New Multi-Modal Port Development
Scenario
An existing 84 acre river terminal operator in Illinois had purchased an additional 200 acres of land adjoining the current operation for future development. The strategic plan for the sight is to leverage the multi-modal capabilities the area offers including several railroad options. The terminal operator has formed an alliance with the local community to pursue funding sources.
The total project investment over the next decade is projected to be $150 million. Up to 450 direct jobs and 1676 indirect/induced jobs would be added to the area as a result of the project.
Outcome
Various local, state and federal agencies have infrastructure funding request applications under review. The following obligations have been secured:
Funding
Source
|
Funds
Obligated
|
State of IL DOT
|
Up to $2.0 million for road improvements
|
State of IL DCEO
(for 45 jobs)
|
Tax Credits $626,400
Training $22,500
River Edge Redevelopment Zone grant $2.0 million
|
Local Municipality
|
Up to 25 years in tax abatement and $5.0 million in River Edge Redevelopment Zone grant funds
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