Romeoville trustees Nov. 19 approved a new contract with Performance Institute LLC, a Michigan-based company that has been focusing over the past year on attracting foreign investors to the southwest suburb, particularly from China.
The village will pay the company $6,000 per month for one year, according to documents. The village in the past 12 months had two separate six-month contracts with the company. In both contracts the consultants were paid by the hour. Under the first contract, the accummulated total could not exceed $20,000. Under the second, the total could not exceed $25,000.
The new contract also includes performance-based bonuses of up to $100,000.
Village Manager Steve Gulden said Performance Institute has already brought several groups of Chinese investors to tour the village.
Gulden said there are several levels or groups of individuals within the Chinese business culture that must make preliminary visits and business decisions before recommending an investment to the top decision makers.
“The last group that came here was more from the central (Chinese) government,” Gulden said. “It has to pass through several different levels. It takes time but we are in that process now.”
Sunny Hong Zhang, who works with Performance Institute, will dedicate at least 20 hours a week in an effort to bring international businesses to the suburb, the contract indicates. Gulden said Hong Zhang has established relationships with Chinese business officials.
Gulden said while the village would like more manufacturing jobs, there is no guarantee it will happen.
“Will it happen?” Gulden asked the village board. “That is why this (approving the contract) is a tough recommendation. There are no guarantees that we are going to have a $20 million or $5 million company (come to Romeoville).”
Gulden said the $6,000-per-month contract with Performance Institute is equal to paying the company about $65 per hour. The company often charges $100 to over $200 per hour but decided to lower the fee because of the potential of receiving performance-based bonuses, he said.
Mayor John Noak said the process is moving forward.
“The payoff could be quite substantial,” Noak said.
