The Regional Site Readiness Program’s Capital Ready Grant Program, overseen by the Illinois Department of Commerce and Economic Opportunity (DCEO), is designed to bolster infrastructure and other capital improvements on sites across Illinois. This initiative aims to enhance the readiness of properties with industrial and manufacturing economic development potential, thereby attracting new investment and job creation to the state. The program aligns with a mission to foster economic growth by proactively addressing barriers to industrial development.
The primary beneficiaries of this program include local governments, economic development organizations, nonprofit and for-profit organizations, and private landowners. The core impact goals are to support communities in their site readiness capital improvements, overcome financial hurdles in constructing necessary infrastructure for site development, and ultimately increase the number of industrial sites ready for future development across all 10 Economic Development Regions in Illinois.
The program prioritizes flexible funding for infrastructure and capital improvements, including land acquisition, land preparation (clearing, grading, drainage), infrastructure expenses (utility, roadway, water, sewer, and rail access construction), and environmental remediation as part of larger bondable projects. These areas of focus were identified through input from community leaders and economic development experts, underscoring the critical need for such support to prepare sites for future industrial use.
Expected outcomes include a significant increase in the number of shovel-ready industrial sites throughout Illinois. Measurable results will stem from the $40,000,000 in state capital funds allocated for this grant program, with individual awards ranging from $250,000 to $3,000,000. The grant period is set from January 1, 2025, through December 31, 2026, during which time the improvements are expected to lay the groundwork for long-term economic benefits and attract substantial industrial and manufacturing investments to the state.
