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.
Outcome
Various local, state and federal agencies have infrastructure funding request applications under review. The following obligations have been secured:
Funding
Source
|
Infrastructure
Grant
|
State of IL DOT
|
Up to $2.0 million for road turn out improvements
|
State of IL DCEO
(for 45 jobs retained)
|
Tax Credits $626,400
River Edge Redevelopment Grant of $2.0 million for road & rail infrastructuren
|
Local Municipality
|
River Edge Redevelopment Grant of $5.0 million for road and rail infrastructure
Up to 25 year in real property tax abatement
|
