Peoria NEXT Receives $2 Million EDA Funding
Posted on September 16th, 2004

Federal funds to be used for development of Peoria NEXT Innovation Center

Peoria, IL -- Peoria NEXT is pleased to announce a $2 million grant allocation by the United States Economic Development Administration (EDA).

The $2 million dollar award was applied for by the City of Peoria on behalf of Peoria NEXT for the development of the Innovation Center, an innovative technology incubation facility to be located at 811 W. Main Street in Peoria, Illinois.

"This is the right project at the right time for Central Illinois," said Congressman Ray LaHood. "This is just another example of the tremendous collaboration we have in Peoria when it comes to getting things done for our community. I am certainly pleased that we have been able to secure significant federal funding for a project that will generate jobs and economic growth for future generations."

The development of the Peoria NEXT Innovation Center represents an essential step towards maximizing the significant commercialization potential in Central Illinois. The incubator, which will be located within Peoria’s Med-Tech District, will assist in diversifying the regional economy and providing an environment that supports entrepreneurship and innovation.

“This facility will provide a much needed place for start-up companies to commercialize new technologies, technologies that otherwise might have been commercialized in other regions without the presence of this facility,” says Dr. Peter Johnsen, Chairman of the Peoria NEXT Board of Directors.

The $2 million EDA appropriation will fund part of the overall approximately $10.8 million project encompassing approximately 38,000 square-feet on approximately three acres, or 1 city block, fronting West Main Street. The technology commercialization incubator, designed for future potential expansion, will have over 60% leasable space. Included in the incubator will be individual tenant suites, wet lab space, shared-tenant conference rooms, shared common areas and administrative/support office space.

The Innovation Center is designed to provide a place for entrepreneurs and researchers to commercialize innovative ideas into successful free standing businesses. The incubator could also eventually house various support and facilitation groups providing valuable services for start-up companies.

“The City of Peoria is honored to have played a role in acquiring these vital EDA funds,” says City of Peoria Mayor Dave Ransburg. “The community-wide support and team approach that has been applied to obtaining these funds is truly something to celebrate, and I look forward to the economic growth this project will generate for our communities in the future.”

Congressman LaHood has played an ongoing leadership role in securing appropriations for the Innovation Center project, having previously secured over $500,000 in Federal funds for the project prior to this most recent announcement of EDA fund acquisition. In addition, local participation has been committed to by Caterpillar Inc., Bradley University, and Methodist Medical Center. The Heartland Partnership and the Economic Development Council for Central Illinois have been instrumental in the facilitation of the development thus far.