CHICAGO (CBS) — Mayor Rahm Emanuel and Governor Quinn announced a new plan to revitalize the port of Illinois.

Mayor Emanuel said fix it and they did. He announced a new City partnership with the BROE Group out of Denver Colorado to take over and inject $500 million in new infrastructure with the idea of attracting businesses across the country to set up shop here and potentially creating up to 1,000 new jobs.

“We are taking what was an underutilized, run down port and turning it into an engine of opportunity through infrastructure investment and job creation that will benefit Chicago and its neighborhoods on the Southeast Side,” said Emanuel.

The port has operated at a loss for 10 years before Emanuel appointed a new board chairman in 2011 and ended 2012 in the black. The Mayor says it has been ignored for over 30 years but it is time to put Chicago’s port back in the profit-making business.

Mayor Emanuel says the Illinois Port Authority is a hidden gem that’s been ignored for way too long.

“We haven’t made an investment since 1981, 30 plus years. Port authorities across the country are passing us by and the Chicagoland area is the inland port of America,” said Emanuel.

The deal also includes a partnership with Olive Harvey College, which will include internship sponsorships, job placement and training programs.

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