U.S. Census Bureau Bureau of Economic Analysis- Economics & Statistics Administration bulletin from 12/22/2016
Real gross domestic product (GDP) increased at an annual rate of 3.5 percent in the third quarter of 2016, according to today’s third estimate. In the second quarter GDP increased 1.4 percent.
Profits from current production increased $117.8 billion in the third quarter, after decreasing $12.5 billion in the second quarter.
Reprinted from July 19, 2016 email from McHenry County Government Center
On September 23, 2016, McHenry County will be meeting with seven surrounding counties to discuss economic development in the Northeast region of Illinois. This initiative is led by Cook County Board President, Toni Preckwinkle. As a continuation in a series of meetings, this will be the sixth meeting between Chicagoland county leaders and economic development professionals. The meeting will be held at the new Centegra Hospital in Huntley the morning of Friday, September 23.
In current news, the land property previously owned by Motorola has been purchased. The new owner is currently working with the State of Illinois, the City of Harvard, and McHenry County Economic Development Corporation (MCEDC). The new owner is intent on putting the facility back in operation. We are pleased with the progress so far, and look forward to an announcement detailing future plans for the property.
Lastly, the General Assembly in Springfield passed a six-month stopgap budget on Thursday, June 30. Transportation construction projects will continue as planned and most government functions will be covered. Albeit a temporary solution, the General Assembly continues to work towards developing a comprehensive, full-year state budget for the future.
The City of Woodstock and Woodstock Community Unit School District 200 is currently using the Fiber Network. The Illinois Department of Transportation (IDOT) completed the installation of fiber along IL Route 14 that will connect the last piece of the network Northern Illinois University (NIU) Fiber Network. The Fiber Consortium Board is in the process of negotiating a deal with a selected vendor to manage and market the fiber. Keep an eye out for future news about new fiber options for businesses in central McHenry County.
In accordance with the CEDS, MCEDC presented an economic impact analysis of the 23/90 Interchange to the McHenry County Board, City of Marengo, and IDOT. The analysis is available here. A memorandum of understanding and intergovernmental agreement is being developed and will be forwarded to IDOT.
Here is the link to the CEDS: http://www.rmapil.org/assets/documents/2016_2020_ceds.pdf
On July 5th, 2016, McHenry County Board passed a resolution to approve the appropriation of additional funds for Right-of-Way purposes for the Randall Road Project, which focuses on the Randall/Algonquin intersection. The required land acquisition will continue into 2017, with Segment 1 construction predicted to begin in November 2017*.
For more information and updates, please visit: http://www.randallroad.info/.
*Dates subject to change.
The McHenry County stretch of the Fox River is one of the most-used inland recreational waterways per acre in the United States. Due to the lack of planning and coordination for jurisdictions along the river, the Fox River Corridor Study will help governments, agencies, and residents recognize the river as a major underutilized resource. The study, modeled after a recently completed study of the Fox River Corridor from Carpentersville to Algonquin, will include the river corridor north of Algonquin to the Burton's Bridge area. This will provide participating entities with a forum to coordinate efforts and plan for future uses on and along the river. Emphasis will be placed on connections between communities, trails, economic development, tourism, water quality, and the health of residents.
A Resolution authorizing an intergovernmental agreement with Chicago Metropolitan Agency for Planning (CMAP) for local technical assistance services will move forward to the County Board for a vote on July 19th. The Local Technical Assistance services will aid in the development of the Fox River Corridor study.
#1 Harvard/Woodstock Enterprise Zone
Currently, there are five active projects that are receiving incentives for relocating or expanding within the Zone, including: sales tax deduction on building materials, property tax abatement, investment tax credit, and more. The committee met last Friday, July 15th and we are excited to announce Precision Vision relocated its manufacturing facility to Woodstock!
The committee is happy with the progress thus far on the former Motorola campus in Harvard. Engineers are currently evaluating mechanical systems and the revival of the site is predicted to create substantial employment opportunities.
A new website is in development for the Enterprise Zone which will highlight economic incentives offered by the Zone and feature convenient, online application forms. Stay tuned for updates.
#2 McHenry County Economic Development and Business Incentive Plan
To recruit and retain local business, the County developed an economic impact evaluation guide. The Plan is designed to reduce the tax burden for new and expanding business, contingent upon its level of contribution to the local economy. The criterion considers job creation and retention, capital investment, and support for industry clusters. The Plan is available here.
#3 Revolving Loan Fund
For additional comments or questions, please contact:
McHenry County Government Center
2200 North Seminary Ave.
Woodstock IL 60098
(815) 334-4000 www.mchenry.co.il.us
Pam Cumpata, MCEDC President (left). Bill Strauss, Senior Economist and Economic Advisor Federal Reserve Bank of Chicago (right).
The first of the 2016 MCEDC Enhancing Excellence Breakfast Speaker Series, featured a Midwest Economic Update by William A. Strauss, CBE a Senior Economist and Economic Advisor of the Federal Reserve Bank of Chicago. The well attended event resulted with many attendees requesting access to the presentation. MCEDC is pleased to provide it, please click a link below to download.