Chicago’s Port to Get Overdue Upgrades Through TIF
The Great Lakes’ largest port will make overdue infrastructure upgrades through financial assistance approved by the Chicago City Council. The Illinois International Port District (IIPD) will complete $16.7 million in rail and roadway improvements to its facilities along the Calumet River through $3.48 million in Tax Increment Financing (TIF) from the Lake Calumet TIF District.
The intergovernmental agreement will help the IIPD rebuild 1.1 miles of railroad tracks and private roadways used to receive, transfer and ship raw materials. Located near 130th Street and Stony Island Avenue, the deteriorated roads and railways are more than 20 years old, hampering port operations and causing shipping delays, the IIPD says.
“This capital improvement will increase efficiencies and allow current tenants to grow while attracting new tenants to the port,” said IIPD executive director Clayton Harris III. “It will help us fulfill our mission as an economic engine for the region, state, nation, and beyond.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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