(The Center Square) – The state of Illinois is now offering taxpayer-funded grants to develop industrial sites to attract businesses.
Gov. J.B. Pritzker announced $40 million in funding for the development of so-called "megasites," which are large areas ready for occupancy for manufacturers, industrial centers, distribution centers and more.
“Major job creators are consistently looking for investment-ready sites they can get up-and-running in a short amount of time, and Illinois is home to some of the largest such sites in the country, all ripe for fresh development,” Pritzker said.
The Megasites Investment Program funding will be issued through a competitive Notice of Funding Opportunity and is open to private entities, non-profits, or local governments. Grants will range from $250,000 to $5 million, with the grant award amount determined by acreage, with up to $5,000 per acre. Eligible sites must contain at least 200 contiguous acres and applicants must own or have an agreement in place to acquire the property at the time of the application. The NOFO opportunity also requires a capital investment match.
“Megasites are akin to a turn-key house, move-in ready with zero hassle, which is exactly what fast-growing businesses are looking for,” Illinois Department of Commerce and Economic Opportunity Acting Director Kristin Richards said.
According to Business Facilities, Illinois is home to three of the top 10 industrial sites in the country, with the largest industrial park in America located in Elk Grove Village. The other two sites are located in Decatur and Joliet.
Manufacturing supports 1.7 million jobs and helps generate over $600 billion annually for Illinois, according to an economic impact study for the Illinois Manufacturers’ Association. The study also found that manufacturing jobs pay a wage premium of 11.7% above the average wage for all jobs in Illinois.
“As companies act on needs to ramp up large-scale production quickly, the availability of sites that can handle their requirements, from electricity, to water, to rail access, is critical to winning deals,” Intersect Illinois CEO Dan Seals said.