|From:||CPEO Moderator <email@example.com>|
|Date:||Tue, 22 Aug 2000 15:21:41 -0700 (PDT)|
|Subject:||[CPEO-MEF] U.S. Army Transfers Joliet Arsenal Land to CenterPoint Properties F|
To read the complete Press Release go to: http://biz.yahoo.com/prnews/000810/il_centerp.html 8-10-00 SOURCE: CenterPoint Properties Trust U.S. Army Transfers Joliet Arsenal Land to CenterPoint Properties For Redevelopment Intergovernmental Cooperation Results in Model for Converting Closed Military Facilities BNSF Rail Facility and CenterPoint Industrial Park Will Create Thousands Of Jobs from Former Brownfield Site OAK BROOK, Ill., Aug. 10 /PRNewswire/ -- A bi-partisan who's who of Illinois public officials joined Secretary of the Army Louis Caldera today as the United States Army transferred ownership of a portion of the shuttered 25,000-acre Joliet Arsenal for redevelopment by CenterPoint Properties Trust, the region's largest owner and developer of industrial property. The project establishes a national model for converting closed military installations to create jobs, business opportunities, and tax revenue. The CenterPoint Properties project will be one of the nation's largest private developments. The Company plans to build as much as 17 million square feet of distribution and manufacturing space in an industrial park adjacent to a major multi-modal rail facility to be operated by The Burlington Northern and Santa Fe Railway Company (BNSF). The development will be one of the largest Brownfield redevelopments in the nation. The future complex will be known as the Deer Run Industrial Park, which was set aside for industrial development by the State of Illinois' Joliet Arsenal Development Authority (JADA). A 375-acre parcel adjacent to the former Arsenal property previously acquired by CenterPoint will round out the planned 2,242-acre development. The project is expected to create 8,000 -- 12,000 permanent jobs, more than 20,000 union construction jobs, and as much as $27 million in annual property tax revenue upon completion of the 12-year build-out period. Formerly used by the U.S. Army for the manufacturing of munitions, the arsenal is a Superfund site, requiring environmental remediation. Remediation has been completed on the parcel transferred to CenterPoint. The Memorandum of Agreement is a landmark document that allows the property to be transferred in a manner that supports large-scale redevelopment. It also provides significant indemnities and assurances to the developer and future users regarding any known or currently unknown environmental issues. The transfer of this property under the terms of the agreements executed today establishes a model for converting closed military installations in the right way, turning potentially negative economic impacts into opportunities for jobs, investment and tax revenues. Eight thousand jobs were lost when the arsenal closed in 1976, about the same number as will be created by the Deer Run development. To read the complete Press Release go to: http://biz.yahoo.com/prnews/000810/il_centerp.html ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ You can find archived listserve messages on the CPEO website at http://www.cpeo.org/lists/index.html. If this email has been forwarded to you and you'd like to subscribe, please send a message to: firstname.lastname@example.org ___________________________________________________________ T O P I C A The Email You Want. http://www.topica.com/t/16 Newsletters, Tips and Discussions on Your Favorite Topics
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