Joliet, Illinois (Metropolitan Chicago region)
|Project Borrower / Sponsor||
CenterPoint Properties Trust
CenterPoint Intermodal Center - Joliet (CIC-Joliet) is a logistics center and inland port located on 3,600 acres approximately 40 miles southwest of downtown Chicago that opened in 2010. It has since been combined with the existing CenterPoint Intermodal Center - Elwood, home to BNSF Logistics Park, two miles to the south, to create the contiguous CenterPoint Intermodal Center - Joliet/Elwood. The combined 6,400-acre intermodal facility is the nation's largest inland port.
CenterPoint Properties Trust (CenterPoint) is the master developer of the CIC-Joliet facility and leases parcels to tenants on which they can operate and manage their freight and logistics activities. CenterPoint manages four other intermodal centers around the country. Of CIC-Joliet's 3,600 acres, 1,900 acres were earmarked for the construction of 20 million square feet of industrial facilities (warehousing, distribution, manufacturing, etc.) and 400 acres for container management yards. In 2010, Union Pacific completed construction of a 785-acre Class I intermodal facility, the Joliet Intermodal Terminal. In addition to the Union Pacific Terminal, CIC-Joliet is zoned to accommodate one other Class I intermodal facility .
Project Cost Estimate - $ 1.26 billion (per Illinois Finance Authority Board Summary, September 2012)
Private Activity Bonds (PABs) - $225 million (Series 2010 and 2012 bonds)
|Project Delivery / Contract Method||
|Project Advisors / Consultants||
Latham & Watkins LLP - General Counsel
Conduit Bond Issuer - Illinois Finance Authority
|Duration / Status||
Construction began summer 2008; intermodal facility opened for business in August 2010.
Illinois Finance Authority approved a preliminary bond resolution for an amount not to exceed $1.34 billion for CIC-Joliet in August 2007. CenterPoint submitted an application to USDOT for a PAB allocation in September 2007, resulting in an allocation of $1.34 billion. The initial tranche of $150 million in PABs closed December 2010. The second tranche of $75 million closed in fall 2012.
Under the agreed PAB program, CenterPoint had five years to expend the allocated bond proceeds. The company decided to issue bonds to reimburse expenditures following project construction every one or two years. The expectation is that the bonds will continue to be issued in multiple series over the development period (5-10 years).
|Related Links / Articles||Union Pacific Joliet Terminal Press Release|