Construction can begin following the Illinois EPA's decision to grant Indeck a permit to construct a clean, coal-burning power plant near the intermodal facility built on the site of the former Joliet Arsenal. The permitting process took 29 months, Mullen notes.
"A coal plant hasn't been constructed in Illinois for about 30 years," adds CFO Paul S. Fisher.
Indeck Energy is leasing 150 acres for its facility under a 25-year, absolute net ground lease, Mullen says. CenterPoint and Indeck Energy officials expect to pay more than $3 million a year in property taxes, which will come in handy for the industrial REIT.
Fisher says the additional revenue will improve the terms and size of the company's securitization of the tax increment financing being used to help build the project. "We're in great shape to fund the growing investment opportunities," Fisher says.
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