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Rail News Home Rail Industry Trends

8/25/2009



Rail News: Rail Industry Trends

Illinois law provides funds for intermodal facilities


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Illinois Gov. Pat Quinn recently signed the Intermodal Facilities Promotion Act, which is designed to encourage business development along the state’s freight-rail lines.

State income taxes attributed to jobs created at an intermodal facility will be placed in an Intermodal Facilities Promotion Fund. The Illinois Department of Commerce and Economic Opportunity will administer the fund to reimburse developers and railroads for infrastructure improvements. The department will award an annual grant of up to $3 million for fiscal years 2010 through 2016.

CenterPoint Properties plans to build an intermodal terminal in Joliet that will be operated by Union Pacific Railroad. CenterPoint officials believe the law provides the developer an incentive to hire thousands of workers for the new facility.

“Through this legislation, we are creating a model for public-private partnerships,” said Illinois Sen. A.J. Wilhelmi in a prepared statement.


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