Centerpoint (NYSE:CNT)
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CenterPoint Properties Trust (NYSE:CNT) today announced
new Illinois legislation incentivizing the development of rail
intermodal facilities. Intermodal facilities allow for the efficient
direct transfer of containerized freight between rail and truck
carriers. Senate Bill 572, signed today by Gov. Rod R. Blagojevich,
recognizes the importance of modern rail facilities to the state's
economic growth by providing incentives for private infrastructure
development. The law permits local municipalities to designate areas
within their boundaries as intermodal terminal facilities and makes it
easier for them to offer Tax Increment Financing, an economic
development incentive for new state-of-the-art projects. The law also
provides benefits consistent with Enterprise Zone status, including a
sales tax exemption on building materials. The new legislation also
makes these incentives available for the redevelopment of obsolete
rail facilities into other uses. Senate President Emil Jones
(D-Chicago) and State Rep. Robert Rita (D-Crestwood) sponsored the
legislation. CenterPoint originated the bill and actively supported
its passage.
CenterPoint has completed two of the nation's largest intermodal
facilities, one for The Burlington Northern and Santa Fe Railway
Company in Elwood, Illinois and another for The Union Pacific Railroad
in Rochelle, Illinois. The Company has underway the development of
significant ancillary business parks at each of these facilities. The
new law is expected to stimulate similar development opportunities.
"We want to thank Governor Rod Blagojevich and Senate President
Emil Jones for their strong support of this bill," stated Michael
Mullen, Chief Executive Officer. "The region's unparalleled
transportation infrastructure supports Chicago's large and diverse
industrial real estate market. We believe this bill will spur the
development of additional modern intermodal rail facilities necessary
to service the growing demand for containerized shipping. Already,
Chicago is a 'global hub' ranking third in the world in the volume of
containerized traffic. The new law will help ensure the region's rail
dominance, continuing the trend of new business locating in the state.
Manufacturers and distribution firms are increasingly looking to "hub"
locations with superior rail and truck access to lower logistics
costs. We expect our business to benefit from the growing demand for
intermodal facilities and ancillary industrial space as well as
growing general demand for space in the region because of the area's
transportation advantages."
About CenterPoint Properties Trust
CenterPoint is a publicly traded real estate investment trust
(REIT) and the largest industrial property company in the
1.4-billion-square-foot Chicago regional market. As of June 30, 2005,
the Company owned and operated approximately 38 million square feet
and the Company and its affiliates owned or controlled an additional
3,342 acres of land upon which approximately 50 million square feet
could be developed. The Company is focused on providing unsurpassed
tenant satisfaction and adding value to its shareholders through
customer driven management, investment, development and redevelopment
of warehouse, distribution, light manufacturing buildings and
logistics infrastructure. The first major REIT to focus on the
industrial property sector, CenterPoint had a total market
capitalization of approximately $3.0 billion as of June 30, 2005.
Statements in this release, which are not historical, may be
deemed forward-looking statements under federal securities laws. There
can be no assurance that future results will be achieved and actual
results could differ materially from forecasts and estimates. Factors
that could cause actual results to differ materially are general
business and economic conditions, completion of pending acquisitions,
competitive market conditions, weather, pricing of debt and equity
capital markets and other risks inherent in the real estate business.
Such factors and others are listed in the Company's Form 10-K and
10-Qs.