MCEDC makes headlines

May 8, 2008

From Staff Reports

The McHenry County Economic Development Corp. has received honorable mention as one of the top economic development groups for 2007 by Site Selection, a magazine for professionals in economic development.

In evaluating the top economic development projects of the year, the editors of Site Selection took into account total capital investment; number of jobs created; regional economic impact; value of jobs created; creativity of the deal; role of incentives in the deal; competition for the project to locate elsewhere; and speed to market.

"MCEDC was one of 20 public-private partnerships recognized by the magazine in its May issue," said Dr. Walter Packard, chairman of MCEDC. "World Business Chicago, a perennial on the list, was the only other Illinois partnership to make the list. This says a lot about McHenry County and its dynamic local economy and proactive collaborative efforts," Packard said.

MCEDC listed 17 corporate facility projects representing $92 million in capital investment and 1,702 new jobs in 2007 .

Among the projects:

� Medela added 85,000 square feet and 52 new jobs to its McHenry manufacturing facility. The facility produces health care and breastfeeding products.

� Phezer Enterprises Inc., a new start-up with assistance from MCEDC's Business Accelerator for Innovation and Collaboration, reported last December creating 40 positions and leasing 150,000 square feet from Eisenmann Manufacturing in Crystal Lake. The company is now producing the Alluma all-natural fire place log at this facility. Once Phezer obtained its first contract, it was able to develop new work for at least three other McHenry County companies.

� "We are seeing expansions caused by the relocation of production from overseas back to our McHenry County plants," said Chris Manheim, MCEDC's president. "One example is the relocation of specialized aerospace/defense magnetic production by Arnold Magnetic Technologies." Arnold created and retained 82 jobs with the expansion project in Marengo. The company makes magnetic rolled products.

The MCEDC is a nonprofit private-public business advocacy group comprised of business and industry investors from throughout the county.