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PROPOSED RESOLUTION
AUTHORIZING EXECUTION OF AN INTERGOVERNMENTAL AGREEMENT FOR COST SHARING AND START-UP ACTIVITIES RELATED TO THE ESTABLISHMENT OF THE WEST REGIONAL ENTERPRISE ZONE
WHEREAS, the State of Illinois has enacted the "Illinois Enterprise Zone Act" (the "Act"), 20 ILCS 655/1 et al., to alleviate distressed economic conditions in certain depressed areas; and
WHEREAS, the Act permits units of local government to designate depressed areas within the boundaries of the local governments as enterprise zones for the purpose of obtaining certain state tax and regulatory incentives to encourage economic development and neighborhood revitalization; and
WHEREAS, the Village of Maywood has, in the past, had an enterprise zone consisting only of territory within the Village; and
WHEREAS, the Village now desires to participate in the creation of a new larger enterprise zone, to be known as the West Regional Enterprise Zone (the "Enterprise Zone"), along with the Village of Bellwood ("Bellwood"), the Village of Broadview ("Broadview"), the Village of Melrose Park ("Melrose Park"), and the County of Cook ("Cook County") (collectively, the "Participating Local Governments"); and
WHEREAS, the Enterprise Zone shall be established through adoption of ordinances by the Participating Local Governments, by entering into an Intergovernmental Agreement relative to governance, regulatory incentives, and other aspects related to the Enterprise Zone, submission of an application for designation to the Illinois Department of Commerce and Economic Opportunity ("DCEO"), designation by the State, and through compliance with the public hearing and other requirements of the Act; and
WHEREAS, the Participating Local Governments have determined that there exists an initial need to jointly cooperate relative to establishing the Enterprise Zone, to share certain of the costs of establishing the Enterprise Zone, and to enter into an Intergovernmental Agreement relative to...
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