|By PR Newswire||
|January 27, 2014 06:19 PM EST||
GARY, Ind., Jan. 27, 2014 /PRNewswire/ --
- $100 Million Investment Over 40 Years from World Class Firms
- $25 Million Investment in First Three Years
- City and Airport to Share in Future Profits
- Performance Incentives to Drive Future Growth
- 30% Participation Goal for Local Businesses
- 20% Participation Goal for Disadvantaged/Minority Businesses
- $300,000 Workforce Development Investment in Three Years
- Airport Authority retains public control; brings in private sector managers and investors.
The Gary/Chicago International Airport Authority today unanimously approved development and management agreements to dramatically improve the economic landscape of the airport, the City of Gary and Northwest Indiana.
The agreements constitute a $100 million total investment in the airport and the City of Gary over 40 years by world class companies, and include an investment of $25 million in the first three years and a $300,000 investment in workforce development as well as performance incentives for revenue growth and profit sharing with the airport and the City of Gary.
"The decision to move forward with the Public Private Partnership shows great insight and forward thinking on the part of the airport board," said Mayor Karen Freeman-Wilson. "I have always maintained that the completion of the runway expansion without a viable plan for moving forward would be an exercise in futility. The P3 is a monumental opportunity for the airport and its surrounding footprint to be developed, creating sustainable opportunities for the city of Gary, its businesses and citizens as well as surrounding communities."
The management and development group is led by Aviation Facilities Company Inc./AvPORTS (AFCO).
"AvPorts and AFCO are proud to have been selected by the City of Gary and Gary/Chicago International Airport Authority to develop and manage Gary/Chicago International Airport," said Steve Forrer, AFCO Executive Vice President. "This has been a long process and Gary has been an excellent partner every step of the way.
With the transaction approved, we look forward to working with all of our partners so the people of Gary can realize the benefits of an enhanced airport and surrounding grounds."
Key to the agreement is that the Gary/Chicago International Airport Authority retains its public control over the airport while bringing in best-in-class private managers, investors and developers.
The agreements were negotiated by an Ad Hoc committee established by the Airport Authority in February 2013 to explore a public-private partnership to spur job creation and investment in the airport and the surrounding area. For nearly one-year, the committee followed an extensive public process including soliciting ideas from the marketplace and a conducting a comprehensive review of Request for Proposals. On October 25, 2013 the Ad Hoc committee announced exclusive negotiations with the AFCO team.
AFCO, based in Northern Virginia, is an industry leading airport management firm with over 80 years of experience successfully managing similarly situated airports and other airport related infrastructure throughout the country. Loop Capital, based in Chicago, is a leading investment banking firm well known for providing creative capital solutions for governments, corporations, and institutions globally. Also serving the investment team as a senior development strategist is Michael Mullen, former CEO of CenterPoint Properties Trust. Mullen has developed or redeveloped more than 70 million square feet of industrial properties and has been involved in more than $8 billion in real estate transactions in his career including large-scale intermodal rail and transport yards. Mullen is also the Illinois Chair of the Alliance for Regional Development.
KEY PROVISIONS INCLUDE
The management and development agreements each carry a term of up to 40-years and include a 30% goal for local participation, 20% for disadvantaged and minority owned businesses (DBE, MBE) as well as 5% for women and veteran owned businesses (WBE, VBE).
- Master development plan to be presented within in the first 12 months of the effective date
- Master plan to include a 10-year proposed investment and action plan intended to achieve a $100 million investment over 40 years
- $25 million invested in first 36 months ($10 million in first 18 months, $15 million within the next 18 months)
- $2.5 million new development/investment that can be executed during the 6 months after the effective date
- $15,000 expenditure goal within first three months for workforce/community development
- $300,000 in workforce development over three years ($50,000 in first year, $100,000 in second year, $150,000 in third year)
- o generally targeted to work and college readiness programs, small business development programs, employer and job seeker database
- City of Gary to share in 20% of net profits of city property contributed, sold or leased for development.
- If master developer fails to satisfy the $25 million investment before 5th anniversary, the airport authority will be entitled to terminate development agreement
- Manager will provide daily operation and management services at the airport
- The initial term of the management agreement will be 10 years, with up to six 5-year extensions
- Estimated airport cost of $120,000 annual fee plus operating costs of airport
- Manager will assist with the airport's current runway expansion project as additional services
- Manager will share in 15% of positive airport profits
- Manager will share in an additional 5% of positive airport profits if it satisfies the DBE/MBE/WBE/VBE and local participation requirements
Mayor Freeman-Wilson thanked the members of the Airport Authority for their comprehensive review of the agreements and for their long-term vision to create a sustainable financial path for the airport and investment in the City of Gary. The mayor also praised the hard work and dedication of the Ad Hoc committee.
Gary/Chicago Ad Hoc committee members are:
- Carrie J. Hightman – Chair of the Ad Hoc Committee and Executive Vice President and Chief Legal Officer of NiSource Inc.
- Marion Johnson – Pastor Mt. Moriah Baptist Church
- Bo Kemp – Managing Director, J Gari and Associates, Advisor to Mayor Karen Freeman-Wilson
- Harley Snyder – Chief Executive Officer, HSC, Inc., Board Member of the Regional Development Authority
- James Cooper – Board Member, Gary/Chicago International Airport Authority
- Shontrai Irving – Board Member, Gary/Chicago International Airport Authority
The Gary/Chicago International Airport is less than 30 minutes from the heart of the tri-state region – Chicago. The airport is directly connected to Chicago's transportation network through freight, interstate and mass-transit and has close proximity to multiple Lake Michigan ports.
O: (219) 949-4910
E: [email protected]
SOURCE Gary/Chicago International Airport
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
Jul. 31, 2015 04:30 PM EDT Reads: 423
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Jul. 31, 2015 03:00 PM EDT Reads: 493
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Jul. 31, 2015 02:30 PM EDT
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Jul. 31, 2015 02:30 PM EDT Reads: 276
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Jul. 31, 2015 02:00 PM EDT Reads: 366
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Jul. 31, 2015 01:45 PM EDT
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Jul. 31, 2015 11:45 AM EDT Reads: 120
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
Jul. 31, 2015 11:45 AM EDT Reads: 131
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Jul. 31, 2015 10:00 AM EDT Reads: 146
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Jul. 31, 2015 08:45 AM EDT Reads: 304
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Jul. 31, 2015 08:00 AM EDT Reads: 162
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Jul. 30, 2015 07:30 PM EDT Reads: 1,401
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Jul. 30, 2015 06:30 PM EDT Reads: 894
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Jul. 30, 2015 06:00 PM EDT Reads: 1,807
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Jul. 30, 2015 05:00 PM EDT Reads: 1,093