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AUTHORIZING KANE COUNTY’S INVESTMENT IN THE KANE COUNTY ECONOMIC DEVELOPMENT CORPORATION (“KCEDC”) FOR 2027 FROM FUND 400 – ECONOMIC DEVELOPMENT AND ADJUSTMENTS TO THE FY2027 BUDGET
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WHEREAS, the Kane County Economic Development Corporation was formally launched in October of 2024 as a 501(c)6 non-profit organization. The KCEDC is a first-of-its-kind entity in Kane County launched as a public-private partnership between Kane County and the KCEDC; 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 a living wage; and
WHEREAS, the Kane County Board has approved Resolution 24-413 authorizing Kane County’s initial funding of the KCEDC with American Rescue Plan Funds until the end of FY 2026; and
WHEREAS, every countywide economic development organization in the State of Illinois has a level of financial investment from its partnering county; and
WHEREAS, the KCEDC has requested $100,000 (One Hundred Thousand Dollars) from Kane County as in investor for 2027.
NOW, THEREFORE, BE IT RESOLVED that the Kane County Board authorizes the continued investment in the Kane County Economic Development Corporation for the amount of $100,000 (One Hundred Thousand Dollars) for 2027.
NOW, THEREFORE, BE IT FURTHER RESOLVED that the below FY27 budget adjustment is approved:
The proper listing of a budget adjustment is as follows:
Fund 120 – Grand Victoria Riverboat Fund
+ $100,000
Fund Balance Utilization
120.010.000.39900
- $100,000
Transfer to Fund 400 – Economic Development
120.010.020.99400
Fund 400 – Economic Development
+ $100,000
Transfer from Fund 120 - Grand Victoria Riverboat Fund
400.690.700.39120
- $100,000
General Association Dues
400.690.710.53130
Line Item: Various
Line Item Description: Various
Was Personnel/Item/Service appro...
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