News
RECOVERY BOND-ING AGENT
March 10, 2011
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| The largest issuance of City of Chicago Recovery Zone Revenue Bonds ($45M) is being put into use at 106th and Torrence. Contractors have started to build a liquid asphalt through-put facility on a 50-acre site. Maurides, Foley & Tabangay's George Mauridesand Adrian Tabangay repped the developer in the site selection, zoning, and financing through recovery bonds for the $60M project, which will employ more than 100 construction workers throughout the course of 2011. The site will be home to five tanks that can hold up to 400,000 barrels of liquid asphalt each, plus two buildings—an office and a research lab. | |
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| Liquid asphalt will be refined from oil and shipped via barge on Lake Michigan to the Calumet River and stored in one of the sites' heated tanks until it's need for a road construction project. George says the project was selected for Recovery Zone bonds it will create, especially in an area of the city that needs them. While the project presented a challenge to the lawyers because of its industrial use,environmental review, and planned development requirement, George and Adrian are used to difficult sites. They put together more than 1,000 acres in suburban Bartlett for a mine and surface development for a previous client. | |
