ACTION REQUESTED:
Title
Communication from the City Manager and Assistant City Manager with a Request to RECEIVE and FILE the American Rescue Plan Act (ARPA) BUSINESS GRANT PROGRAM Supporting Biotech Startups.
Body
BACKGROUND: Small biotech startups drive innovation and advance medical research. These companies often focus on developing new treatments and therapies for diseases that larger pharmaceutical companies may not prioritize. By funding these startups, investors and governments support the development of potentially life-saving treatments and technologies. Small biotech startups can also bring jobs and economic growth to a city, which can help revitalize a dying area. These companies can attract a talented workforce and stimulate the development of related businesses.
Program Goal
The grant aims to provide one-time assistance to new and existing businesses in Peoria to support the growth of the biotech industry in Peoria.
Program Description
The program will award a minimum of $15,000 to a maximum of $25,000 to businesses willing to utilize vacant commercial/office spaces within the city boundaries.
Eligible use:
* Lease or mortgage assistance
* Operational expenses support
* Other business costs related to the newly opened location
The maximum award amount will be prioritized to businesses located in the designated areas:
* Medical District as defined by the boundaries of the OSF Healthcare, UnityPoint Health-Methodist Campus, and the University of Illinois Medical School Campus
* Central Business District as defined by the boundaries of I-74 to the Riverfront, Bob Michel Bridge to William Kumpf Blvd up to Glendale Avenue
* West Main Street as defined by the boundaries of N. University Street to NE Crescent Avenue from West Russell Street to W Windom Street
Eligibility Requirements
* Applicant should have a small business based, owned, and operating within the city of Peoria corporate boundaries. For this definition, small businesses ...
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