For purposes of this Article VII, the following definitions shall apply:
"Construction contract" means a contract, purchase order or agreement (other than a lease of real property) for the construction, repair or improvement of any building, bridge, roadway, sidewalk, alley, railroad or other structure or infrastructure, awarded by any officer or agency of the City other than the City Council, and whose cost is to be paid from funds belonging to the City.
"Local business enterprise" means a business entity located within the counties of Cook, DuPage, Kane, Lake, McHenry or Will in the State of Illinois (the "Six County Region").
"Mid-sized Business Initiative construction program" or "MBI construction program" means the program established pursuant to this Article VII.
"Mid-sized local business enterprise" or "MSB" means a local business enterprise: (i) that has gross receipts, averaged over its previous five fiscal years, or number of employees, per pay period averaged over the past 12 months, that do not exceed two times the size standards set forth in 13 C.F.R. Part 121; and (ii) which is at least 51 percent owned by one or more persons whose personal net worth is not more than two times the personal net worth of an "economically disadvantaged" person, as that term is defined in Section 2-92-670.
(Added Coun. J. 10-5-16, p. 33574, § 1; Amend Coun. J. 6-27-18, p. 80801, § 1; Amend Coun. J. 10-27-21, p. 39543, Art. III, § 2)