(A) Applications for tax abatement shall be filed with the Village Clerk, who in turn shall forward the application to the Chairman of the Mayor's Council for Economic Development.
(B) The Mayor's Council for Economic Development, shall, following receipt of application, meet and review the application, and shall:
(1) Make determination of the total assessed value of the proposed development and economic impact the development will have on the village.
(2) Make findings that abatement of taxes is necessary and proper to ensure successful completion of the proposed development.
(3) Forward a recommendation to the Village Board not later than 45 days following receipt of the application.
(Res. 375-85, passed 1-2-85)