Illinois Gov. Bruce Rauner has used his executive powers to create a privately run and funded economic development agency that he says will ``jump-start'' job growth.
The first-term Republican signed an executive order Wednesday establishing the Illinois Business and Economic Development Corporation. It's a nonprofit group the governor, a former private equity investor, says will work with an existing state agency, though it will be funded with ``millions'' in private donations.
The Illinois Department of Commerce and Economic Opportunity has to approve any incentives or deals the corporation wants to offer to companies.
The former businessman has pushed the idea since taking office. He announced in his State of the State address last week that he'd taken the first steps to bring ``economic development efforts into the 21st century.''
Rauner says the Department of Commerce and Economic Opportunity is hampered by bureaucracy that makes business development and job recruiting more difficult.
Democrats have questioned the transparency of such a public-private partnership. A legislative bill that's stalled called for a similar setup, but had a three-year review.
Rauner vows transparency and says the corporation will be subject to Freedom of Information Act requests.