Problem Statement

McHenry County Economic Development Corporation (“MCEDC”) is a valuable resource but underfunded compared to peer organizations in neighboring counties.  The “Harvard Indicator” —Harvard, a key regional community, manifests the problem; other regional communities, including Capron, Alden, Hebron, and Chemung, exhibit similar demographic and economic characteristics.

• Population – 5.5% decline since 2009 from 9,896 to 9,356 residents (Neilsberg)
• Unemployment – 5.9% vs. 4.2% nationally
• Dim Outlook – 10-year projected job growth is 27.6% vs. national average of 33.5%
• Median Household Income — $71,418, 12.6% and $10,284 below $81,702, the Illinois average (US Census Bureau)
• High Property Taxes – McHenry County ranks among the top five or six counties in the US
• Richmond & Spring Grove report lower unemployment rates & higher incomes; however, residents often endure long commutes of 40 – 50 miles due to limited job opportunities Commercial EAV — Only 10% of the equalized assessed value (EAV) is classified as commercial

Is there a solution?  YES.

12 Northern Tier McHenry & Boone County Townships comprise the BGI, serving all sectors, including Service, Hospitality, Manufacturing, Healthcare, Education, and Retail

Implementation

Phase I:  Building the Req’d Foundation

Subsequent Phases

As the organization grows, launch three complementary efforts, emphasizing collaboration & building the connective tissue to all related organizations

1.  Collaborate with MCEDC, McHenry/Boone Counties & Municipal Leadership

• •  Align with their adopted strategic growth plans, supporting and enhancing existing efforts, but not duplicating, conflicting, or changing them.
  • Transparency, communication, and respect for work already underway will enable maximum use of resources, build strong alliances, and avoid unnecessary friction.
  • Collaborating with Non-profits such as the William A McConnell Foundation, the Community Foundation for McHenry County, and Naturally McHenry County

2.   Voluntary leadership, especially during formative phases

• Initial leadership, strategy, and program development
• Initial phase I budget projections do not include a full-time Executive Director, and hiring full-time professional leadership is not projected until year three
• BGI will lean into the multi-decades-long economic development experience of Charlie Eldredge

3.  Tracking & Reporting Results

• Success tracking will be focused on tangible economic outcomes.
• Key Performance Indicators (KPIs) will measure added business activity, such as incremental taxes, new business launches, expansions, and job creation
• By tracking and reporting results, we intend to create a virtuous cycle that drives continued support and future investment in the BGI, and the communities served