Area leaders see potential in private development arm

Area economic development leaders are hopeful that plans for a new agency that partially privatizes the state's efforts to bring in new business will measure up to the hype.

Gov. Bruce Rauner signed an executive order Wednesday to establish the Illinois Business and Economic Development Corporation, after a 3-year sunset clause stalled it in the state Legislature.

The private agency will market the state to global business leaders, and using private capital will negotiate incentives for bringing more business to Illinois.