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FOR IMMEDIATE RELEASE
May 10, 2001

Governor Ryan, Mayor Daley Welcome Boeing's Global Headquarters to Chicago

CHICAGO -- Governor George H. Ryan and Mayor Richard M. Daley welcomed Boeing Chairman and CEO Phil Condit's announcement that it will move its global headquarters to 100 N. Riverside Plaza, Chicago.

"Boeing's decision to locate in Chicago proves something most of us have known for a long time, that Illinois is the best place to do business and to grow and prosper in the 21st Century," said Gov. Ryan. "This state's central location, global access, cultural diversity and strong work ethic make it the ideal place for companies that are looking to expand. I want to thank my partner in government, Mayor Richard Daley. We have worked closely together to bring thousands of jobs to Illinois - he knows what it takes to get the job done."

Gov. Ryan and Mayor Daley thanked U.S. Speaker of the House Denny Hastert, Sen. Richard Durbin and the members of the Illinois Congressional delegation for their support of the effort to attract Boeing. They also thanked the more than 70 members of the Blue Ribbon Committee.

"The Mayor and I wouldn't be able to make this great announcement, without the support of the business and civic leaders of this region," Gov. Ryan said. "The Civic Committee spearheaded this effort with World Business Chicago to bring together the cultural and education leaders of this great city."

The Governor also thanked the members of the Illinois General Assembly for providing him with the necessary economic development tools to make Chicago and Illinois an attractive place for business investment. The Governor said the General Assembly would be asked to make minor modifications to existing incentive programs to meet Boeing's specific needs. Legislation will be introduced this session.

The consulting firm Arthur Anderson estimates that overall, Boeing could have a $4.5 billion economic impact on this region.

Boeing could be eligible for up to $41 million in state incentives over 20 years. That is a modest $2 million investment for an annual return of about $220 million or approximately a 10,000 percent return.

"Boeing is making a significant investment today. The State of Illinois is encouraging that investment. Boeing's incentives are being tied to actual investments made by Boeing and the amount of new jobs that they bring to Illinois," Gov. Ryan said.

"Mayor Daley and I have taken the same approach with Boeing that we have taken with Solo Cup and the Ford Motor Company," Gov. Ryan said. "With those projects we had the tools to get the job done--the Illinois FIRST program, the investment of 51 percent of new revenues in education and the EDGE tax credit program. When Boeing called, we were ready, thanks to the support the Illinois General Assembly for our economic development program."


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