Recipients of Illinois’ megasites investment program funding were announced last week with $23 million in grants allocated to nine projects across the state.
“Major job creators are always looking for investment-ready sites they can get up-and-running in a short amount of time—and we are proud to boast some of the largest such sites in the nation,” said Governor JB Pritzker. “I couldn’t be happier to announce that we have selected nine projects across the state to receive a total of $23 million in grant funding—bringing business investment and economic opportunity to every corner of our state, from Chicago and Hennepin to Bloomington-Normal and Carrier Mills.”
Megasites are defined as large, developed sites ready for occupancy for manufacturers, distribution centers, industrial centers, and more. Investing in megasites develops underutilized areas and former industrial sites, while making the State more competitive for large-scale industrial investments.
“The state is having a record-setting year for economic development and investing in megasites will help Illinois gain even more momentum for investment,” said DCEO Director Kristin Richards. “The thousands of acres of megasites across Illinois will encourage businesses to pursue investment-ready sites, spurring economic development.”
With sectors like clean energy and manufacturing rapidly expanding in the U.S., major job creators are looking for large, investment-ready sites to locate their growing businesses. By providing grants that enable entities to create investment-ready sites, Illinois is increasing its competitiveness for large-scale investment.
Funds are for site development expenses including infrastructure expenses such as roads, water, sewer, and other utilities; site development expenses like rehabbing existing structures; remediation and cleanup; as well as land acquisition and related expenses.
Megasites program recipients were selected through a competitive Notice of Funding Opportunity (NOFO) that was open to private entities, non-profits, or local governments. Grants range from $1.25 to $5 million. In addition to the $23 million in megasites funding that was awarded, DCEO plans to deploy available funds for additional site development opportunities in the future.