CHICAGO, IL – August 25, 2009 – (RealEstateRama) — Governor Pat Quinn signed the Intermodal Facilities Promotion Act, which is designed to encourage business development along the freight rail systems of Illinois. Based on experience with their existing Elwood facility, CenterPoint Properties projects 7,000 permanent new jobs being brought to Illinois through an intermodal facility in Joliet.
“Now more than ever it is important that we do everything in our power to bring new jobs to Illinois,” said Governor Quinn. “I am pleased to sign this law which provides a major incentive for growth in the Joliet area.”
CenterPoint Properties will build, own and operate a new rail transportation hub in Joliet. 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 for infrastructure improvements. DCEO will award an annual grant of up to $3 million from fiscal years 2010 through 2016.
“The new law provides an incentive for CenterPoint to hire thousands of employees in developing the new Joliet-based intermodal facility. Through this legislation, we are creating a model for public-private partnerships,” said Sen. A.J. Wilhelmi (D-Joliet). “This is an excellent example of how leadership by state government can leverage significant private investment for economic growth, even in these tough times.”
Intermodal rail facilities play an important role in growing the economy. The Intermodal Facilities Promotion Act will help Illinois remain among the top six exporting states in the country.
“Illinois, now more than ever, must work with businesses to regain a sound economy that will employ our workforce and keep our communities strong,” said Rep. Careen Gordon (D-Coal City). “I am confident Senate Bill 1342 will bring numerous jobs to the 75th District and help bring stability back to the local economies. By signing this legislation, Governor Quinn has showed that he continues to support communities statewide.”