[CPEO-MEF] U.S. Army Transfers Joliet Arsenal Land to CenterPoint Properties F

[CPEO Moderator <cpeo@cpeo.org>]

To read the complete Press Release go to:
http://biz.yahoo.com/prnews/000810/il_centerp.html

8-10-00

SOURCE: CenterPoint Properties Trust

U.S. Army Transfers Joliet Arsenal Land to CenterPoint Properties For
Redevelopment

Intergovernmental Cooperation Results in Model for Converting Closed
Military Facilities

BNSF Rail Facility and CenterPoint Industrial Park Will
Create Thousands Of Jobs from Former Brownfield Site

OAK BROOK, Ill., Aug. 10 /PRNewswire/ -- A bi-partisan who's who of
Illinois public officials joined Secretary of the Army Louis Caldera today
as the United States Army transferred ownership of a portion of the
shuttered 25,000-acre Joliet Arsenal for redevelopment by CenterPoint
Properties Trust, the region's largest owner and developer of industrial
property. The project establishes a national model for converting closed
military installations to create jobs, business opportunities, and tax
revenue.

The CenterPoint Properties project will be one of the nation's largest
private developments. The Company plans to build as much as 17 million
square feet of distribution and manufacturing space in an industrial park
adjacent to a major multi-modal rail facility to be operated by The
Burlington Northern and Santa Fe Railway Company (BNSF). The development
will be one of the largest Brownfield redevelopments in the nation.

The future complex will be known as the Deer Run Industrial Park, which
was set aside for industrial development by the State of Illinois' Joliet
Arsenal Development Authority (JADA). A 375-acre parcel adjacent to the
former Arsenal property previously acquired by CenterPoint will round out
the planned 2,242-acre development.

The project is expected to create 8,000 -- 12,000 permanent jobs, more than
20,000 union construction jobs, and as much as $27 million in annual
property tax revenue upon completion of the 12-year build-out period.

Formerly used by the U.S. Army for the manufacturing of munitions, the
arsenal is a Superfund site, requiring environmental remediation.
Remediation has been completed on the parcel transferred to CenterPoint.
The Memorandum of Agreement is a landmark document that allows the property
to be transferred in a manner that supports large-scale redevelopment. It
also provides significant indemnities and assurances to the developer and
future users regarding any known or currently unknown environmental issues.
The transfer of this property under the terms of the agreements executed
today establishes a model for converting closed military installations in
the right way, turning potentially negative economic impacts into
opportunities for jobs, investment and tax revenues. Eight thousand jobs
were lost when the arsenal closed in 1976, about the same number as will be
created by the Deer Run development.

To read the complete Press Release go to:

http://biz.yahoo.com/prnews/000810/il_centerp.html


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