Chicago gets deal for airport cargo project
May 16, 2012, 11:01 am
Chicago Mayor Rahm Emanuel came to an agreement with developer Aeroterm to start construction of the Northeast Cargo Center at O’Hare International Airport.
The project is expected to cost nearly $200 million and could create 1,200 construction jobs, 1,200 permanent cargo jobs and 10,000 regional jobs over the decade-long development. The cargo center is expected to create $600 million in economic benefits to the airport and reportedly will cost Chicago taxpayers nothing.
Chicago remains in third place in the nation among exporters but falls behind in goods exported from a market among small businesses that has not been tapped.
Emanuel told reporters on the airfield that his goal is to double exports over the next five years.
“It’s been sitting fallow for a long time,” he said, according to The Chicago Sun-Times. “At one point, it was gonna be developed. [But], the economy went off the skids. With the economy stabilizing, with the pent-up demand … in the air cargo/ import-export business, with our desire to build out this capacity - this was the time to actually take it off the shelf [and] freshen it up because it’s core to our economic strategy as a city.”
The project will be funded by a $130 million investment by Aeroterm and more than $63 million from airport funds.
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