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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...
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