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Savoy trustees keep economic-development incentive guidelines as presented
Summary
Village staff presented draft guidelines aimed at consistent treatment of development incentives; trustees discussed relaxing performance standards and clawback provisions but ultimately left the document unchanged and supported placing it on the next agenda.
Village Administrator Christopher Walton presented proposed economic development incentive guidelines intended to provide consistency for business retention, expansion and attraction negotiations and to set expectations for developers.
Trustees discussed whether certain performance standards in the draft should be relaxed and briefly addressed clawback provisions within TIF agreements. After discussion trustees opted to leave the guidelines as presented and expressed appreciation for the work by staff. President Brown polled the trustees on bringing the guidelines to the next regular meeting for final approval; Donaldson, Kanfer, Niccum, Shonkwiler and Vavrik each voted Yes.
The guidelines will be placed on the Board's next regular meeting agenda for final action.
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