Economic Development Contract Ready for Finalization

After months of planning, an agreement between a new economic development partnership and the City of Galesburg is ready to be adopted.

“The Partnership,” as it’s called, would be taking over business retention and expansion duties for both the City of Galesburg and the Galesburg Regional Economic Development Association.

Included in the agreement is a proposal to submit regular reports and communicate their efforts with the City, along with handling the daily tasks associated with attracting companies.

In exchange for their services, the City of Galesburg would spend about $155,000 on an annual basis to keep up the program.  The money will not impact the City’s budget because the figure is already being invested in economic development efforts.

“The Partnership” has been searching for an administrator to carry out its daily functions, but is overseen by a board consisting of both public and private sector representatives.

The City Council will need to approve the groups’ formation as well as its planned services going forward.

Tonight’s meeting begins at 6:30 at Galesburg City Hall.

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