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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, 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 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, County staff and economic development consultants have reviewed the budgets of economic development originations in similarly sized counties and recommended that $100,000 (One Hundred Thousand Dollars) annually to continue operational expenses is reasonable to show the County Board’s continued investment while the new organization solicits other financial investors including municipalities, utility companies, banks, grant funds, and from private businesses; and
WHEREAS, a $100,000 (One Hundred Thousand Dollars) investment is the Founding Level of investment adopted by Kane County Economic Development Corporation with stipulated benefits and demonstrates the highest level of support and continued leadership and support by the Kane County Board (Exhibit B).
NOW, THEREFORE, BE IT RESOLVED that the Kane County Board hereby approves and authorizes the Kane County Chairman to execute the attached agreement (Exhibit A) between the County of Kane and the Kane County Economic Development Corporation, subject to the review and advise...
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