(A) The village currently has Tax Increment Finance Districts (TIF Districts) situated within the corporate limits of the village and the TIF Districts contains many businesses. The village desires to offer a financial incentive to businesses within the TIF Districts to make improvements to their location and it is necessary to establish guidelines and parameters for the financial incentives.
(B) The village may, in its sole discretion, grant financial incentives to businesses located within the TIF Districts. Any business requesting financial incentives shall complete a financial incentive application, in a form and substance approved by the village. The applicant shall, at a minimum, provide the name, address and telephone number of the business, a detailed description of the proposed improvement, the approximate cost of the improvement and the expected date of completion of the improvement.
(C) In order to receive said financial incentive, the proposed improvement must contain costs that are eligible for reimbursement pursuant to the Illinois Tax Increment Allocation Redevelopment Act ("TIF Act"). The financial incentive shall be limited to 50% of the cost of the TIF Act eligible improvements. If the financial incentive application is approved by the village, payment shall only be made to the applicant after the applicant has submitted receipts of payment evidencing payment in full for the improvements, along with waivers of liens from any person, company or entity performing work on the improvements.
(D) The applicant shall submit two or more bids or proposals for material and/or labor to complete the proposed improvements. The village may require additional bids or proposals.
(E) Any recipient of a financial incentive pursuant to this section shall only receive one award of financial incentive in any six-year period.