FY2002 BEDI Funding Announcements - Illinois

Rockford will receive $300,000 of BEDI funds and $900,000 of Section 108 loan guarantee funds to assist in the remediation of a brownfield site as part of the South Main Street Redevelopment project. The project entails the revitalization of the South Main Street neighborhood and the development of a commercial shopping center. The City will use the BEDI grant for remediation and the Section 108 loan will be used by the Rockford Local Development Corporation for part of the construction of the project. Approximately $4.4 million of other public dollars have been leveraged for the project, and total project costs are estimated at $ 7.2 million.