ACTION REQUESTED:
Title
Communication from the City Manager and Community Development Director for a POLICY SESSION on the New ENTERPRISE ZONE REGULATIONS and APPLICATION, with a Request for Direction.
Body
The State of Illinois has revised and re-issued the regulations related to Enterprise Zones. The new regulations eliminate all existing Enterprise Zones and require that any jurisdiction interested in providing benefits through the Enterprise Zone program reapply for designation.
Unlike the existing EZ program, the designation of new Zones will be competitive in nature and there will be a limited number of Zones approved. Other changes to the EZ program will be discussed during the policy session.
The administration is interested in receiving feedback and direction from the Council on three specific questions during the policy session:
1. What areas of the City should the new Enterprise Zone cover?
2. What benefits should be provided to development in the Enterprise Zone?
3. What level of fees should be charged for accessing Enterprise Zone benefits?