CHICAGO - Officials say a private Colorado-based company will run efforts to revive the rundown Port of Chicago.
Mayor Rahm Emanuel and Gov. Pat Quinn announced Sunday that the Broe Group and the Illinois International Port Authority District have reached an agreement that gives the Denver-based group a 62-year lease.
Officials estimate the company will make $500 million in infrastructure investments and create 1,000 jobs by 2023. The plan includes a partnership with Olive Harvey College.
Lawmakers created the district in the 1950s to encourage commerce at the Port of Chicago. It's located at Lake Calumet Harbor on the South Side and self-funded with revenues from tenants.
However, the port operated at a loss for a decade until 2011.
District board members approved the privatization plan Friday.