The Chicago City Council was presented with a plan, for a property tax refund initiative to aid the development of the Illinois Quantum and Microelectronics Park, in South Chicago.
The Illinois Quantum and Microelectronics Park (IQMP) a pioneering initiative, in the realm of quantum scale up and advanced microelectronics research supported by ventures, between Illinois and its partners aims to transform the realm of quantum computing and associated technologies.
The new tax relief plan aims at a 480 acre location, on 8080 S Du Sable Lake Shore Drive aiming at reducing the tax load on quantum computing centers from 25 percent significantly by half just, at 10 percent with the advantages lasting for a generous span of 30 years.
In a decision made September the Cook County introduced a program that supports the states bold Manufacturing Illinois Chips, for Real Opportunity (MICRO) Act initiative. This innovative law provides tax incentives to businesses involved in the advancement of state of the art technologies, like semiconductors, microchips and quantum computers.
Related Midwest and CRG Leading the way
Leading the way, in this groundbreaking project are Related Midwest and CRG two developers. Driving the development of the Illinois Quantum & Microelectronics Park—a cutting edge campus dedicated to quantum innovation and technology advancement. The project represents the step in a master plan spanning 400 acres located at 8080 S.DuSable Lake Shore Drive. In the lively community of South Chicago. Related and CRD are working together to develop the IQMP by leveraging investments, alongside government funds; PsiQuantum is playing a role in this initiative being a prominent player, in quantum computing technology.
The selected site, for this project holds a historical background as it used to be the site of the U.S Steel South Works in the past years. The location at 8080 S Du Sable Lake Shore Drive spans across the scenic shoreline of Lake Michigan. This valuable piece of land is known for being one of the largest connected waterfront properties in the country. With plans, for the IQMP project covering 128 acres at its southern tip.
The futuristic campus will not only house PsiQuantum but also include a variety of specialized facilities. Such as state of the art cryogenic units and cutting edge equipment laboratories alongside collaborative areas aimed at promoting collaboration, between businesses and universities.
PsiQuantum project at Illinois Quantum & Microelectronics Park
In a groundbreaking update that made waves in the tech world recently PsiQuantum. A leading quantum computing company based in California. Announced their intention to build the large scale fault tolerant quantum computer, at the PsiQuantum. This ambitious project comes with a price tag of over $1 billion.
The initial stage of IQMP
The initial stage of IQMP led by Lamar Johnson Collaborative will cover around 30 acres. Is expected to be finished by 2027 with Clayco acting as the contractor, for this phase.
This initial phase could generate more than $125 million in new property taxes, including the rebate. If approved, the Class 8 MICRO incentive would join the existing Class 6, 7, 8 and L Cook County property tax programs. Used by the city of Chicago to encourage revitalization of underutilized industrial and commercial properties. But unlike other Cook County tax incentives, the Class 8 MICRO program would not allow renewal.
Additionally; PsiQuantum; the quantum computing company on a mission to build the world’s first commercially useful quantum computer, which would perform complex calculations much faster than traditional computers.
A University-Related Organization (URO) LLC established by the University of Illinois System Board will manage and operate the IQMP. An appointed Board of Managers consisting of key stakeholders in the park & major research institutions across the State.
U.S is leading the way in terms of Quantum computing and IQMP is testament to this course. U.S government is massively supporting technological projects like in semiconductor industry with projects like the Intel’s AI chip factory Columbus, Ohio; Amkor’s $2B semiconductor packaging and testing facility in Peoria, AZ and TSMC’s $12bn semiconductor Fab in Arizona being one of the largest beneficiaries through chip act.
Project Factsheet: Illinois Quantum and Microelectronics Park.
Location: South Chicago, 8080 S. DuSable Lake Shore Drive
Size: 128 acres within a 480-acre site
Purpose: Quantum computing and microelectronics research & development
Key Tenant: PsiQuantum, developing world’s first utility-scale quantum computer
Investment: Over $1 billion estimated
Completion: First phase (30 acres) by 2027
Tax Incentive: Proposed 30-year property tax rebate (25% to 10% rate)
Management: University of Illinois System-related organization
Significance: Positions Illinois as leader in quantum computing industry
How would the remaining acreage be developed?