JOLIET, IL – September 3, 2009 – (RealEstateRama) — Governor Pat Quinn joined business and community leaders today to break ground on a new transportation facility in Joliet. Based on their existing Elwood facility, CenterPoint Properties projects 7,000 permanent jobs will be brought to Illinois by this new facility.
“It is important that we create Illinois jobs and improve our economy by supporting projects like this facility,” said Governor Quinn. “Legislation signed into law last month provides a major incentive for growth in the Joliet area to further strengthen our transportation industry.”
Last month, Governor Quinn signed the Intermodal Facilities Promotion Act, which is designed to encourage business development along the freight rail systems of Illinois. Under the Act, state income taxes attributed to the jobs created at the facility will be placed in an Intermodal Facilities Promotion Fund.
The Department of Commerce and Economic Opportunity (DCEO) will administer the Fund to reimburse CenterPoint, the facility operator, for infrastructure improvements. DCEO will award an annual grant of up to $3 million from fiscal years 2010 through 2016.
Intermodal rail facilities play an important role in growing the economy. Illinois is currently among the top six exporting states in the country.
Governor Quinn was joined by U.S. Senator Dick Durbin; U.S. Representative Debbie Halvorson (D-Crete); Joseph Szabo, Administrator, Federal Railroad Administration; Sen. A.J. Wilhelmi (D-Joliet); Larry Walsh, Will County Executive; Jim Young, Chairman and Chief Executive Officer, Union Pacific Corporation; and Michael Mullen, Chief Executive Officer, CenterPoint Properties.