Lakemoor looks to establish economic development incentive policy
LAKEMOOR – As the village of Lakemoor ramps up its marketing effort, its new community and economic development director and trustees plan on developing a formal economic development incentive policy.
The policy is still in its infancy stages, and the first talks on how it would work were among the topics the Economic Development Committee tackled at its first meeting since it was put together at the last Village Board meeting.
"We have a retail sales tax rebate program, but when staff deals with a developer, we don't know what the formal position of the board is relative to a) Are they going to be amenable to a rebate? and b) How much of a rebate would they be willing to consider?" Matt Dabrowski told the committee.
Dabrowski started as the village's first community and economic developer in August after serving as a trustee for two years.
The goal is to be able to close deals when village staff members and officials go to trade shows, said Trustee Phil Vavalle, who also serves as the committee's chairman.
The village should develop a policy, but it shouldn't just put it out there, Trustee Jeff Nykaza said. It needs to get the conversation with developers going.
The committee directed Dabrowski to research it further.
Some municipalities have policies that include criteria aimed at job creation, certain types of development or increasing tax revenue, according to a report by the Chicago Metropolitan Agency for Planning.
For example, Crystal Lake has eligibility requirements and has guidelines for how incentives would be calculated, according to the city's website.
The committee also discussed what else it needs to do in order to market the village, including updating the website and brochure, perhaps going through area chambers of commerce and adding signs at the intersection of Routes 12 and 120.