Illinois Gov. Pat Quinn announced $55 million in grant funding from the state’s capital budget for 27 Chicago-area colleges and universities.

The grants are part of a $90 million allocation in fiscal 2014 to help private higher education institutions fund capital projects.

“These critical investments will pay dividends in jobs and our economy,” Quinn said in a statement. “Investing in higher education is one of the best strategies we have to generate creativity at our universities and colleges, prepare our students for good jobs, and allow Illinois to lead the way in new ideas and more economic growth.”

The funding comes from the state’s ongoing $31 billion capital campaign.

The announcement was made at Columbia College Chicago which is in line for $4.8 million in funding to help pay for classroom and laboratory improvements and energy efficiency projects at the college’s downtown Chicago campus.

DePaul University will receive $7.8 million for a new academic building, John Marshall Law School will receive $927,673 for a veterans legal support center, Loyola University of Chicago will receive $5.7 million for its Mundelein Center, and Robert Morris University will receive $2.6 million to expand its library.

The Illinois Institute of Technology of Chicago will receive $3.3 million, Saint Xavier University will receive $2.5 million for library renovations, the School of the Art Institute of Chicago will receive $1.4 million, and the University of Chicago will receive $4.4 million for its Interdisciplinary Molecular Engineering Research Center.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.