title
PROPOSED RESOLUTION
COOK COUNTY CONTINUED SUPPORT FOR THE 2026 GREATER CHICAGOLAND ECONOMIC PARTNERSHIP
WHEREAS, the Greater Chicagoland Economic Partnership (GCEP) is an economic development initiative for the seven-county region of northeastern Illinois (the "Region") created by the economic development organizations and elected officials of the Region to partner and collaborate on specific projects, share resources, and provide data and analysis to improve and enhance economic development within the Region; and
WHEREAS, the GCEP aims to strengthen the seven-county region’s resiliency and competitiveness by fostering opportunities for collaboration on initiatives that benefit the entire Region; and
WHEREAS, the GCEP serves Cook, DuPage, Kane, Kendall, Lake, McHenry and Will Counties and the City of Chicago whose diverse and dynamic economy is at the center of global trade routes and boasts major assets in transportation infrastructure, information technology and manufacturing; and
WHEREAS, said Region, which more than 30 Fortune 500 headquarters across seven counties call home, is one of the world’s top ten most competitive economies and repeatedly ranks highly in global competitiveness and the pace of foreign investment: and
WHEREAS, the Chicago region is rich in assets, including diverse industries, a highly skilled workforce and essential infrastructure; has the potential to perform better economically by working collaboratively and collectively across jurisdictions; and
WHEREAS the elected leadership of the seven counties and the City of Chicago share a desire to jointly advance equity across the Region. To those ends, GCEP participants have agreed to work to:
1. Improve Chicagoland’s labor market with increased access to high-quality jobs; and
2. Develop strategies to support the growth of key economic sectors through efforts to support the retention and expansion of existing businesses, attract new businesses, and showcase the Region’s competitive business ecosystem; and
3. To market the Region, recognizing that improved regional economic development will benefit the individual communities and projects that the participating economic development entities represent.
4. Think and act regionally to eliminate duplicative efforts, achieve greater economies of scale, better leverage resources, and create a business environment that is more attractive to private investment; and
5. Pursue equity in the design and outcomes of regionwide initiatives to ensure thatgreater economic opportunity, jobs, and investment contribute to regional prosperity recognizing that regions with the least inequality perform the best; and
WHEREAS, the Cook County Board authorized Cook County’s participation in the initial three-year pilot program via 22-5730, and
WHEREAS, having found positive outcomes for both Cook County and the Chicago region from this pilot program, 25-3921 extends the commitment made in 2022 through 2026 with funds in the Bureau of Economic Development’s FY 2025 budget, and
WHEREAS, where World Business Chicago estimates that in partnership GCEP partners their efforts contributed to the creation of 17,300+ initial, direct and induced jobs and $1.57 billion in earnings for the region.
WHEREAS, the GCEP will identify and agree to undertake specific projects in pursuit of the above goals (the “Project”) and will identify a Project Sponsor for each project; and
WHEREAS, each Project Sponsor will manage the selected project, accept funds from the Parties and/or any third-party donors to pay related expenses from those funds, and to manage all respective compliance for such Project.
WHEREAS, World Business Chicago will continue to serve as the Project Sponsor for the 2026 project called, “Regional Business Development” as outlined in the Greater Chicagoland Economic Partnership Agreement dated 2/23/23, Attachment A; and
WHEREAS, GCEP participants will sign the First Amendment to the Greater Chicagoland Economic Partnership Agreement among the parties to provide an annual payment for this one-year continuation of the initial three-year pilot and/or reimbursement of costs incurred in connection with approved Projects. Unless otherwise provided for in said agreement, the allocation of all costs is to be divided by jurisdiction, based on a formula that incorporates the arithmetic mean of their share of the population in the Region and their share of employment in the Region. The schedule of cost allocations by Jurisdictions for 2026 is the same as prior years and is included in the Agreement dated 2/23/23
WHEREAS, Cook County will request that World Business Chicago (WBC) report to the Cook County Board in the first quarter of 2026 to review its work to date and outline plans for the coming year, and
WHEREAS, each of the seven counties and the City of Chicago via its agent, World Business Chicago, have committed to the annual costs set forth in the Agreement which vary for each of the participating jurisdictions.
NOW, THEREFORE, BE IT RESOLVED, that the Cook County Board of Commissioners does hereby authorize the Chief of the Bureau of Economic Development, or his or her designee, to sign the First Amendment, Attachment B to the GCEP Agreement for Cook County to provide payment of $290,462 for 2026 to World Business Chicago to support continuation of this important regional initiative.
end