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ELWOOD, IL-CenterPoint Properties Trust’s Intermodal Center, being built on the site of the former Joliet Arsenal, is already paying dividends to the local school system. The company has given $2.4 million to Elwood School District 203, which will use it to renovate an elementary school that’s more than 40 years old.

The check to the school system is part of a $50-million package the Chicago-based industrial REIT is providing to the various taxing bodies surrounding the project. Contributions also are expected to improve the local firehouse and village hall.

“CenterPoint Intermodal Center represents new opportunities for growth, and we eagerly anticipate the thousands of new jobs that it will bring with it,” says Elwood Mayor Robert Blum. “CenterPoint has been an ideal corporate citizen throughout the early stages of the project.”

CenterPoint eventually will develop 16 million sf of industrial space on the 2,032-acre site. There could be as many as 12,000 people working there when the development, expected to generate $27 million a year in property tax revenue, is completed about 12 years from now.

“Elwood’s annexation of the former Arsenal parcel and adoption of our economic development plan for CenterPoint Intermodal Center was instrumental in making this development possible,” says Chief Operation Officer Michael Mullen.

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