(A) The Corporate Authorities of the Village seek to achieve the following objectives through the implementation of the Main Street Business District:
(1) Preserve and create an environment within the District which will promote the economic and social welfare of the village, including opportunities for new commercial growth and for retention and improvement of existing commercial activities.
(2) Promote and encourage, through a public/private partnership, the continued and enhanced development of commercial facilities.
(3) Exercise powers provided for under the Business District Development and Redevelopment Act, ILCS Ch. 65, Act 5, §§ 11-74.3-1 et seq. (hereinafter referred to as the “Act”), and the home rule powers of the village, in the promotion of the public interest and enhancement of the tax base of the village.
(4) Assist in providing the necessary infrastructure for the sound commercial development of the District.
(5) Enhance the economic well-being and strengthen the commercial sector within the District by encouraging private investment and reinvestment, through public financing vehicles, if necessary, to increase business activity, attract sound and stable commercial growth, create or retain job opportunities, and diversify the tax base.
(6) Reduce the tax burden on village residents through the expansion of the tax base.
(7) Enhance the appearance of Main Street through historic preservation.
(8) Promote a unified, quality image that will bring people into the Main Street Business District.
(9) Help build consensus and cooperation between the various business entities within the District.
(10) Contribute to improving the District’s image by enhancing its physical appearance—not just that of buildings, but also of street lights, window displays, parking areas, signs, sidewalks, promotional materials, and all other elements that convey a visual message about what the District is and what it has to offer.
(11) Help existing District businesses to expand, recruit new businesses to provide a balanced mix, and convert unused space to productive property, and refine the competitiveness of the businesses within the District.
(B) In accordance with the Act and the home rule powers of the Village, the Corporate Authorities of the Village shall have the following powers in carrying out the “Plan” for the District (see § 129B.03) and meeting its objectives:
(1) To approve a development or redevelopment plan for the District (the “Plan”), which shall have as one of its main goals to equalize the real estate property tax differential between Cook and Will Counties.
(2) To approve all development and redevelopment proposals for the Business District.
(3) To use eminent domain for the acquisition of real and personal property for the purpose of a development or redevelopment project.
(4) To acquire, manage, convey, or otherwise dispose of real and personal property acquired pursuant to the provisions of the Plan.
(5) To apply for and accept capital grants and loans from the United States and the state, or any instrumentality of the United States or the state, for business district development and redevelopment.
(6) To borrow funds as it may be deemed necessary for the purpose of Business District development and redevelopment and in this connection issue such obligation or revenue bonds as it shall be deemed necessary.
(7) To enter into contracts with any public or private agency or person.
(8) To sell, lease, trade, or improve such real property as may be acquired in connection with the Business District Plan.
(9) To employ all such persons as may be necessary for the planning, administration, and implementation of the Business District Plan.
(10) To expend such public funds as may be necessary for the planning, execution, and implementation of the Business District Plan.
(11) To establish by ordinance or resolution procedures for the planning, execution, and implementation of the Business District Plan.
(12) To create a Business District Development and Redevelopment Commission to act as agent for the village for the purposes of Business District development and redevelopment.
(13) To create and fund a Business District Trust Fund to help fund approved applications for assistance under the Plan.
(14) To pay or assist in the payment of the cost of job training and retraining projects.
(15) To pay or assist in the payment of financing costs, including interest costs, in connection with the construction of any redevelopment project.
(16) To pay or assist in the payment of the costs of advanced vocational education or career educational programs, provided that such costs are related to persons employed or to be employed in the District and pursuant to a written agreement between the respective employers and the village.
(17) To pay or assist in the payment of the costs of studies, surveys, development of plans and specifications, including professional service costs for architects, engineering, legal, marketing, financial, planning, or other services.
(C) However, there is no requirement that any or all powers be utilized in the establishment or ongoing activities of the District. The Corporate Authorities of the Village shall exercise discretion as to which powers shall be employed in the implementation of the District.
(Ord. 97-O-035, passed 6-3-97; Am. Ord. 2011-O-039, passed 7-19-11)