More than 19 million tons of waterborne cargo moves through the Port of Chicago each year, the most of any port on the Great Lakes, according to the IIPD.
CHICAGO—Chicago Mayor Lori E. Lightfoot has proposed to the City Council to have the city help finance significant infrastructure improvements at the Illinois International Port District through Tax Incremental Financing.
The mayor announced last week she is proposing to enter an intergovernmental agreement that would call for the completion of $16.7 million in rail and roadway improvements to its facilities along the Calumet River through $3.48 million in Tax Increment Financing from the Lake Calumet TIF District.
The intergovernmental agreement would help the IIPD rebuild 1.1 miles of railroad tracks and private roadways that are used to receive, transfer and ship raw materials like steel, aluminum, grain, sugar and wood. Located near 130th Street and Stony Island Avenue, the deteriorated roads and railways currently in use are more than 20 years old, hampering port operations and causing shipping delays.
“This capital improvement will increase efficiencies and allow current tenants to grow while attracting new tenants to the port,” says IIPD Executive Director Clayton Harris III. “It will help us fulfill our mission as an economic engine for the region, state, nation and beyond.”
The project will be completed in two phases, with the balance of funding coming from multiple Cook County and State of Illinois sources, the city's Planning Department states.
The rail portion is expected to be completed by the end of this year and the road portion in 2023. Both phases are located within the Port of Chicago, which contains multiple facilities operated by the IIPD.
The work is anticipated to help retain 120 jobs and create 60 jobs among port-related businesses.
More than 19 million tons of waterborne cargo moves through the Port of Chicago each year, the most of any port on the Great Lakes, according to the IIPD.
The 12,000-acre Lake Calumet Industrial TIF District is the largest TIF district in the city by area and primarily located within the South Deering community area. Created in 2000, the TIF district has helped fund site prep work for the Ford Supplier Park on Torrence Avenue, infrastructure repairs to the 130th Street bridge, and site prep work for the Method soap plant on 111th Street, among other improvements. The proposed assistance on behalf of the Port District would be the first use of TIF for the Port of Chicago.
|Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
