WHY IS THIS ORGANIZATION BEING FORMED?
Illinois has among the best assets in the world, including unparalleled access to global markets with our five international airports, seven Class I railroads, the third largest interstate highway system in the country, the third largest intermodal port in the world – in summary, roads, rail, waterways and airports that go on to reach every corner of the continent and the world. We have over 200 higher education institutions around the state, a growing innovation ecosystem, a diverse and dynamic workforce along with an abundance of natural resources.
Yet the rigid structure and suffocating bureaucracy of the Illinois Department of Commerce hinder our ability to attract businesses to Illinois and to drive economic development. A mere 14 percent of Department of Commerce staff is dedicated to economic development activities, limiting the resources to attract and to retain business, which is a disservice to Illinois businesses and taxpayers.We are taking decisive, focused action to put Illinois back on the path to economic growth and prosperity, based on national best practices for economic development.
WHEN WAS THE CORPORATION CREATED?
The Articles of Incorporation were filed January 27, 2016
WHAT TRANSPARENCY MEASURES WILL THE CORPORATION PUT IN PLACE?
The Corporation will maintain strict standards of transparency and accountability, based on industry best practices, including a robust conflict of interest policy, public disclosure of donors, and application of other transparency laws. Specific measures include:
Illinois Department of Commerce has final authority over execution and monitoring of grants and incentives
To the extent the Corporation negotiates grant agreements or tax incentives on behalf of the Illinois Department of Commerce and Economic Opportunity, those records will be subject to public disclosure by the Department pursuant to the Illinois Freedom of Information Act.
Corporation will publicly disclose board meeting minutes, final copies of all grant and tax incentive agreements with which it had a part in negotiating, and donors to the organization.
The Corporation has a robust conflict of interest policy for its Directors. Any Director whose company seeks any grant or incentive from the State will work directly with the Illinois Department of Commerce, not the Corporation.
Similarly, any donor whose company seeks any grant or incentive from the State will work directly with the Illinois Department of Commerce, not the Corporation.
WILL THE CORPORATION REPLACE THE DEPARTMENT OF COMMERCE?
No. The Illinois Department of Commerce will maintain key functions, including federal program administration and final authority and oversight of all state grants and incentives negotiated by the Corporation.
HOW WILL THIS ORGANIZATION BE FUNDED?
The formation of the Corporation and its operations at least through the state’s 2016 Fiscal Year will be funded entirely with private donations.
HOW CAN I MAKE DONATIONS TO THE CORPORATION?
Please sign up here to stay up to date on the organization’s developments, including ways to donate in the future.
How do i get involved with the illinois business and economic development corporation?
We are looking for individuals passionate about growing Illinois' economy through focused marketing of Illinois' assets and advantages and building strong, responsive relationships within the business community. If you are interested in joining our team and being at the forefront of economic development in Illinois, please e-mail your resume and cover letter to email@example.com