Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) announced a new program designed to attract investment to Illinois from companies that will create well paying jobs and expand the state's foothold in high growth industries.
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The Prime Sites program is a highly competitive capital grant opportunity for companies proposing large scale development projects that will create at least 50 well paying jobs for Illinois residents.
This program will expand the State's business attraction efforts, enabling an additional tool to attract companies considering expansion projects in Illinois and will help support job creation throughout Illinois.
Overall, the State estimates that it will commit up to $33 million to Prime Sites, which in turn should bring a total of more than $165 million in capital projects to Illinois and spur the creation of at least 6,500 new jobs.
Funded by Rebuild Illinois, DCEO will leverage the Prime Sites fund to provide matching capital for large investments by businesses relocating to or expanding in Illinois. Grants will range from $250,000 to $6 million and will be tied to the number of new jobs created. Recipients will be required to provide a minimum 4 to 1 match enabling the grant to cover up to 20% of total capital costs for each project.
To apply for a Prime Sites grant, companies must commit to creating at least 50 well paying jobs and investing $40 million in Illinois or creating at least 100 well paying jobs and investing $20 million in Illinois. Companies must also receive contingent approval through the State of Illinois that they qualify for the EDGE or High Impact Business (HIB) program, incentives provided to companies that commit to expansion or job creation in Illinois. Priority will be given to companies that are located in an economically disadvantaged area such as an underserved area, Opportunity Zone, or Enterprise Zone or that are in a set of high growth industries. ■