* Buried in the governor’s budget proposal was this little nugget…
UNIVERSITY OF ILLINOIS - DISCOVERY PARTNERS INSTITUTE
The proposed fiscal year 2020 budget includes a reappropriation of $500 million in spending authority to provide a state match for private donations from individuals, corporations and other entities. The state matching funds will only be released if the corresponding private donations are secured.
* Greg Hinz…
The future of a huge research center in the South Loop once again is in grave doubt after the Gov. J.B. Pritzker’s administration added what appears to be onerous new conditions to state funding for the University of Illinois’ Discovery Partners Institute.
The new governor in January told Crain’s he wanted the research facility to fly even though it originally was proposed by the man he unseated, Bruce Rauner. Pritzker said the university would have to line up private funds rather than merely depending on the $500 million in state cash that Rauner allotted, but suggested that was doable. […]
[Pritzker’s] budget reappropriates the $500 million that was budgeted last year, but describes it not as a grant but a state match for private donations from individuals, corporations or other entities. The budget language adds that “state matching funds will only be released if the corresponding private donations are secured.” […]
But other administration officials go farther, saying that $500 million in private capital will have to be secured before the state considers releasing any its funds. Said one insider, “After the $500 million in private funds have been raised, there would be structured draws against the state’s $500 million, tied to important project milestones and ongoing planning.”