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7.30.08 - Joliet City Council Approves CenterPoint Intermodal Center-Joliet

OAK BROOK, IL - The Joliet City Council yesterday approved an integrated logistics center in Joliet that will create as much as $765 million in annual economic output for Will County and 6,900 to 7,400 new full-time jobs as well as 5,900 construction jobs.

"We are so pleased with the support we’ve received from the City of Joliet and Will County," said CenterPoint Properties CEO Michael M. Mullen. "It is our experience that the responsible development of integrated logistics centers benefits customers, boosts economies and enhances the quality of life in the communities that embrace them. We are proud to be a part of Joliet and are eager to provide a platform for global industry here in Will County."

The benefits of this $2 billion investment by CenterPoint are far reaching for Joliet and Will County:

  • $290 million to $344 million in new wages annually
  • $601 to $765 in operations economic impact annually
  • $1.1 billion in construction economic impact
  • 5,900 construction jobs
  • 6,900 to 7,400 operations jobs
  • 20 years of taxes at the proposed park could reap a net value of $138 million in taxes for Joliet and local school districts alone

The integrated logistics center will cover about 3,600 acres of formerly unincorporated land immediately south and adjacent to Joliet.

"It takes bold vision to prepare Joliet for the future, and the City does just that by partnering with CenterPoint on this development, all the while creating thousands of high-paying jobs that will generate millions for the region," said Tom White of the Will and Grundy Counties Building Trades Council. "As the economy changes in the years ahead, we will be positioned to lead Illinois’ growth."

A similar facility in nearby Elwood already has achieved a vital boost for that community, with village revenues going up nearly 10-fold and annual wages in the village increased more than 50 percent.

The integrated logistics center will play an important role boosting the State’s economy and Illinois’ position in global markets. The transportation infrastructure alone at the center will fuel regional economic growth by decreasing travel time and costs, increasing reliability and enhancing accessibility. These benefits in turn increase productivity, labor and market access,and help integrate supply chains. Considering more than 44 percent of Illinois grain is sold for export, access to transportation is essential for the region’s farmers to get their products to market quickly and efficiently.

In recent years, Illinois has moved to second in the nation in grain export volume, due in large part to the Elwood integrated logistics center.

"Joliet has always drawn its vitality from being a crossroads that serves as a vital transportation hub for the region, the nation and now the world," said John Greuling, President and CEO of the Will County Center of Economic Development. "Long-haul trucking is being phased out nationally and replaced by containers moved by trains through modern, clean integrated industrial facilities. This project will put Joliet and Will County in the center of the nation’s new shipping priorities."

About CenterPoint Properties

CenterPoint Properties is focused on the development, ownership and intensive management of industrial real estate and related rail, road and port infrastructure. We add value to our customers through forward-thinking solutions aimed at enhancing supply chain and operating efficiencies. We seek long term relationships with customers, public and private business partners, internal colleagues and the communities where we invest and operate.

CenterPoint Properties is owned by the CalPERS, the California Public Employees Retirement System, which provides retirement, health, and related financial programs and benefits to 1.5 million public employees, retirees, and their families and more than 2,500 public employers.



Media Requests
Jacque Engle
Communications Manager
1808 Swift Drive
Oak Brook IL 60523
Phone: 630.586.8024
media@centerpoint.com
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