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Privatization Wed Feb 17 2010
Labor & Capital: Privatize Midway Airport
Chicagoland Chamber of Commerce CEO Jerry Roper teamed up with outgoing Chicago Federation of Labor President Dennis Gannon in penning an editorial to encourage Mayor Daley to pursue the privatization of Midway Airport. One thing I agree with: years ago, Midway was a ghost town. The expansion of Midway is definitely one of the feathers in the Mayor's cap.
Or, at least, in his weird fedora/stetson thing. Photo via the Sun-Times.
The City Council authorized the partnership deal in the fall of 2008. However, due to the global credit crisis, the winning bidder could not arrange financing.
Today, conditions are significantly better, evidenced recently by two successful airport transactions in England: the long-term lease of London Gatwick Airport and the sale of a one-third interest in Bristol Airport.
Midway's lease value is bolstered by the fact that passenger traffic has rebounded and interest rates have plummeted. If borrowing costs rise in the future, as many predict, the value of the Midway lease could be negatively impacted.
We applaud Mayor Daley for working with business and labor on these partnerships. The parking meter initiative has been a great success for Chicago's businesses and the public and other cities are looking to replicate that success.
We hope the mayor relaunches the long-term lease of Midway soon.
