Parking meter privatization debacle redux? Chicago moving toward privatization of Midway Airport....

[marmar]

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)

The complete piece is at: http://www.suntimes.com/business/12376353-420/is-midway-airport-privatization-deal-back-in-the-works.html

[liberal N proud]

1. Why don't the rich fuckers go build their own damned airport?

These fuckers are using this push to privatize as another method to skimming us. We build it, they will take and get rich from it by raising fees.

[msongs]

2. privatizing profits and leaving taxpayers stuck with the bills. screwing Chicago to the max lol nt