Aldermen agreed to form a new partnership with the Galesburg Regional Economic Development Association (GREDA).
Mayor John Pritchard said GREDA’s thirty-member board will be reduced to nine, and the new partnership will have a new name.
As part of the plan, the city’s economic development department will eventually be eliminated.
GREDA was formed in the mid-1990s and consists of private businesses only. Pritchard said GREDA’s assets will be transferred to the new partnership and the city will contribute $155,000 to it.
“The goal is to have an effective economic development program, and to increase employment and investment in the Galesburg area,” said Pritchard.
The new board will include the mayor, the city manager, the county board chair, and six people from the private sector.
“By combining resources we have more resources to operate,” Pritchard said.
“We worked quite a long time to get this done, and we’re happy that it’s progressed to this point – and we think it really is the way forward.”
The search is on for an executive director for the new entity.