Report of the Committee-of-the-Whole Meeting of February 13, 2017

Proposed Modifications to the Small Business Tax Rebate Program

Trustee Scaletta moved, seconded by Trustee LaBedz, that the Committee-of-the-Whole recommend to the Village Board approval of the proposed modifications to the Small Business Sales Tax Rebate Program:

• Increasing the rebate amount that the business receives to 50% of local sales tax generated throughout the duration of the incentive period.

• Increasing the maximum duration of the incentive period to five years, not to exceed the length of the lease.
  
  
• Reducing the expansion requirement to 25% of floor area for existing businesses. The base year requirement will remain in effect.
  
  
• Allowing the business to propose store hours, as long as it is open at least 40 hours per week and at least one weekend evening until 8:00 p.m. between April 1 and October 31, which the Village can take into account when considering the application. The application will recommend the business hours that were previously a requirement.
  
  
• Requiring a minimum three-year lease. However, the incentive period may not exceed the duration of the lease.
  
  
• Removing language referencing that the business must "make an investment in their business or physical facilities," as this is already assumed by a tenant's commitment to a particular space. The motion passed unanimously.