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PROPOSED RESOLUTION
PROPOSED RESOLUTION FOR COOK COUNTY GRANT TO THE BOARD OF TRUSTEES OF THE UNIVERSITY OF ILLINOIS FOR THE ILLINOIS QUANTUM AND MICROELECTRONICS PARK ("IQMP") PROJECT
WHEREAS, on September 19, 2024, the Cook County Board of Commissioners approved an amendment to the Property Tax Incentive Ordinance to create the Class 8 MICRO incentive, which provides significant tax reductions to manufacturers of semiconductors, microchips and associated components. This incentive is aimed at positioning Cook County as a leader in the growing semiconductor and microchip manufacturing industries and aligns with the State of Illinois' Manufacturing Illinois Chips for Real Opportunity (MICRO) Act; and
WHEREAS, one proposed beneficiary of the Class 8 MICRO tax incentive is the Illinois Quantum and Microelectronics Park ("IQMP") located at 8080 South DuSable Lake Shore Drive in Chicago, Illinois, the former site of the U. S. Steel South Works plant, which will become a state-of-the-art quantum computing center, including a cryogenics facility. The facility will include quantum computing, microelectronics and affiliated industries and suppliers, workforce development facilities, and cryogenic facilities essential for research and development in next-generation microelectronics and quantum technologies (the "IQMP Project"); and
WHEREAS, along with the new tax incentive, Cook County announced its commitment to support the development of the Illinois Quantum and Microelectronics Park, which is expected to generate over $20 billion in local economic impact and create hundreds of high-quality jobs for residents in the coming years; and
WHEREAS, the Board of Trustees of the University of Illinois (University of Illinois) will operate and manage IQMP through the Illinois Quantum and Microelectronics Technology Park, LLC (IQMP LLC), a single member limited liability company. The IQMP will be the governing body for the overall development for programming, maste...
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