CHICAGO -- The Illinois International Port District, which owns the Port of Chicago, has struck an agreement with a private group to lease most of the district’s facilities and invest up to $500 million in infrastructure to rejuvenate the long-struggling port’s business, city and state officials announced.

Mayor Rahm Emanuel also touted the proposed deal with private operators for the estimated 1,000 jobs it’s expected to create, a key goal for the city when it launched early this year a competitive selection process for private operators/ investors.

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