terms related to reversion of some, or all, of prior incentive payments back to the city in the event of breach of the agreement by the applicant.
(5) Projects shall be wholly within the corporate limits of the city.
(6) Illinois Prevailing Wage Act will apply where required by law.
(7) Projects shall be investments of new funds. Refinancing of existing debt shall not be permitted as a part of the project.
(8) Value of incentives offered shall be as contained in the incentive agreement or award documents.
(Ord. 3757, passed 3-10-14; Am. Ord. 3846, passed 9-12-16)