Lake County Partners' signature Big Event once again brought together 500+ business and civic leaders for a morning focused on collaboration and growth. The morning celebrated the organization's 25th anniversary of fueling economic development in Lake County, and zeroed in on performance, with insights from Keynote Speaker and New York Times best-selling author David Epstein.
Attendees honored Richard H. Korengold, the outgoing Board of Governors Chair and Senior Managing Director at Mesirow Wealth Management, for his many accomplishments, including the adoption of a new Comprehensive Economic Development Strategy for Lake County. The crowd also welcomed incoming Chair Steve Madden, the CEO of Libertyville Bank & Trust Company, N.A., and received an impressive state of the union from Lake County Board Chair Sandy Hart. Thank you to the many sponsors that made this year's event such a success.
Lake County has emerged as a leader in high school-level Career and Technical Education (CTE), putting local institutions at the forefront of education in Illinois and the nation. Our survey of 18 high schools found overwhelming support for CTE, with 14,244 students participating across the fields of manufacturing, healthcare and information technology. Most anticipate that this number will continue to climb as more robust course selections are created and exciting new opportunities emerge in fields like sports medicine, agriculture, video/animation and robotics.
Training is no longer confined to the walls of a classroom, as students work with business leaders in real world settings to hone in-demand skills that they can quickly put to work. The result is an eager and highly-trained talent pipeline that connects young prospects with growing employers in Lake County.
Bristol Myers Squibb is expanding its global cell therapy manufacturing network with a new manufacturing facility in Libertyville. The space will enable in-house viral vector production, which is a critical component of the company’s (CAR) T cell therapies. Lake County has long been at the intersection of life science, advanced manufacturing and healthcare, and we're looking forward to helping the company leverage this strength to grow at its new location.
At the Big Event, LCP honored local food manufacturer Henry Broch Foods with the Lake County Community Investment Award for the company's decision to expand its existing Waukegan headquarters by adding 160,000 sq. ft. of new production, robotic warehouse (ARSR) and distribution space, representing a capital investment of nearly $40 million. As part of the project, the company is retaining 400 existing jobs, and adding an additional 150 new jobs.
Food manufacturing is a $13.7 billion dollar industry and employs 2,100+ in Lake County. Importantly, 29% of local food and beverage manufacturing sales stays within the county—making it a huge economic engine in the community. It's also a big attractor for growth capital investment, having raised $33 million in Lake County since 2019.
Senior Managing Director at Mesirow Wealth Management and
Outgoing Chair of LCP's Board of Governors
You have led the Board of Governors as Chair since 2017. What is your biggest accomplishment?
If I had to pick one, it would be the recently completed Comprehensive Economic Development Strategy (CEDS) for Lake County. The process engaged a diverse group of stakeholders for important conversations and resulted in an action‐oriented, five‐year economic development strategy that will enhance our communities and business climate. Read the full CEDS document here.
You have overseen one of Lake County's biggest economic growth spurts in recent memory. How is our community poised for long-term growth? I’m extremely excited for Lake County’s future. As measured by job growth and investment, the last four years have been one of the best runs in the county’s history. Our mixture of talent and resources, combined with dedicated leadership from the entire community, opens paths for further growth and development.
The LCP team is currently nurturing 22 new projects, with six wins already under our belt this year. In the last four months alone, we have welcomed a new PR company, food manufacturer, vitamin supplements manufacturer, frozen pizza manufacturer, food equipment manufacturer and an affordable senior housing project into the area, which has resulted in over $190 million in new capital expenditure, 666,000 sq. ft. of new and reactivated space, 493 new jobs and 450 retained jobs. I’m happy to report that the back half of the year is lining up to be similarly successful.
Investors voted to amend LCP's bylaws at the Big Event. Why is this important?
The adopted amendments were crafted with the full support and approval of LCP's Board of Governors and investors. They help LCP fulfill its mission to drive economic growth in a more efficient and expedient manner. They also modernize the ways in which we operate and reflect policy changes to codify recommendations from our Diversity, Equity and Inclusion Task Force and the CEDS. It is our goal to make LCP a reflection of our community spirit – welcoming and supportive. Learn more about LCP's Board of Governors here.
Mesirow has been a long-time supporter of LCP. How does LCP's mission align with your company's values?
Mesirow’s corporate culture has long revolved around the concepts of doing good in the community and doing well for our clients. The two are mutually inclusive, and recognizing this has helped propel Mesirow to the forefront of innovation and leadership in the Financial Services industry.
