(A) Eligible developers shall be limited to any nonresidential developments in excess of one acre in land area or 5,000 square feet of usable floor area, whichever is less.
(B) Development must commence within one year following approval of the development plan by the village.
(C) Taxes to be abated shall apply only to the improvements as proposed and to any increased value in the land as a result of the improvements.
(D) Taxes to be abated shall not exceed 50% of the value of the taxes which would have been paid over a five-year period, had the tax abatement not been granted.
(E) In all cases, applications for tax abatement will not be considered unless there is evidence and finding that the development in question will locate in an area other than the village were it not for the issuance of tax abatement.
(F) In all cases, applications for tax abatement will not be considered by the village if a building permit has been issued for the property in question.
(Res. 375-85, passed 1-2-85)(Am. Res. 476-86, passed 10-8-86)