(A) Responsibility for decision-making on specific uses of recaptured funds shall be vested with the City Council. In addition, the City Council is empowered to establish policies and procedures for citizen involvement and use advisory committees to solicit recommendations on the use of recaptured funds.
(B) Policies and procedures adopted by resolution by the Mayor and City Council members shall incorporate the following minimum requirements:
(1) Prior to the beginning of each city fiscal year an annual Recaptured Funds Plan shall be prepared and adopted by the City Council. Such plan will reflect citizen input, environmental considerations, and priorities for reuse of recaptured funds in accordance with community needs and the aforementioned state and federal regulations.
(2) Recaptured funds will be reserved for use in projects and programs which contribute to the stabilization and expansion of the local economic base, including any or all of the following uses:
(a) To finance critical public infrastructure improvements in support of economic development;
(b) To capitalize a revolving loan fund for economic developments. Loans shall be made to finance fixed assets of employment-generating firms. Loans may be used in combination with other public/private lending sources or programs.
(c) To finance administrative costs of the revolving loan fund and planning costs of public infrastructure improvements, subject to a limit of 10% of the total recaptured funds;
(C) Preference for uses of recaptured funds shall be given to activities which benefit low-income and moderate-income individuals, as defined by the U.S. Department of Housing and Urban Development.
(D) Amendments, additions, deletions or changes to the Recaptured Funds Use Ordinance shall be made by passage of another ordinance and shall become effective upon approval by the Illinois Department of Commerce and Community Affairs.
(1993 Code, § 11-1-4) (Ord. 786, passed 2-20-1989)