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Council adopts updated strategic economic development policy to replace 2011 plan
Summary
The council approved a new economic development strategy that sets criteria for incentives, aligns with comprehensive and downtown plans, and states incentives will be considered case-by-case; staff said outside consultants may be used to evaluate proposals.
The McHenry City Council adopted a strategic economic development policy Monday to replace the 2011 strategy. The policy provides a general framework for evaluating incentive requests, aligns with the city’s comprehensive and downtown plans, and says economic incentives will be considered on a case-by-case basis.
Doug Martin, identified in discussion as Director Martin, told the council the policy outlines goals including job creation, increased revenue and improved quality of life, and lists potential incentives, evaluation criteria and general requirements for incentive agreements. “The proposed economic development strategy just sets a general framework for evaluating incentive requests, aligns with the comprehensive and downtown plans,” Martin said.
Council members asked about use of external consultants to review applications and pro formas; Martin said outside financial reviewers or firms such as SB Friedman (used as an example) could be hired and would be paid. Some aldermen questioned including the possibility of selling city-owned land at a reduced price as a potential incentive; Martin said the document lists options for consideration and is intended to call out possibilities rather than dictate specific actions.
The council approved the policy by roll call. Staff said they will use the policy as a guide when evaluating future requests for incentives and will return to council with specific proposals when applicants seek assistance.
