Q2 2016 Economic Developments Newsletter
The Lake County Partners Quarterly E-Newsletter: June 2016
The Big Event Draws its Largest Crowd
Lake County Partners held its second annual “Big Event” at the Lincolnshire Marriott Resort on June 3rd for a record-breaking, sold-out crowd of business and community leaders. Thanks to the support of event sponsors, guests were given an opportunity to network and enjoy an information-packed program, which included:
- Remarks on Lake County Partners and local economic development activities by Lake County Partners Board Chairman Joseph Luna
- Economic update from Dr. Steve Vogt of Mesirow Financial
- County leadership update from Lake County Board Chairman Aaron Lawlor
- Keynote address by urban geographer and acclaimed author Joel Kotkin.
Kotkin discussed the themes of his recent book release The Human City: Urbanism for the Rest of Us, which uses demographic data to predict that the suburbs are positioned for future growth and success, particularly as Millennials begin to embark on the next stage of their lives. Every person in attendance received a signed copy of Kotkin’s new book. Following the Big Event, Kotkin was interviewed on WBEZ Chicago’s Morning Shift radio program, where he discussed demographic shifts and Lake County’s robust economy. Click here to listen to the interview.
Lake County Partners’ 2015 Annual Report Is Now Online
Our recently-published Annual Report is now online, and it includes local economic development success stories and headlines, county performance indicators, and updates on our programs and partnerships, including the Municipal Economic Development Advisory Group, Leadership Lake County, and Metro Chicago Exports. To read it now, click here.
Contrary to Popular Belief, Millennials Actually Like the Suburbs
As our President and CEO Michael Stevens wrote in a recent Letter to the Editor at Crain’s Chicago Business, there is plenty of evidence that Lake County businesses and communities are thriving and setting up for future success. Work done through the Leadership Lake County initiative supports the projections of Big Event Keynote Speaker Joel Kotkin, and indicates that young professionals will continue to look to suburbs like Lake County as they enter the next phase of their lives. To read the letter, click here. To learn more about Leadership Lake County, follow along on Facebook and Twitter.
Global Leader Valent BioSciences to Locate in the Village of Libertyville
Valent BioSciences, the global leader on biorational products, has announced that the company will invest $22 million to construct a 98,000 sq. ft. cutting-edge Global Innovation Center to serve as their primary research facility at Innovation Park in the Village of Libertyville. In describing their decision to locate in Lake County, the business noted that the location will enable the company to attract and retain the top talent necessary to flourish.
Village of Lake Zurich Takes Steps to “Reset” Downtown TIF District
The Village of Lake Zurich has been busy nurturing a culture of innovation and collaboration, with the Village Board and staff taking the initiative to try new things that are expected to pay off for years to come. In 2015, the newly redefined Innovation Staff collaborated with the Finance Department in an effort to save a failing downtown Tax Increment Finance (TIF) District. As a result, the Village of Lake Zurich:
• Secured the support of all taxing districts and the Illinois General Assembly for a 12-year TIF extension, smoothing debt payments to provide immediate relief to the General Fund of over $1 million annually;
• Reduced the overall size of the original TIF to include mostly Concord Village, a successful development that will now begin to generate increment without certain downtown properties reducing the value;
• Created a new, second TIF district in downtown Lake Zurich, thus resetting the negative values to zero in expectation of future value growth, which also allows the Concord Village TIF to generate healthy, unhindered increment; and,
• Further redefined the boundaries of both TIFs by removing parcels where negative property values were harming public finances.
The Village of Lake Zurich is understandably proud of this success story, which has effectively “reset” the downtown TIF District and ensured that the future increment will directly correlate with downtown revitalization efforts. To learn more, contact Jodie Hartman, Village of Lake Zurich Finance Director, at Jodie.Hartman@LakeZurich.org or 847-540-1686.
College of Lake County Supports LCP’s Efforts to Expand Workforce Ecosystem
The College of Lake County (CLC) Board recently approved a Letter of Intent with Lake County Partners for business retention and recruitment efforts. Through the partnership, Lake County Partners will assist businesses with connecting to CLC for training and service needs. This agreement underscores the importance of Lake County’s “Workforce Ecosystem,” which consists of local workforce stakeholders working together to ensure that local businesses have the talent pipeline that they need to grow.
The Business Outreach Program is ongoing, and Lake County Partners staff is available to meet with businesses at their convenience to provide support and facilitate connections with local stakeholders. To schedule a visit or learn more, contact Kevin Considine, Managing Director of Existing Business Outreach and Strategy, at email@example.com or 847-597-1226, or click here to request additional information.
Strengthening the Workforce Ecosystem at the Lake County Leaders Summit
In April, Lake County Partners participated in Lake County’s 3rd annual “Leaders Summit,” which focused on ways to strengthen the local Workforce Ecosystem. More than 175 public and private sector leaders attended to share knowledge and collaborate on ways to sustain Lake County’s economy. The event included insights into regional initiatives from Lake County Board Chairman Aaron Lawlor and a discussion among a panel of experts on the programs and strategies that are currently underway to ensure that our workforce is prepared to meet the needs of businesses in Lake County. Watch a video overview of the program here.
Round Lake High School Seeks Local Business Experts for Business Incubator Program
In August 2016, Round Lake High School will introduce a new Business Incubator Program to provide students with real-world entrepreneurial experience and enable them to create their own businesses. The school is currently seeking entrepreneurs and business experts from throughout Lake County who want to make a difference in the lives of young adults to serve as coaches and mentors. Volunteers will guide student teams through the process of ideation, market research, and business plan development. For more information for how you can be a part of this program, go to http://www.rlas-116.org/Content2/41010 or contact Mike Baird, Division Chair, at firstname.lastname@example.org or 847-270-9300.
Thank you to Our Board of Governors
Lake County Partners benefits from the leadership of a Board of Governors that represents a diverse group of professionals from businesses and organizations throughout the county. We would like to thank the following outgoing Board Members for their service and dedication: Gail Edgar, Steve Kermisch, Matthew Primack, and William Westerman.
Welcome New Staff Members Bethany Williams & Laura Naselli
We are pleased to announce the recent addition of two new staff members to our economic development team. Bethany Williams joins Lake County Partners as the new Strategy & Intelligence Manager, and Laura Naselli is the organization’s new Project Coordinator. Learn more about Bethany and Laura here.