The Greater Peoria Economic Development Council [GPEDC] is getting $210,000 in federal funding to assist with operational expenses over the next three years, helping the organization boost private investment and job creation.
Chris Setti, the council’s CEO, says the funding extends a long-standing relationship between the GPEDC and the U.S. Economic Development Administration [EDA].
“This is some of our base operational funding that we get that kind of just makes the GPEDC go,” said Setti. “We match the federal money with our local investments from our corporate and public investors here.”
The money comes in the form of a Partnership Planning Grant to support development of a comprehensive economic strategy.
“We have an upcoming event, the Big Table Greater Peoria event, that is happening in in October, which is part of the process of developing this new five-year economic development strategy,” he said. “So part of this funding goes to the development of that strategy, and then the implementation and management of the strategy.”
Illinois U.S. Sen. Tammy Duckworth and 17th District U.S. Rep. Eric Sorensen lauded the funding award.
“As a hub of agriculture, manufacturing, technology and innovation, Illinois is uniquely prepared for greater investment. Coordination between business leaders and all levels of government is critical to help grow our local economies,” Duckworth said in a media release.
“This funding will help give Peoria and the region a blueprint to bring in new investments, create jobs, and grow the economy into the future,” added Sorensen.
Setti said the continued funding from the EDA builds on the agencies’ existing partnerships.
“Over the last 10 years, we have received nearly over $25 million worth of funding for projects from EDA – everything from $2 million for Distillery Labs, $3 million for the Illinois Central College Workforce Sustainability Center, to $2 million to resurface and improve North University Street in the Pioneer Parkway area.”
Setti said the Partnership Planning Grant will assist the GPEDC in a variety of ways.
“When we're talking about business attraction, it helps us in working to tell the story of Greater Peoria and its opportunities to the rest of the nation and the world,” he said. “When it comes to working with our existing businesses, it's to help us work with them to take advantage of opportunities to reduce the challenges that they might feel.
“It also helps us support the region's workforce development efforts. It helps to undergird some of the funding required for doing rural economic development, which has been everything from local food initiatives to rural broadband. So it really is kind of the funding DNA of the Greater Peoria EDC.”
