49220664.2
4. Examineand recommend local incentives, benefits, andprograms to
accomplish stated objectives, to stimulateeconomic activity in the
EnterpriseZoneand toaddress impediments to capital investments;
5. Recommendnecessary legislative and administrative controls for guiding
EnterpriseZonedevelopment, includingplanned capital improvements;
6. Coordinate planningactivities and program implementationwith other city
departments anddepartment programs;
7. Act as liaison between themunicipalities, county, andany designated
zone organization, anyFederal agency andany local planninggroups in
support of theEnterpriseZoneProgram andPlan;
8. Act as liaison between theEnterpriseZoneUnits of Government and the
IllinoisDepartments of CommerceandEconomicOpportunity and
Revenue;
9. Act as programmanager responsible for theEnterpriseZone’s day-to-
day operations.
10.Establish anapplication fee, not-to-exceedone half percent (0.5%) of
cost of the buildingmaterials, for new construction and renovation
projectswithin the enterprise zone. The fee is dueat the time of
certificationof theproject by theZoneAdministrator andunder no
circumstances shall the fee exceed$50,000 for any oneproject.
Section5: Requirements of Act
This areameets the requirements of and is intended to implement the advantages
of the IllinoisEnterpriseZoneAct.
Section6: ProgramsEstablished
The followingprograms are establishedandauthorizedwithin the zone in
accordancewith theEnterpriseZoneAct.
A. PropertyTaxAbatement:
Momence, Manteno, Grant Park, HopkinsPark, andCounty of Kankakeeauthorize
anddirect theCountyClerk to abatead valorem taxes imposedupon real property
locatedwithin theEnterpriseZone, uponwhich new improvements have been
constructedor uponwhich existing improvements have been renovatedor
rehabilitated, subject to the following conditions:
i)
The property taxwill be abated for industrial,manufacturingand commercial
real property. Suchabatement shall be for aperiodof five (5) years following
the issuanceof anoccupancy permit and shall be for a percentage of the
total valueof such improvements as follows:
