PEORIA – Gov. Rod R. Blagojevich today announced a $250,000 Opportunity Returns grant to TransPORT, the Heart of Illinois Regional Port District, to assist with a port development project on land that includes Caterpillar’s former foundry located in Mapleton, just south of Peoria.  The redevelopment is a collaboration between TransPORT and Caterpillar Inc., who entered into a non-binding memorandum of understanding (MOU) for the planned redevelopment of the former foundry.  Under the terms of the MOU, TransPORT plans to develop the former foundry location as an active and vibrant port site, with the potential to house multiple warehousing and manufacturing companies, which in the long run could generate hundreds of jobs for the region.  This Opportunity Returns grant will provide critical support to advance redevelopment efforts and assist with site preparation.  Illinois Department of Commerce and Economic Opportunity (DCEO) Director Jack Lavin joined with State Senator George Shadid and other local leaders for the announcement in Peoria today. 

 

“In order to promote a healthy and vibrant economy, we need to invest in efforts that support the redevelopment of underutilized sites that have great promise for future development and business investment.  This port redevelopment project is an excellent example of a public-private collaboration that will lead to economic revitalization in a very important area of the state.  I want to thank Senator George Shadid for his tremendous leadership and efforts in securing these funds and commend TransPORT and Caterpillar for their support in creating more job opportunities for the hardworking people in Central Illinois,” Gov. Blagojevich said.

 

The proposed port redevelopment project will be an adaptive reuse of the 1 million square-foot Caterpillar Foundry building located on more than 80 acres of land.  The foundry was closed more than 20 years ago when Caterpillar opened a new foundry nearby.  The state funding, provided through a grant from Illinois Department of Commerce and Economic Opportunity (DCEO), combined with a $300,000 grant from Caterpillar Inc., will begin the first phase of the site and facility redevelopment.  TransPORT will create a complete site development plan that will address converting the existing foundry layout into an intermodal facility that can accommodate warehousing and industrial operations.

 

“This partnership between the State of Illinois, TransPORT and Caterpillar is what smart economic development is all about.  This underutilized port site along the Illinois River has sat idle for far too long, and Gov. Blagojevich and I are committed to supporting the redevelopment of this former foundry into an economic engine for Central Illinois,” Senator George Shadid (D-Pekin) said.  

                                                                 

“Rehabilitating this facility is a great investment for us – the facility itself is of tremendous value to TransPORT and the region, and a great location for our first port development – it puts us in a whole new ball game,” said Dan Silverthorn, Chairman, TransPORT Board of Directors.                                                                                          

 

“With logistics being the second fastest growing industry in the nation and with the region’s 5-Star Logistics Friendly ranking, we are perfectly positioned to capitalize on our logistic assets,” said Jim McConoughey, Interim Executive Director, TransPORT.  “Once redeveloped, this facility will be an attractive location for expanding companies in terms of space availability and convenient access to all modes of transportation.  Our hope is that this facility will create hundreds of family wage, non-exportable jobs.”

 

TransPORT (www.portdistrict.com) covers 100 miles of the Illinois River from Marshall County in the North to Mason County in the South, encompassing Fulton, Marshall, Mason, Peoria, Tazewell and Woodford counties.  TransPORT is a powerful economic development tool, with the primary benefit being the creation of industrial and transportation employment for the region, stimulating the growth of intermodal logistics and industrial maritime development in the region and the state.  This facility will be the first port development in TransPORT’s six-county region.                                     

                          

“To successfully transform and redevelop a former industrial site into a viable location to do business, you need the right combination of resources and partnerships.  This port redevelopment project has the pieces in place to turn this location into an intermodal hub that will draw incredible business investment.  Gov. Blagojevich and I are thrilled to be working together with Senator Shadid, TransPORT and Caterpillar to make this happen and in making the kind of investment that will stimulate economic growth for years to come,” DCEO Director Jack Lavin said.

 

Gov. Blagojevich's Opportunity Returns regional economic development strategy is the most aggressive, comprehensive approach to creating jobs in Illinois' history. Since a one-size-fits-all approach to economic development just doesn't work, the Governor has divided the state into 10 regions - each with a regional team that is empowered and expected to rapidly respond to opportunities and challenges.  Opportunity Returns is about tangible, specific actions to make each region more accessible, more marketable, more entrepreneurial and more attractive to businesses. It is about upgrading the skills of the local workforce, increasing the access to capital, opening new markets, improving infrastructure, and creating and retaining jobs.  Opportunity Returns is about successfully partnering with companies and communities, both large and small, to help all of Illinois reach its economic potential.