Guidelines for consideration of applications for tax abatement shall be as follows:
A. Potential Benefits: The nature and extent of any abatement shall be determined by the potential economic and community development benefits to the general community including potential employment and other expenditures related to construction, potential increases in the community's work force and payroll, increases in assessed valuation, potential encouragement of further economic and community development, and the avoidance of work force reduction or decreases in assessed values.
B. Applicable To Certain Projects: Abatements will apply only to projects which are reasonably expected to cost in excess of two hundred thousand dollars ($200,000.00) or are reasonably expected to result in the creation or retention of ten (10) or more jobs.
C. Subject To Zoning And Building Codes: Any area within the jurisdiction of the County Board shall be eligible, subject to limitations and provisions of Zoning and Building Codes.
D. Terms And Limitations: The terms of any tax abatement shall not exceed the limitations of State law, and the County Board may add such further restrictions, limitations and conditions as it considers necessary.
E. Considered On Priority Basis: Applications for abatement may be considered on a priority basis which takes into account anticipated economic development benefits, the time of filing and the total aggregate of all outstanding abatements for application for abatement in any one year.
F. Qualification Pursuant To Statute: Reference to commercial or industrial firms in this policy shall include any person or business entity that qualifies as an applicant for tax abatement under 35 Illinois Compiled Statutes 205/162, as the same may hereinafter be amended.
G. Project Commencement, Time Limit: All projects must be commenced not less than ninety (90) days following approval of the application. (1983 Code § 16-33)