By Steve Rhodes
BREAKING 1:52 P.M.: Daley Not Running For Re-Election.
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“Like a poker player who has gone all in on a bet that’s too big to lose, the Daley administration is expected to explain to aldermen on Tuesday why it needs to quickly issue $1 billion in new bonds to prevent the expansion of O’Hare International Airport from folding,” the Tribune reports.
“With less than half of the mega-project completed, the city is running out of money and needs the bond deal to continue work. In the high-stakes game of Chicago-style airport expansion, the fresh money would basically buy time to keep the project going with the hope that the city will be able to persuade the airport’s two largest tenants, American and United airlines, to sign on.”
And if they don’t? Maybe the city will sell the airport to Morgan Stanley.
“Ultimately, the city will need to raise at least $3.3 billion to finish the job – and that’s without new terminals, a People Mover extension and other infrastructure that Chicago officials once deemed integral to building the first runways at O’Hare in almost 40 years.”
Read the whole story. I’ll be here when you get back.
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Posted on September 7, 2010