Creates a Preconstruction Grant Development Fund as a non-reverting fund in the Department of Commerce. The fund is to be used for grants or forgivable loans for land acquisition and/or improvement for businesses that will invest at least $100 million of private funds in a project and employ at least 100 new employees; provide health insurance for full-time employees; have no willful, serious OSHA violations in the past three years; meet the environmental standard of GS 105-129.83(e); meet Department of Commerce selection criteria, to be developed; as specified; and enter into an agreement with the Department of Commerce that bars receipt of benefits if the business has overdue taxes and that provides performance criteria. Authorizes the Department of Commerce itself to acquire and hold options for industrial sites if deemed necessary to provide a large regional site and if approved by the Economic Investment Committee. Specifies the reporting requirement.