New Development Opportunities for Megasites in Illinois

Governor Pritzker recently announced $40 million dollars in Rebuild Illinois Capital Funds will be made available as grant money to developers of megasites in underutilized spaces in Illinois, such as former industrial sites. Megasites are large, developed sites ready for manufacturers, distribution centers, industrial centers and other users to occupy. Funding will be issued through a Notice of Funding Opportunity (NOFO) and applicants must own at least 200 contiguous acres or have a preexisting agreement to acquire the property and have the capital to match the grant money awarded. Grants will be determined by acreage of the property and will range from $250,000 to $5 million. This money can be used for various site development costs, including utilities for the site, land acquisition, and infrastructure. The program is open to private entities, non-profits or local governments. The application process will prioritize developments within “Opportunity Zones”, areas having high rates of poverty and unemployment. Application for the Megasites Investment Program are open until April 6.  Application documents and registration for an informational webinar can be found at the following link: https://dceo.illinois.gov/aboutdceo/grantopportunities/3069-2471.html