Plan to privatize Chicago port still in works

October 1, 2013

The Associated Press

Chicago officials say a plan to privatize operations at the city's port is still in the works despite a decision by an investment company to pull out of negotiations.

Colorado-based The Broe Group suspended talks with the city to operate the Port of Chicago. The company, which pledged $500 million to upgrade port facilities, announced Monday it couldn't reach an agreement with port officials

Port Authority Board Chairman Michael Forde told the Chicago Sun-Times on Tuesday the agency will enter negotiations with Broe's competitors. He said the board is optimistic it can get a good deal that will spur economic development on Chicago's southeast side.

When Mayor Rahm Emanuel announced the privatization plan in July, he said it would create up to 1,000 permanent jobs and 3,000 construction jobs.