Parking meter privatization debacle redux? Chicago moving toward privatization of Midway Airport....
from the Sun-Times:
Chicago aldermen signed off Monday on Mayor Rahm Emanuel’s 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 Hall’s chief financial officer, told the City Council’s 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)