OFFICE OF THE GOVERNOR______________
NEWS
ROD R. BLAGOJEVICH – GOVERNOR
HOLD FOR RELEASE: Until noon, February 15, 2006
CONTACT: (Andrew Ross/DCEO)
(312) 814-8193 (312) 636-1747
Governor’s budget for DCEO continues making crucial investments in Illinois economy to help businesses thrive and create jobs across the state
Agency positions Illinois communities for even more economic growth by implementing Governor’s Opportunity Returns strategy
SPRINGFIELD – With more than 64,000 new jobs added to the state’s economy last year, Gov. Rod R. Blagojevich’s Opportunity Returns strategy, administered by the Illinois Department of Commerce and Economic Opportunity (DCEO), continues to demonstrate how a grassroots, regional approach to economic development can effectively use limited fiscal resources to make a major impact on the Illinois economy. Opportunity Returns is Governor Blagojevich’s comprehensive, pro-active strategy for revitalizing the economy and spurring job growth. Developed largely from the input of local business, labor and public sector leaders, Opportunity Returns delivers services on a regional basis and contains tangible, specific actions to make each region more accessible, more marketable, more entrepreneurial and more attractive to business. As the state agency charged with stimulating economic development and job creation throughout Illinois, DCEO will continue to use the vast majority of its human and capital resources to administer the Governor’s strategy and ensure it continues to yield impressive returns. By forming innovative partnership with local governments, businesses, colleges and universities, and community organizations, Opportunity Returns is able to leverage resources at the local level and ensure a good return on its investment. Moreover, by supporting only those initiatives that have been identified by local leaders as being critical to economic growth, Opportunity Returns is investing in projects that have the optimal chance to succeed and create more jobs over the near and long term. (more)
DCEO’s fiscal year 2007 budget is $1.277 billion. “The Illinois economy is healthy, diverse and vibrant. Opportunity Returns is helping us promote our state’s many assets and competitive advantages, project-by-project and person-toperson, and parlay them into more genuine economic opportunity for our working families. We are investing in companies that are investing in Illinois, and those investments are creating new jobs. From promoting entrepreneurship and nurturing innovative, high-tech companies to capitalizing on our strategic location as a transportation hub and bringing our manufacturers into the 21st Century and beyond, Governor Blagojevich has successfully implemented a strategic vision that was sorely lacking. And because he has refused to raise taxes, businesses, large and small, see Illinois as a fertile ground to grow their companies and give our greatest resource, our people, better economic opportunities with more money in their pockets,” DCEO Director Jack Lavin said. FY 2007 DCEO BUDGET HIGHLIGHTS
Opportunity Returns: Over the past two years, Opportunity Returns has managed to stimulate
real economic growth in Illinois by attracting investment, upgrading worker skills, fostering an innovative, attractive business climate and creating thousands of well-paying jobs. By targeting resources on a regional basis, it is helping businesses in the fields of technology, transportation, manufacturing, and agriculture grow and advance in a more dynamic way. The financial commitments made through Opportunity Returns are using innovative partnerships to leverage more funding at the federal, state, local and private level, all of which are being poured directly into efforts to help businesses thrive and create more jobs. “Before we invest in any project, we closely scrutinize it to assess how much support it has in the community, and how it specifically will promote economic growth and spur job creation. What comes out of that process is a package of programs and services that are not only designed to act in innovative ways at the local level, but be accountable to the taxpayers and produce a maximum impact with limited resources. Under the Governor’s leadership, our agency will continue to create greater economic opportunity throughout the state,” DCEO Director Lavin said. DCEO 2007 Key Investments The fiscal year 2007 recommended budget includes: Prime Sites Program: $25 million in funding to assist existing businesses to expand or help new companies to locate within Illinois. This basic economic development tool has helped spur tremendous private investment throughout Illinois. The $118 million previously committed to this program is responsible for the retention and creation of more than 55,000 Illinois jobs, and has leveraged nearly $5 billion in private investment. (more)
River Edge Grant Program: $15 million in new funding to help companies and developers to expand or locate in vacant brownfield sites, which will stimulate economic and community development. Grants could be used for bondable infrastructure costs directly tied to the redevelopment of a piece of property and job creation/economic impact. Renewable Fuels Development Program: $20 million to actively promote and expand the use of ethanol as a clean, renewable transportation fuel. To date, more than $12 million has been committed to projects through this program, which are estimated to create 140 permanent jobs and support 1,800 indirect jobs. Coal Demonstration Program: $5 million to bring state-of-the-art, advanced coal-use technologies to commercial readiness. Innovation Challenge Grant Program: $1 million to assist companies by providing add-on funding for federal high technology grant applications. Entrepreneur In Resident Program: $1 million to develop management talent and serial entrepreneurs. This program will develop a pipeline of entrepreneurs with the practical know-how of bringing technological innovations to the marketplace. International Tourism Grants: An increase of $2 million to continue to promote Illinois as an international tourism destination. Illinois is currently the sixth most popular U.S. state for overseas visitors, hosting 975,000 visitors in 2004. Entrepreneurship Centers: An increase of $950,000 in GRF to provide full funding for the network of 20 Entrepreneurship Centers around the state. These centers provide entrepreneurs with an array of crucial services, including recruiting, legal, financial and other support all under one roof. -30-