CONTRACT

A. Business Attraction (New Business Prospects)

a. The BDC provided information to 35 new business prospects on land, buildings, demographics, labor force, housing, education, infrastructure, and other relevant information.

b. The BDC agreed to perform the following business attraction services to aid prospective businesses and developers: i. BDC staff reviewed existing incentive programs to make recommendations and provide feedback from the development community. The BDC continued tracking feedback by way of commercial transfer stamps, business licenses, and building permit touches. This information is provided to the City of Berwyn by way of the Vacant Properties Report and Building Permit Report on a semi-annual basis. a. The BDC committed $118,980.01 in Finish Line Grants to 12 projects throughout Q1 of 2023.

1. The BDC continued to market the Finish Line Grant Program in Berwyn’s Roosevelt, Harlem, and Depot TIF Districts. In 2023, the BDC set aside $250,000 in the Roosevelt TIF, $250,000 in the Harlem TIF, and $100,000 to the Depot TIF.

B. Business Retention and Expansion (Existing Business Prospects)

b. The BDC retention program identified the needs of existing businesses in the following ways: i. The BDC provided information over 2,100 times via email and phone to existing businesses on economic, demographic, or commercial real estate. Some businesses were contacted with multiple touches, hence the large amount of retention information shared. The primary focus in Q1 of 2023 was connecting businesses to educational opportunities and sharing financial resources, such as the Source Grow Grant, Finish Line Grant, and Revolving Loan Fund. ii. The BDC updated information on Berwyn’s economic profile, including the available properties map, vacancy information to aldermen, and sales tax data in our annual and quarterly reports. The BDC website was also updated to reflect change in resources and policies from national, state, and local guidance. iv. The BDC continued to maintain a database of all Berwyn businesses and work with the Permit Administrator to collect business licenses. i. The BDC conducted 4 corridor walks, 4 educational webinars, 1 informational session, and 1 business corridor roundtable. The roundtable focused on the Depot District.

C. Miscellaneous

a. The BDC operates the Commercial Loan and Microloan pools to assist community businesses with financing options.

b. The BDC celebrated the successful graduation of 11 small businesses from the Berwyn Shops incubator, as well as accepted applications for the 2023 season. 39 entrepreneurs were interested in the program and 28 community members applied to be jurors. During Q1, both the jurors and the new vendors were selected.

c. The BDC renewed its contract as a Community Navigator with the Cook County Small Business Source. As part of the contract, the BDC connects businesses to resources, as well as provides free one-on-one advising sessions to business owners. In Q1, the BDC team facilitated over 415 advising sessions and received $75,000 for their efforts.

d. In 2022, the BDC was awarded the RISE Grant in the amount of $75,000. These funds will be used to develop an economic recovery plan for the City of Berwyn. In Q1 of 2023, the BDC secured a consultant and initiated data collection for the updated plan.

e. In 2022, City Council requested administrative support for the Vacancy Ordinance, which requires owners of vacant properties to secure adequate insurance, submit redevelopment plans, and/or place the property on the market. In Q1 of 2023, City Council amended the ordinance and the BDC began implementing the program.

f. In general, the BDC leadership continues to encourage professional growth. As such, the economic development team actively participated in more than 20 seminars, trainings, or conferences. Of note, the team participated in a Cook County Panel Discussion and presented at the ICMA Conference, highlighting the Berwyn Shops.