The Kane County Economic Development Corporation, a nonprofit that will coordinate economic efforts across the county, is officially operational, officials announced late last week.
On Oct. 8, the Kane County Board approved an agreement with the corporation, which had not yet launched, to provide it with $3 million over the next three years to get it up and running. These funds will be paid using federal dollars given to the county through the American Rescue Plan Act, according to past reporting.
The state of Illinois has now approved the organization’s articles of incorporation, Kane County’s economic development consultant John Greuling told Kane County Board Jobs Committee members at a meeting on Friday, which he said was also the corporation’s first official day in operation.
“We’re very excited about what we see as a strong economic development future for the county,” Greuling said at the meeting.
He also told committee members that the corporation will have a starting board of directors made up of three local business representatives: Steve Pitstick, a local farmer; Sean McCarthy, regional vice president of business development at Comcast; and Austin Dempsey, owner of Batavia Enterprises.
Other board members are expected to be brought on later, according to Greuling. He said that the exact process by which new board members are approved will be laid out in the corporation’s bylaws, which are expected to be completed by the board of directors sometime in the next 45 to 60 days.
The county’s agreement with the corporation secures at least two seats from county government, one for the County Board chair and one for the chair of the Jobs Committee. The corporation’s board of directors will be discussing additional seats for County Board members along with representation from the county’s cities and villages, Greuling said.
Despite Kane County government’s up-front funding and secured spots on the corporation’s board of directors, the corporation is expected to be led primarily by private industry, county officials have previously said.
The Kane County Economic Development Corporation’s main goal will be to guide growth across the county and support existing businesses. Officials have said that many areas throughout the county have their own economic development organizations, but that there has never been an organization coordinating those efforts across the entire county.
According to the county’s agreement with the corporation, the organization will also be tasked with creating new business recruitment marketing programs and establishing business expansion programs for existing companies, among other programs.
Another of the organization’s goals will be to maintain a database of several economic data points, including the county’s population, primary employers, workforce development programs, business assistance programs, economic indicators, educational facilities and more, the agreement states.
The $3 million approved by the Kane County Board for the corporation will be paid out over three years, with $500,000 going to the organization this year and $1.25 million to be disbursed in 2025 and 2026, according to the agreement.
Kane County officials have previously said the $3 million will hopefully be the single largest public investment needed to support the organization, and that the plan is for the organization to be primarily funded through private investment.
In addition to the $3 million, Kane County is set to give the corporation an economic development strategic plan to guide the corporation’s efforts. The plan was on the agenda of the Oct. 8 County Board meeting, but its approval was delayed along with a number of other items to a special meeting on Wednesday at 1 p.m.
The draft economic development plan was created by Chicago-based economic development firm RW Ventures, which was paid using a $150,000 grant from the state, according to past reporting.
The plan’s vision for the county is that it “will become a dynamic mix of traditional industries and emerging sectors – a center of innovation” and that its “industrial base will grow alongside leading edge agricultural practices and quality of life for residents.”
The draft plan’s recommendations include increasing support for manufacturers, improving support for start-ups, creating workforce programs that are informed by employers and diversifying crops. It also recommends the creation of a county-wide economic development organization, such as the Kane County Economic Development Corporation.
rsmith@chicagotribune.com
