Leucadia National Corp. : Chicago Clean Energy Project Will Continue Chicago's Economic Growth Trend
08/03/2012| 02:30pm US/Eastern
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$3 billion investment provides economic boom and job creation for Illinois
CHICAGO, Aug. 3, 2012 /PRNewswire-USNewswire/ -- Chicago Clean Energy, a $3 billion state-of-the-art gasification project proposed for Chicago's Southeast Side, will provide a huge economic boom for Illinois, creating jobs and making strides and advancements in energy technology.
Like Motorola Mobility's planned relocation moving jobs to Chicago, the Chicago Clean Energy project is another major investment in Chicago and the State of Illinois. In this case; however, the project will create more than 2,000 new jobs throughout the state, further positioning the city and the state for long-term economic growth.
"We applaud major companies for moving jobs to the city and are particularly encouraged by new job creation from projects like Chicago Clean Energy that will further bolster our economy," said Kimi Ellen, president of the board of the Southeast Chicago Chamber of Commerce. "We need this project to help revitalize our community and breathe life into our local economy."
The Chicago Clean Energy project is expected to create more than $10 billion in economic output for Illinois and an estimated $1.25 billion in added state and local tax revenue. This includes more than 1,100 construction jobs over three years, 200 permanent, high-paying jobs on-site, more than 150 coal-related jobs downstate, generating more than 700 jobs in related businesses. This state-of-the-art plant will exceed all federal emissions standards, and be among the cleanest facilities in the world.
"As Chicago's tech hub continues to gain momentum, it's important for our economy to explore and support programs that will ensure stability and growth for our communities," said Ellen. "Chicago Clean Energy is an investment on a scale we have never seen, bringing new jobs to Chicago and further positioning us as a leader in technology."
The Chicago Clean Energy project has been vetted by the State of Illinois over a five-year process, during which time the Governor already has signed four pieces of legislation, each of which passed both chambers of the Illinois General Assembly by wide margins, with strong statewide support from both political parties. The Governor currently is considering action on SB 3766, which enjoyed similar support in the General Assembly, to implement the prior policy decisions of the General Assembly and the Governor.
"Gasification is the future and our clean energy technology is an integral component of a comprehensive energy plan for Illinois," said Hoyt Hudson, project manager for Chicago Clean Energy. "We are hopeful Governor Quinn will approve the measure and put Illinois at the forefront of new clean energy technology and new jobs."
"There is great momentum moving our business and technology communities forward," said Ted Stalnos, president of the Calumet Area Industrial Commission. "We need to continue that trend and move the Chicago Clean Energy project forward."
About Chicago Clean Energy
Chicago Clean Energy is an initiative of Leucadia National Corporation (NYSE: LUK) that supports the $3 billion investment in green technology on the Southeast side of Chicago. The gasification facility to be located at 115(th) Street and Burley Avenue will produce substitute natural gas through the cleanest method of utilizing Illinois coal anywhere in the world. For more information, please visit www.chicagocleanenergy.com.
SOURCE Chicago Clean Energy
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