Have you ever thought of rehabbing a building in downtown DeKalb? A new state grant could cover up to half the cost!
Gov. Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) have announced a new $50 million program to revitalize commercial corridors and main street areas. Each Rebuild Illinois Main Street & Downtown grant will be between $250,000 and $3,000,000.
Private businesses are eligible for the grants, and the eligible projects include investment in or modernization of structures in disrepair.
The grants are tailor made for areas like downtown DeKalb. DeKalb is in one of the state’s disproportionately impacted areas, and helping these areas is one of the priorities of the grant.
Projects in our downtown would match many of the grant priorities including benefiting a business district hard-hit by COVID-19, being likely to attract additional investment and preserving structures of historic significance that enhance the unique character of the business corridor.
For the grant, private businesses need to provide matching funds of at least 50 percent of the project costs. The other half is covered by the state. Expenses that are eligible to be covered by the grant include: land and building acquisition, architectural planning and engineering design, demolition in preparation for additional work, new construction and reconstruction or improvement of existing buildings and structures.
The application deadline is January 10 but applicants are encouraged to begin the grant process as soon as possible. For more information from the DCEO, click here, or contact Josh Boldt at firstname.lastname@example.org.