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 “EDGE is a local economic development tool that has allowed
communities to attract investment that would have otherwise gone to
another state,” said Illinois Department of Commerce & Economic
Opportunity Director Sean McCarthy. “I am proud to have taken this
important step in providing the people of Illinois greater insight
into these agreements which will create billions of dollars in new
capital investment and thousands of new jobs in our state.”
The Rauner Administration has made several policy reforms to the
EDGE program to make it more effective and transparent for taxpayers
and businesses. These changes include awarding incentives to
companies for job creation instead of providing incentives for job
retention, only allowing one EDGE agreement per project site and
requiring all companies to maintain a statewide employment baseline
for the duration of their agreement. Furthermore, the Department no
longer supports special EDGE agreements which provided guaranteed
incentive payments to companies even when they engaged in
significant layoffs.
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These reforms have resulted in a more effective use of taxpayer
resources. The average cost per new job created is now $22,000,
compared to $68,000 under the previous administration. In addition,
businesses in 2016 committed to create over 14,000 new jobs compared
to just 2,000 in 2014.
The Department of Commerce & Economic Opportunity administers the EDGE program,
and the agreements are now available on its website here. The Department’s EDGE
transparency portal is in its early stages, and will be updated to provide more
information. Agreements signed prior to the Rauner Administration will also be
posted online, including special EDGE deals that were voted on by the General
Assembly, in the coming weeks.
[Illinois Department of Commerce &
Economic Opportunity] |
