title
PROPOSED CONTRACT
Department(s): Bureau of Economic Development
Vendor: Women's Business Development Center, Chicago, Illinois
Request: Authorization for the Chief Procurement Officer to enter into and execute
Good(s) or Service(s): Cook County Cannabis Business Development Fund - Pilot Program Administrator
Contract Value: $338,757.46
Contract period: 3/1 /2024 - 5/31/2025 with two (2) one (1) year renewals
Potential Fiscal Year Budget Impact: FY 2024 $338,757.46
Accounts: 11287.1027.39007.520830.00000.00000
Contract Number(s): 2419-01041
Concurrences:
The Contract Specific Goal set on this contract is Zero.
The Chief Procurement Officer concurs.
Summary: The Bureau of Economic Development requests authorization for the Chief Procurement Officer to enter into and execute a contract with the Women's Business Development Center as a Pilot Program Administrator for the Cook County Cannabis Business Development Fund.
In October 2021, The Cook County Board of Commissioners passed Resolution 21-5542, creating a special purpose fund for Equity and Inclusion ("Equity Fund") dedicated to addressing historical disparities and disinvestment in communities that are marginalized or have experienced other social and economic disparities. Cook County has allocated four (4) million dollars in Equity Funds to launch and operate a grant program for cannabis-related businesses owned and operated by Social Equity Applicants, as defined under the Illinois Cannabis Regulation and Tax Act.
The Cook County Bureau of Economic Development ("BED") will use the funds to establish and administer the Cook County Cannabis Business Development Fund - Pilot Program ("CBD Fund"). The grant funds will be available to Social Equity Applicants who are licensed to own and operate a cannabis craft grow, infuser, transportation and/or dispensary business in Cook County. Social Equity Applicants can apply for a grant up to $100,000 or an alternative amount ...
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