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MTD approves $25M contribution to The Yards project, which includes Illinois Terminal expansion

The board at MTD has approved the allocation of $25M towards the new development in Downtown Champaign, The Yards. The project has been built conceptualy over the last few years, which would potentially lead way to a Division I hockey team being housed here, as well as a variety of mixed-use components including a hotel, office space, residential, retail, and more.

The MTD board has approved the use of the $25M “conceptually” MTD Managing Director Karl Gnadt points out in the News-Gazette‘s report. MTD will be seeking out two major grants again in 2019, ones they did not receive this past year, which would provide the funds for this project allocation, ultimately. If they are unable to get those grants, the funds will come from their capital reserve, and will not create a tax increase in any way for the community.

This is a step forward for the development of the space, which is estimated to cost upwards of $200M, with an expected completion in 2023. You can see the renderings in more detail below, as well as in the Gazoo‘s report which hashes out more detail about the project.

Photos from MTD/The Yards development

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