Negotiations with a Colorado company to privatize the Illinois International Port District have been suspended, state officials confirmed Monday.

The Broe Group, which was expected to contribute $500 million to port facilities investments, announced Monday that it was "unable to come to full agreement in our negotiations with the Port District during our 60-day exclusive negotiation period."

“We have a solid vision for the future of the Illinois International Port — one that focuses on creating jobs and attracting new investment. The port holds great potential for a private operator and the city of Chicago and we look forward to continuing our existing business there,” The Broe Group's managing director Alex Yeros said in a news release.

The deal was expected to create 1,000 new jobs within a 10-year period.

The Illinois International Port District Charmain Michael Forde confirmed with Crain's Chicago Business via email that it would not be negotiating with Broe any longer.

"What the Broe Group has been so far willing to commit is not acceptable to the Port, and so we've chosen not to extend their exclusivity period," he told Crain's. "The bottom line is that we continue to seek the best deal for the port and its surrounding communities and we will accept nothing less."

A spokesman for Mayor Rahm Emanuel said in a statement that although the mayor sees the port as a "valuable asset" with the potential to spur economic growth in the city, "he has made it clear that he will not repeat the mistakes of the past by supporting a deal that does not protect taxpayers and the competitive future of the port."

Just a few weeks ago, it was announced that Mayor Rahm Emanuel grounded privatization plans for Midway Airport after one of only two companies in consideration for the deal pulled out of the bidding process.