title
PROPOSED INTERAGENCY AGREEMENT
Department(s): Bureau of Economic Development
Other Part(ies): Southland Development Authority (SDA), East Hazel Crest, Illinois
Request: Authorization for the Chief of the Bureau of Economic Development to negotiate and execute an Interagency Agreement to provide funding to the SDA.
Good(s) or Service(s): The Bureau of Economic Development seeks to provide a grant of funds in the amount of $300,000 to the SDA to launch and operationalize the SDA which was established through efforts undertaken by the South Suburban Mayors and Managers Association. The SDA intends to collaboratively undertake coordinated, large-scale and long-term economic development growth in the South Suburbs of Cook County.
Agreement period: 10/28/2019 -12/31/2020
Fiscal Impact: $150,000.00 FY2019 and $150,000.00 FY 2020; The 1st payment of $150,000 shall be made upon approval of this Interagency Agreement by the Cook County Board of Commissioners; the 2nd payment of $75,000 shall be made upon evidence of SDA having secured funding commitments for an additional $75,000 to support the SDA; and the 3rd payment of $75,000 shall be made upon evidence of having secured funding commitments for an additional $75,000 to support the SDA.
Accounts: 11000.1027.10155.521314
Agreement Number(s): Not Applicable
Summary/Notes: As a result of funding from several different sources, the SDA intends to facilitate the strategic, large-scale investment that is necessary to propel the Southland forward. The formation of the SDA represents implementation of one of the key recommendations from the South Suburban Economic Growth Initiative, Phase I Report; and New Institutions for a New Economy, a report on designing development authorities to help disinvested areas like the South Suburbs thrive.
The SDA will focus its efforts to further the economic development for a core group of 34 communities that are home to 441,000 residents in Cook County's Sou...
Click here for full text