On Wednesday, Illinois Governor JB Pritzker announced a significant economic development initiative that pledges $31 million in grants towards preparing industrial sites across the state. This initiative affects 24 sites and is divided into two categories—Planning grants and Capital Ready grants—funded through the Regional Site Readiness Program. According to a press release from the Illinois government, the Planning grants will focus on due diligence activities while the Capital Ready grants are earmarked for more substantial infrastructure improvements.
"Readiness planning, assessments, infrastructure improvements - these things are all the fundamental work that must be done for businesses and investments to flourish and jobs to grow across the state," Governor JB Pritzker said. Notably, this program targets industrial sectors throughout Illinois' Economic Development Regions and is buoyed by the state's 2024 Economic Growth Plan. The grants aim to assist municipalities, local economic development organizations, and landowners in readying their sites to entice future industrial businesses and foster job growth.
These grants reflect a broader effort to enhance Illinois' status as a desirable location for business expansion and investment, as emphasized by DCEO Director Kristin Richards. "These projects are readying sites for new capital investment and job creation to solidify Illinois' reputation as an economic powerhouse that provides companies with access to the infrastructure they need to succeed," Richards told the Illinois government news release. The investment in infrastructure aligns closely with State Senator Doris Turner's commitment to investing in the people of Central Illinois by boosting the economy and expanding job opportunities.
The chosen recipients for the Regional Site Readiness Program were decided through a competitive application process. Grants ranged from $35,000 to $3 million, contributing to a broader economic development strategy within the state. Aside from the $31 million in grants, DCEO plans to deploy available funds for additional site development opportunities in the future. With the context of the Rebuild Illinois capital program, initiated in 2019, this latest funding announcement is a continuation of the state's largest capital investment effort, promoting job creation and stimulating economic growth.
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