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Approving and Authorizing the Execution of an Agreement Between the County of Kane and the Kane County Economic Development Corporation for Funding of Economic Development Purposes
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WHEREAS, 55 ILCS 5/5-1005(21) authorizes counties to appropriate and expend funds from the county treasury for economic development purposes, including the making of grants to any other governmental entity or commercial enterprise deemed necessary or desirable for the promotion of economic development in the county; and
WHEREAS, Kane County documented the need to undertake a strategic economic development plan in its application to the State of Illinois RISE Economic Development Planning Grant Program, where from this program funds were awarded to local governments, and regional economic development organizations to create or update regional plans to accelerate economic recovery from the COVID-19 pandemic; and
WHEREAS, Kane County was awarded $150,000.00 (One Hundred Fifty Thousand Dollars) in funding by the State of Illinois RISE Economic Development Planning Grant Program to create a strategic economic development plan for Kane County; and
WHEREAS, RW Ventures, LLC, has worked diligently with Kane County staff and economic development partners in the creation of Kane County’s first strategic economic development plan; and
WHEREAS, one of the key recommendations of the strategic economic development plan created by RW Ventures, LLC, is the creation of a county-wide economic development organization; and
WHEREAS, the Kane County Development and Community Services Department requested in the amount of $3,790,000 (Three Million Seven Hundred Ninety Thousand Dollars) of SLFRF to fund the planning and launch for a county-wide Economic Development Organization which was approved as part of Resolution 21-156; and
WHEREAS, County staff and economic development consultants have reviewed the budgets of economic development originations in similarly sized counties and recommended that $3,000,000 (Three Million Dollars) to meet startup operations expenses is reasonable to show County Board support for the first four years while the new organization solicits other financial investors including municipalities, utility companies, banks, grant funds, and from private businesses; and
WHEREAS, the Kane County Board authorized the use of amounts allocated under revenue recoupment of SLFRF in the amount of $3,000,000 (Three Million Dollars) for the economic development organization per Resolution 24-170 adopted on May 14, 2024; and
WHEREAS, the Kane County Economic Development Corporation was formally launched in October of 2024 as a 501(c)6 non-profit organization; and
WHEREAS, the purpose of the Kane County Economic Development Corporation is to improve the business conditions in Kane County, assist in the retention and expansion of existing Kane County businesses, and work to recruit new businesses and good paying jobs to the county; and
WHEREAS, the Fiscal Year 2024 budget was amended in the amount of $500,000 for the Kane County Economic Development Corporation; and
WHEREAS, County staff and the County’s economic development consultant recommend that the Kane County Board authorizes the Kane County Chairman to execute an agreement with the Kane County Economic Development Corporation, in the total amount of $3,000,000 (Three Million Dollars), which will be paid by the SLFRF funds authorized for use by Resolution 24-170 (Exhibit A.)
NOW, THEREFORE, BE IT RESOLVED that the Kane County Board that the Kane County Board hereby approves and authorizes the Kane County Chairman to execute the attached agreement (Exhibit B) between the County of Kane and the Kane County Economic Development Corporation.
NOW, THEREFORE, BE IT FURTHER RESOLVED that the Fiscal Year 2025 budget for the Kane County Economic Development Corporation will include an amount not to exceed $1,250,000 (One Million Two Hundred Fifty Dollars), that the Fiscal Year 2026 budget will include an amount not to exceed $1,250,000 (One Million Two Hundred Fifty Dollars).
Passed by the Kane County Board on October 8, 2024.
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John A. Cunningham, MBA, JD, JD Corinne M. Pierog MA, MBA
Clerk, County Board Chairman, County Board
Kane County, Illinois Kane County, Illinois
Vote: