The Illinois Department of Commerce and Economic Opportunity is issuing this Notice of Funding Opportunity (“NOFO”) to support a capital investment in 2024 (July 1, 2023 – June 30, 2024) for an Economic Development for a Growing Economy Tax Credit (EDGE) Program agreement holder located in Glenview, Illinois that is a Federal Department of Agriculture (FDA) approved cell cultured meat company.
Donor Name: Illinois Department of Commerce and Economic Opportunity
State: Illinois
County: All Counties
Type of Grant: Grant
Deadline: 12/29/2023
Size of the Grant: More than $1 million
Grant Duration: 2 Years
Details:
Enterprise Fund grants may encompass a wide range of economic development projects including infrastructure, capital equipment purchases and any expenditures that will result in job creation in Illinois. The funds may be used for bondable costs, like the Prime Sites grant program, but can also be used for non-bondable capital expenses. This grant amount is based on new jobs and the capital investment amount committed the grantee.
Performance Goals and Measures
Applicants are expected to meet the following performance accomplishments:
- Invest a minimum $141,000,000 in capital expenditure within Illinois by December 31, 2026.
- Create a minimum of 75 new jobs in Illinois by December 31, 2026.
- The project location must be placed in service by December 31, 2026.
- Remain an EDGE program participant until all of the above conditions are met.
Funding Information
- This grant program is utilizing state funds appropriated by the Illinois General Assembly. Total amount of funding expected to be awarded through this NOFO is up to $2,665,000. The Department expects to make one awards for though this NOFO.
- Anticipated start date for awards is January 1, 2024. The period of performance is expected to be January 1, 2024 through December 31, 2026.
Eligibility Criteria
Eligible applicants include:
- Must have a physical manufacturing location in Glenview, Illinois or have plans to build a manufacturing location in Glenview, Illinois by the December 31, 2026.
- Must be an approved EDGE program participant and remain a participant within a DCEO business development program.
- Must be an FDA approved cell cultured meat manufacture.
For more information, visit DCEO.