CHICAGO-A 62-year lease deal announced on Sunday by city officials with Denver-based Broe Group to manager the Port of Chicago will reap the city $500 million in investment over the next decade.
The Broe Group, which was selected the winner in a bidding process, will lease most of the port's facilities and invest the $500 million over the next 10 years to modernize the port and improve its infrastructure, according to the Chicago Tribune.
The Illinois International Port District, which owns the port, turned a profit last year for the first time in a decade. Before 2011, the mayor's office stated the port's debt was approximately five times its annual revenue.
In announcing the deal at Lake Calumet, Mayor Rahm Emanuel said, "We've been running a port for a long time. We haven't made an investment since 1981." See story in the Chicago Tribune.
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