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A memorandum of understanding between the City of Bloomington and the Bloomington-Normal Economic Development Council sets new expectations for the agency that’s faced increased scrutiny from governing bodies over the last year.
City council members Monday night unanimously approved the agreement detailing the consulting services the EDC provides for the City, as well as performance metrics and a set of ethical standards City staff say they hope the EDC will consider adopting.
The council agreed to contribute $100,000 to regular EDC operations plus another $123,867 to fund BN Advantage, a collaborative economic development strategy between public and private entities in McLean County. Interim City Manager Steve Rasmussen noted both funding amounts were already approved in December.