Parking meter privatization debacle redux? Chicago moving toward privatization of Midway Airport....
from the Sun-Times:
Chicago aldermen signed off Monday on Mayor Rahm Emanuels plan to refinance $1.5 billion in Midway Airport debt and got a strong sign that the $2.5 billion Midway privatization that collapsed for lack of financing may yet be cleared for takeoff.
Lois Scott, City Halls chief financial officer, told the City Councils Finance Committee that only $40 million of the Midway bonds would be spent on new projects for noise mitigation. The rest would refinance existing debt at reduced interest rates, Scott said.
Then, she dropped a giant hint.
If the administration proceeds to lease the airport, there will be a need for a small refunding issue of approximately $300 million prior to executing the lease
.That has to be repaid by January, she said. ...............(more)
The complete piece is at:
http://www.suntimes.com/business/12376353-420/is-midway-airport-privatization-deal-back-in-the-works.html