Market Development
CSFA Number: 420-45-0508
Agency Name
Department Of Commerce And Economic Opportunity (420)
Agency Identification
20-4, 81, 88, 91, 92
Agency Contact
Victor Narusis
312-814-9592
victor.narusis@illinois.gov
Short Description
The Market Development program coordinates Illinois’ business recruitment and retention efforts. This includes handling inquiries from businesses interested in economic development incentives, pursuing leads provided by the Regional Economic Development (RED) team, conducting due diligence of prospective business incentive deals on behalf of the Director, administering the Department's business incentive programs, and fulfilling the agency’s obligations under the Corporate Accountability for Tax Expenditures Act.
Subject Area
Economic Development
Program Function
Business and Commerce
Enabling Legislation
20 ILCS 605/605-337 (Encouragement of existing industries); 20 ILCS 605/605-495 (Other acts to foster and promote industrial development and economic welfare); 20 ILCS 605/605-55 (Contracts and other acts to accomplish Department's duties); 35 ILCS 10/5-15 (Economic Development for a Growing Economy); 30 ILCS 750/8; 20 ILCS 655 (Illinois Enterprise Zone Act); 20 ILCS 655/5.5 (High Impact Business Program); 20 ILCS 605/605-907 & 65 ILCS115/ (River Edge Redevelopment Zone assistance program); 35 ILCS 5/221 (River Edge Redevelopment Zone Historic Preservation Tax Credit); 30 ILCS 750/8 (Public Infrastructure Grant and Loan Program); 30 ILCS 750/10 (Large Business Development Program); 65 ILCS 5/11-74.4-1 (Tax Increment Financing Act); 20 ILCS 715 (Corporate Accountability for Tax Expenditures Act)
Objectives and Goals
1. Stimulate private investment in Illinois. 2. Stimulate private-sector job creation in Illinois.
Types of Assistance
Dissemination of Technical Information
Uses and Restrictions
Assistance can only be provided to business projects which are viable and firm. No speculative projects. Each individual program has specific restrictions as to how the grants and tax exemptions/credits can be used.
Eligibility Requirements
For profit business that will create jobs and make investments in the State (or a locality that will provide assistance to a for-profit business).
Eligible Applicants
Government Organizations; For-Profit Organizations;
Application and Award Processing
First, businesses are vetted for appropriateness of assistance. Second, the business is provided technical assistance and program assistance applications, as necessary and appropriate. Third, the application forms are submitted to the Department on an ongoing basis as funding is available. Fourth, applications are reviewed by program staff using standardized review instruments. (In the case of some programs, a local government applies for the assistance on behalf of the business.)
Assistance Consideration
All program assistance through Market Development requires private investment that will result in job creation within a specified time period, generally two years. The business must show that "but for" the assistance the development project would not occur in Illinois.
Post Assistance Requirements
A formal agreement is entered into between the Department and the business (or in the case of some programs, the Department and the local government on behalf of the assisted business). The agreement holds the assisted business to a specific number and timeframe for the investment of private funds and creation of jobs related to the project. Through a combination of reports, audits and onsite monitoring visits, the Department ensures compliance with the job and investment criteria. If the business fails to meet the requirements, it may result in suspension or repayment of the assistance.
Regulations, Guidelines, Literature
JCAR Title 14: Commerce; Parts 520 through 527
Funding By Fiscal Year
FY 2015 : $19,413,639
FY 2017 : $936,962
Federal Funding
None
Notice of Funding Opportunities
None
Agency IDGrantee NameStart DateEnd DateAmount
15-204008Greater Rockford Airport Authority11/14/201406/30/202016,326,791
12-912003City of Rockford02/15/201206/30/20208,000,000