Rahm Emanuel Announces $200 Million O'Hare Cargo Center, Thousands Of Jobs

05/14/2012 01:27 pm ET | Updated May 14, 2012

CHICAGO -- The city of Chicago has reached an agreement to begin construction of a $200 million cargo center at O'Hare International Airport.

Mayor Rahm Emanuel says the project will create 1,200 construction jobs and another 1,200 permanent jobs at the completed cargo center. The mayor told a news conference Monday that the project will provide $600 million in economic benefits.

The project will be funded by a $130 million investment by developer Aeroterm LLC and more than $62 million of airport funds.

The cargo center will be built on approximately 65 acres of undeveloped property that was purchased in the 1990s.

Emanuel says the cargo center will ensure Chicago remains a leading gateway for imports from China.