State economic development agency gets new name

Jul 25, 2016

The privately run and funded economic development corporation that Republican Gov. Bruce Rauner created to attract new businesses to Illinois has a new name.

The Illinois Business and Economic Development Corporation announced Monday that it will now be known as Intersect Illinois. Rauner used his executive powers in February to establish the nonprofit. Democrats raised questions about transparency and a few weeks later formed a bipartisan committee to review the corporation.

The state's commerce agency still has oversight and must approve any incentives the corporation offers.

The corporation's CEO, Jim Schultz, said Monday that the group knew its original name "didn't exactly roll off the tongue or do much to sell Illinois." He says the new name "ties together everything that makes Illinois an attractive state in which to grow a business."