Draft Only - Prime Sites
CSFA Number: 420-45-2233
Agency Name
Department Of Commerce And Economic Opportunity (420)
Agency Identification
20-4
Agency Contact
Justin Heather
312 814 9592
Justin.Heather@illinois.Gov
Short Description
Prime sites grants can encompass a wide range of economic development projects and may include infrastructure, capital equipment purchases and any expenditures that will result in job creation and retention in the state of Illinois.
Subject Area
Economic Development
Program Function
Business and Commerce
Enabling Legislation

20 ILCS 605/55
Objectives and Goals
The goal of the Prime sites program is to provide grant funding opportunities that enhance economic development and provide job opportunities.
Types of Assistance
Non-competitive
Uses and Restrictions
Project must support economic development and costs may be bondable or GRF funded. Bond funded projects may be for bondable costs ,eg, land acquisition, building construction etc. GRF funds may be used for any expenses that promote economic development efforts for job creation and job retention opportunities.
Eligibility Requirements
Applicants must be either a For Profit entity, Non Profit Organization or Government Entity. The funds may be used for bondable economic development activities (land acquisition, facility construction/reconstruction), or GRF funded activities that enhance economic development job creation and or retention efforts in the state of Illinois.
Eligible Applicants
Government Organizations; Nonprofit Organizations; For-Profit Organizations;
Application and Award Processing
The Department will review each proposed project using the following criteria: A. Technical Evaluation Criteria -Evidence of the Need for Program Funds -- The applicant should demonstrate the need for program funds in the project, specifically documenting the following: - Project Implementation Readiness -- The applicant should demonstrate project readiness, which shall include the following: Firm commitments for the other funding necessary to implement the project, and a detailed time schedule for the immediate initiation of the project. -Job Creation/Retention -- The benefitted company should provide firm evidence and assurances of job creation and/or retention: B. Financial Evaluation -- The Department will conduct an in depth credit and financial analysis for each proposed project. The benefitted business should submit financial statements that include annual Balance Sheet and Profit and Loss Statements for the past three years as well as the most recent ninety day interim statements (if applicable). Additionally, a three year projected Balance Sheet and Profit and Loss Statement, as well as a one-year monthly Cash Flow Statement and related information, is required. (If the company is publicly traded, has an excellent historic financial condition, and has existing materials containing this information, i.e., company annual report, it may be submitted in lieu of the above.) In its analysis, the Department will analyze the following: ?- Demonstrated liquidity and debt service coverage for the project; ?- Ability to manage past debts; ?- Historically positive business trends; and ?- Adequate projected earnings.
Assistance Consideration
Any of the following; Project appropriateness, needs analysis, cost effectiveness, job impact
Post Assistance Requirements
Successful grant applicants will enter into a written agreement with the Department specifying the terms and conditions of the grant. The agreement will cover such items as the scope of the project, schedule of distribution of Department funds, submission of reports and audits, etc. The amount of the grant award will be commensurate with the requirements of the project. The Director of the Department of Commerce and Economic Opportunity has the final authority to determine the grant amount, and grant conditions
Regulations, Guidelines, Literature
None
Funding By Fiscal Year
FY 2020 : $500,000
Federal Funding
None
Notice of Funding Opportunities
None
None