The Illinois Department of Commerce and Economic Opportunity (the “Department” or “DCEO”) is issuing this Notice of Funding Opportunity (“NOFO”) to support Capital Investment 2024 for a Statewide Non-Profit Organization headquartered in Cook County.
Donor Name: Illinois Department of Commerce and Economic Opportunity
State: Illinois
Type of Grant: Grant
Deadline: 08/15/2023
Size of the Grant: $500,000 to $2,000,000
Grant Duration: 12 months
Details:
To promote economic development and create jobs throughout the State, the Department must recruit and attract new businesses. To do so, the Department needs to ensure that strategic properties are available to companies once they make their decision to expand and/or relocate to the State.
The goal of this program is to maximize job creation and capital investment through securing strategically ready sites for large-scale economic development in the clean energy and electric vehicle sectors. The intent of this grant is to reimburse capital expenditures incurred in 2024 (July 1, 2023 – June 30, 2024) and upon approval by the Department pre-award costs may be approved for targeted land acquisition and development for businesses looking to expand or relocate to Illinois.
Performance Goals and Measures
Applicants are expected to meet the following performance accomplishments:
- Execute a land purchase or option agreement for the acquisition of strategic property which may ultimately be acquired by a business to create electric vehicle and clean energy manufacturing jobs.
Funding Information
- This grant program is utilizing state funds appropriated by Illinois General Assembly. Total amount of funding expected to be awarded through this NOFO is $2,000,000. Award will range from $500,000 to $2,000,000.
- The period of performance is expected to be July 1, 2023 through June 30, 2024.
Eligibility Criteria
Eligible applicants include:
- Non-profits that serve the entire State of Illinois as a statewide economic development organization
- Must be headquartered in Cook County
- Must have experience managing DCEO grants in the last two fiscal years
- Must manage a site selection database with vetted sites
For more information, visit DCEO.
