April 21, 2009
$2.5B Midway Airport deal collapses
Chicago officials said a $2.5 billion deal to lease Midway Airport had collapsed due to the private company's failure to secure financing.
Gene Saffold, Mayor Richard Daley's chief financial officer said the global economic downturn had squashed the deal, the Chicago Tribune reported Tuesday.
City Council members approved the agreement with a 49-0 vote last year. But,
the company cannot secure the financing needed, Saffold said.