$2.5 Billion - None for Us
Mayor Daley announced plans today to privatize Midway Airport in return for $2.521 billion from investors.
The private consortium that would take over includes Midway Investment and Development Co. LLC, Citi Infrastructure Investors, John Hancock Life Insurance Co. and YVR Airport Services Ltd., Daley said at a news conference.
The lease term would be 99 years, and, under state law, the city must use 99 percent of the lease's net proceeds for infracture [sic] projects around the city, Daley said.
Prediction: Inside of 25 years, Chicago surpasses Detroit in squalor.
Labels: city politics