CHICAGO (AP) — Officials say a private Colorado-based company will head efforts to revive the entity that operates the Port of Chicago.
Mayor Rahm Emanuel and Gov. Pat Quinn are set Sunday to announce a partnership with the Broe Group and the Illinois Port Authority District. The plan gives the Denver-based group a 62-year lease.
Officials estimate the company will make $500 million in infrastructure investments and create 1,000 jobs by 2023. The plan includes a partnership with Olive Harvey College.
Lawmakers created the district in 1951 to encourage commerce at the Port of Chicago. It's located at Lake Calumet Harbor on the South Side and self-funded with revenues from tenants. However, the district operated at a loss for a decade until 2011.
The Illinois International Port District approved the privatization plan Friday.