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AUTHORIZING THE USE AND TRANSFER OF STATE AND LOCAL FISCAL RECOVERY FUNDS FROM LOST REVENUE RECOUPMENT FUND 356 TO GENERAL FUND 001 TO ECONOMIC DEVELOPMENT FUND 400 TO FINANCIALLY SUPPORT THE LAUNCH OF AN ECONOMIC DEVELOPMENT ORGANIZATION FOR KANE COUNTY
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WHEREAS, the Congress of the United States has enacted the American Rescue Plan Act of 2021 ("ARPA") to provide economic relief to State, Local, and Tribal governments responding to economic and public health impacts of the COVID-19 pandemic; and
WHEREAS, the County of Kane has received a total of $103,413,041 (One Hundred Three Million, Four Hundred Thirteen Thousand, Forty-One Dollars) from the United States Department of the Treasury, in State and Local Fiscal Recovery Funds ("SLFRF") pursuant to ARPA, and
WHEREAS, pursuant to ARPA and the administrative regulations adopted by the United States Department of the Treasury ("Final Rule"), the County of Kane shall use SLFRF to defray costs associated with its response to the COVID-19 pandemic within the County, to address the economic fallout from the pandemic, and lay the foundation for a strong and equitable recovery; and
WHEREAS, by Resolution 21-313, the Kane County Board has established the
American Rescue Plan Committee ("ARPC") as a resource for research, education, planning, and recommendations for the best allocation and uses of the County's SLFRF; and
WHEREAS, by Resolution 21-156, the Kane County Board approved the
recommended Spending Plan as proposed by the ARPC, which designates $42,000,000 (Forty-Two Million Dollars) to be used for Kane County Department and Elected Office project requests; and
WHEREAS, the Kane County Development and Community Services Department has made a request 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 a...
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