On July 21, 2013, Chicago and Illinois Port District announced that the Broe Group has been selected for a 62-year lease of its Chicago port. The private partner  will revitalize Illinois Port Authority District, injecting $500 million in new infrastructure investments.

The Illinois International Port District owns the Port of Chicago, which has facilities at Lake Calumet as well as on Lake Michigan. It is an entirely self-funded entity and relies primarily on revenues from its tenants in the form of rent and fee payments.

The Port District has faced significant challenges in recent years and has operated at a loss in each of the 10 years prior to 2011. The port's debt was roughly five times its annual revenue, and it had not invested in its physical port facilities since 1981.

Due to significant reforms to the way that the Port operates, the Port operated in the black in 2012 for the first time in a decade.

The Port also hired an independent consultant that determined that the Port has the potential for growth but that its complicated financial position made it difficult to invest to fulfill that potential.

The Port then conducted a competitive RFP process and accepted a proposal from the Broe Group to lease on a long-term basis most of the port facilities from the Port District. Under this plan, the Broe Group and other parties expect to invest $500 million in Port facilities over the next 10 years.

The plan establishes a 62-year-lease to match the remaining 62-years on existing leases that are already in place at the Port.

The Broe Group is a private, family owned international investment and management company with substantial assets in transportation, real estate and energy, an extensive network of relationships, and significant business development expertise.

Source: City of Chicago