Boeing Co. Chairman and CEO Philip M. Condit said no single factor prompted the aerospace giant to choose Chicago as its new corporate home, but generous state and city incentives couldn't have hurt.
Combined, the total incentive package is valued at up to $64 million over 20 years, according to state and city officials. Up to $41 million will come from the state in the form of tax incentives, relocation assistance, job training and development grants; while the city will contribute $23 million, including money to fund a hangar to house Boeing's corporate jet fleet at Midway Airport, at least temporarily.
State officials said Boeing's relocation will bring $4.5 billion in economic benefit to the region over 20 years.
$4.5 billion in economic benefit over 20 years! Wow! Fast forward a mere 8 years later:
- Boeing (BA) CEO Jim McNerney is eager to move the company to China. Whether moving Boeing to China means shifting its headquarters from Chicago to Beijing is up in the air. But Boeing already has $600 million in supplier partnerships with China -- such as a deal with Shenyang Aircraft Corporation to build an assembly for the 787's vertical fin. And Stan Sorscher, who spent 20 years at Boeing before taking a post at the Society of Professional Engineers in Aerospace (SPEEA) in 2000, told me that McNerney is hooked on the idea of shifting Boeing to China.
Anyone want to bet Boeing is gone long before the Olympics land here? And how long until United takes their $25 million and runs?
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