Governor Ryan, Mayor Daley Welcome Boeing Home
FOR IMMEDIATE RELEASE
September 5, 2001
CHICAGO -- Governor George H. Ryan and Mayor Richard M. Daley today welcomed Chairman and CEO of The Boeing Company Phil Condit and relocated and new Boeing employees to their new global headquarters at 100 N. Riverside, Chicago.
"I would like to say that I always knew Boeing would come. Although, we never took that for granted," Governor Ryan said. "That's why we worked so hard to market Chicago to you, to show you the best of the greatest city and state in the country.
"I predict that you will find that the people of Illinois and Chicago are just as welcoming as they were when we were romancing you last Spring. I predict you will love the quality of life, the schools, the home values and the neighborhoods and communities."
Condit announced Boeing's decision to relocate its world headquarters to Chicago at a press conference at Midway Airport on May 10, 2001. Boeing chose Chicago over Denver and Dallas after an extensive search.
According to an Arthur Andersen study, Boeing will provide a $4.3 billion economic benefit to the State of Illinois over 20 years. Boeing did $607 million in business with 1,312 Illinois companies in 1999. It is estimated that over the course of 20 years, Illinois will collect $120 million as a return on the $29 million incentive program.
Governor Ryan signed the Corporate Headquarters Relocation Act this summer which offers targeted incentives to large companies, like The Boeing Company, that relocate their corporate headquarters to Illinois.
A major provision of the legislation extends the EDGE tax credit an additional five years for eligible corporations, but limits the credit to 60 percent of the allowable credit. EDGE has already proved to be a highly successful economic development tool during the last two years, helping create 9,400 new jobs and retaining an additional 4,800 jobs.
"Boeing's decision to make a home in Chicago will generate other significant economic developments," added Governor Ryan. "The potential for collaboration with Illinois technology companies could create tremendous economic opportunities for citizens across the state."