CHICAGO | Economic & Business Development

[twister244]

Originally Posted by pullmanman

Heard from a guy working at a land use law firm that a major obstacle to an unstated Quantum computing company (probably PsiQuantum) opening a Chicago campus is opposition from the local alderman because of gentrification concerns.

I have to imagine the powers that be won't let a single alderman get in the way of something like this........

It's worth remembering both Johnson and Pritzker are on board with all of this. I find it hard to believe an alderman will shut this down because of gentrification concerns. This isn't some random highrise proposal - It's a major investment into a hollowed out part of the city.

[sentinel]

Originally Posted by twister244

I have to imagine the powers that be won't let a single alderman get in the way of something like this........

It's worth remembering both Johnson and Pritzker are on board with all of this. I find it hard to believe an alderman will shut this down because of gentrification concerns. This isn't some random highrise proposal - It's a major investment into a hollowed out part of the city.

Fine, let it be built near Lockport. That’ll learn them. In all seriousness, in an area of the country that desperately needs some sort of stability, even if it means a modest amount of gentrification, the worst thing you can do is piss away a once-in-lifetime opportunity like this.

[twister244]

Originally Posted by sentinel

Fine, let it be built near Lockport. That’ll learn them. In all seriousness, in an area of the country that desperately needs some sort of stability, even if it means a modest amount of gentrification, the worst thing you can do is piss away a once-in-lifetime opportunity like this.

Agreed.... It's like - You want your jurisdiction to continue to be a rotting shell of a former self laden with crime and poverty?.........

[Steely Dan]

What do you want?

More investment and jobs and opportunity!!!

Okay, here you go.

NO! Not that kind of investment and jobs and opportunity.

[galleyfox]

Originally Posted by twister244

I have to imagine the powers that be won't let a single alderman get in the way of something like this........

It's worth remembering both Johnson and Pritzker are on board with all of this. I find it hard to believe an alderman will shut this down because of gentrification concerns. This isn't some random highrise proposal - It's a major investment into a hollowed out part of the city.

Right. There’s no law that requires the alderman’s approval.

Just submit it to the council and have the other 49 aldermen override any objections.

[CaptainJilliams]

US Steel South Works Site Wins Massive Quantum Project

https://www.chicagobusiness.com/tech...es-south-works

PsiQuantum to Build First US-Based Utility-Scale Quantum Computer in Chicago, Illinois

https://www.psiquantum.com/featured-news/illinois-iqmp

[sentinel]

Originally Posted by CaptainJilliams

US Steel South Works Site Wins Massive Quantum Project

https://www.chicagobusiness.com/tech...es-south-works

PsiQuantum to Build First US-Based Utility-Scale Quantum Computer in Chicago, Illinois

https://www.psiquantum.com/featured-news/illinois-iqmp

Amazing. This is legit a huge coup for the City and State.
Here’s hoping some alderpersons don’t fuck it up.

[twister244]

Originally Posted by sentinel

Amazing. This is legit a huge coup for the City and State.
Here’s hoping some alderpersons don’t fuck it up.

I really find the chances of any individual alderman fucking this up close to zero. There's way too much money and support going into this.....

[twister244]

Originally Posted by sentinel

Amazing. This is legit a huge coup for the City and State.
Here’s hoping some alderpersons don’t fuck it up.

A couple interesting tidbits:

The state will provide $200 million to PsiQuantum in grants, workforce development assistance, a low-interest loan and other incentives in exchange for a minimum investment of $1 billion by the company. Psi is a startup that has raised more than $700 million.

PsiQuantum chose Illinois after a search that lasted more than a year and included 15 states. Pritzker’s team won out with a proposal that went beyond the usual tax breaks, featuring a quantum “campus” anchored by a giant cryogenic facility that can be used by Psi and others, creating a cluster of technology companies. The state said additional tenants will be announced in the coming months.

So - Just for accounting (according to the article):
- $200 million from Pritzker for the Quantum Exchange
- $250 in grants towards research labs in the area from feds
- $500 million Pritzker got passed into his budget earlier this year
- $1 billion from Psi to ultimately buildout this campus
- $140 million from DARPA

That's nearly $2.1 billion in investment towards the local economy. Great work all around from leaders to pull this together.

I'm going to a tech event later over the LY area and will be curious to see how this announcement will tie into the local tech scene. This is great, but we need to see the innovation spiral out into companies that can tap into this technology. That's where the real economic impact will start to take hold.