CHICAGO-Discussions surrounding a plan to hand over management of the Port of Chicago under a long-term lease to the Broe Group have been suspended.
The Broe Group and transportation affiliate OmniTrax reported on Monday that they had “amicably suspended negotiations" with the Illinois International Port District, according to the Chicago Tribune.
"We made excellent progress on many details; however, we were unable to come to full agreement in our negotiations with the Port District during our 60-day exclusive negotiation period,” Alex Yeros, managing director of The Broe Group, stated.
Chicago Mayor Rahm Emanuel's office and Port District Chairman Michael Forde did not immediately return requests for comment from the newspaper. Broe had promised to bring in $100 million in investment to the Port of Chicago in the first 10 years of its 62-year lease. See story in the Chicago Tribune.
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