Story URL: http://news.medill.northwestern.edu/chicago/news.aspx?id=100213
Story Retrieval Date: 5/19/2013 5:42:52 AM CST
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Chicago aldermen got the complicated, precedent-setting plan Friday night. They raised objections Monday and Tuesday. They passed it unanimously Wednesday.
The Chicago City Council adopted a lease agreement giving a private investment company ownership of Midway Airport for 99 years. The deal is worth $2.521 billion and gives the city approximately $1 billion after debts are paid off. Aldermen raised some concerns about the agreement, but ultimately approved it without a single vote of “no.”
“I think it’s a good deal, but I don’t like the way it is being pushed down our throats.”
“Our pension funds are also in a state of crisis made worse by the recent down turn in the stock market,” said Ald. Joe Moore (49th).
“Everybody needs something and, I hope everyone will have the opportunity,” said Ald. Dick Mell (33rd).
“We cannot afford to do these kinds of deals where the minorities are not involved in the package,” said Ald. Ed Smith (28th).
“We are, I believe, fortunate to have this opportunity,” said Ald. Ed Burke (14th).
Ald. Thomas Allen (38th) cautioned that while the deal brings a large revenue stream into city coffers, it is not a cure-all.