Spring Grove’s Finance Committee discussed having a village economic incentive agreement at its Nov. 24 meeting.
Committee Chairperson Mark Eisenberg said the idea of an economic incentive program was raised during the Community Communication Consortium Meeting. The program would be for a business or developer that could invest $200,000 in buildings, land or property in the village. The agreement would see a tax abatement on property for four years with graduated declining levels. The program woulkd be similar to what the village of Richmond already has in place. Developers could also see rebating sales tax and reduced building permit fees. All members agreed this is a good idea.
The next steps will be for Eisenberg to draft a letter, which will be sent to other taxing districts.
The panel also discussed tax levies for special service areas 8,9,11,13,15 and 24. The village attorney advised the panel to start the approval of the special service area tax levy. All members approved and the motion carried.
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