Trustees Pass Economic Development Incentive Policy
Sep 02, 2014 10:08PM
● By Steven Jack
After years of debate over economic incentives for developers in the village, trustees Tuesday night unanimously approved a formal economic incentive policy.
With the policy, developers now will have a clear set of guidelines for which kinds of incentives may be negotiated to locate within the village.
The adoption of the policy was driven by Vijay Gadde, the village’s economic development director. Gadde said in July that a lack of a clear policy was hurting the village’s economic development progress.
Gadde said Tuesday he believes the new policy will be effective in attracting new development.
“When I talk to (potential) brokers and tenants at least they will know for sure that the board is willing to consider those types of incentives based on location and type of business,” Gadde said.
The policy is broken down by retail/commercial and industrial sub-areas with corresponding possible incentive tools for those areas.
For downtown and routes 34 and 71 and Orchard Road areas, the village will consider property tax abatements, sales tax rebates and tax increment financing among other tools. Industrial development incentives could include revolving loan funds, special assessments and special service areas among others.
Gadde originally proposed a policy earlier this summer, telling trustees the village was hurt by a lack of a policy that neighboring communities already use to attract new development.
Trustees went on to debate the merit of specific economic incentives with Trustee Terry Michels arguing incentives should be determined on a case-by-case basis.
Trustee and village president candidate Gail Johnson has spoken in support of economic development incentives. She called the policy a good start.
“I’m happy with it,” she said. “I think it’s all we’re going to get right now.”