FINALIZING TAX INCENTIVE AGREEEMENT
CoreSite Realty Corporation, a data center services provider, has announced that its application with the Illinois Data Centers Investment Program has been accepted by the Illinois Department of Commerce and Economic Opportunity.
This application is in relation to the company’s new data center project known as “CH2” in downtown Chicago, for which Coresite is now pursuing a final incentive agreement.
“The establishment of the Data Center Investment Act was a great outcome for the State of Illinois and for data center businesses like CoreSite,” said Matt Gleason, Vice President and General Manager of CoreSite.
“We appreciate the efforts by everyone involved, including the work by the Chamber of Commerce, and the opportunity to be a small part of a great win for the State of Illinois and city of Chicago.”
The Company’s CH2 data center is a purpose-built, ground-up development that is expected to be a 169,000 square foot facility upon completion. CH2 is designed to be part of a connected campus that leverages CoreSite’s existing CH1 data center, an interconnected facility in Chicago.
As announced, the Data Center Investment Program requires CoreSite to achieve the following at its CH2 location:
- Create 20 new full-time equivalent jobs and make a capital investment, together with its customers qualifying investments, of at least $250 million in a 60-month period.
- Obtain and maintain the requisite building certification, including, but not limited to, ENERGY STAR, a qualifying environmental-friendly program approved by the Investment Program.
“The Illinois Data Center Investment Act is a great economic development opportunity for Illinois to attract the IT industry and related data center investment,” said Erin Guthrie, Acting Director of the Department of Commerce and Economic Opportunity.
“In addition, the investment by CoreSite in Chicago is a great opportunity for CoreSite to leverage its connected-campus strategy, creating a strong ecosystem for enterprises and cloud and network providers to serve their end users in a strategic large US market.”
The first phase of the CH2 data center is a 56,000 square foot project which is expected to be ready in Q2, 2020.