CoreSite unveils Illinois data centre tax incentive opportunity
The company is pursuing a final incentive agreement related to its new ground-up data centre development in downtown Chicago.
CoreSite Realty Corporation (NYSE:COR) has announced that its application with the Illinois Data Centres Investment Program has been accepted by the Illinois Department of Commerce and Economic Opportunity.
In June 2019, the State of Illinois established a new Data Centre Investment Act, led by Governor J.B. Pritzker, legislators and business leaders and organisations.
“The establishment of the Data Centre Investment Act was a great outcome for the State of Illinois and for data centre businesses like CoreSite,” said Matt Gleason, CoreSite’s Vice President and General Manager.
“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.
“We’re excited to have our application accepted as we work with the State to finalise our incentive agreement.”
CoreSite recently revealed that it is building its new data centre facility, known as “CH2”, in the heart of downtown Chicago.
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The data centre is a purpose-built, ground-up development expected to be a 169,000 sqf facility at full completion.
“The Illinois Data Centre Investment Act is a great economic development opportunity for Illinois to attract the IT industry and related data centre 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 centre is a 56,000 sqf project, targeted for completion in the second quarter of 2020.
The data centre is part of a connected campus, leveraging CoreSite’s existing CH1 data centre, an interconnected building in Chicago.
The 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 $250m in a 60-month period
- Obtain and maintain the requisite building certification, including, but not limited to, ENERGY STAR, an environmental-friendly program approved by the Investment Program