Fri, Oct 06, 2006
Anyone Wanna Lease A Major Airport?
"Large midwestern city seeks quiet tenant for major
international airport." Is that a want ad you might see in your
local newspaper soon? If you live in Chicago you might.
On Wednesday, the FAA tentatively approved the city's plan to
lease Midway to a private operator. It's part of a five-airport
pilot plan Congress established in 1997, to see if private
operators might run things more efficiently than established
bureaucracies.
So far, there haven't been many takers... but Chicago decided to
divest itself of one airport headache, and applied last month.
"This acceptance ensures the city can continue moving forward in
the pursuit of a potential Midway concession and lease," said City
CFO Dana Levenson to the Chicago Sun-Times. "It is the next of many
necessary steps the city will take over the next several months as
we pursue this potential transaction, which we believe could
provide great benefit to Chicago's taxpayers."
Of course, it's not just about avoiding headaches. Under the
plan, the city will skim some of the hoped-for efficiency gains in
the form of cash... at least, that's what it hopes.
Midway will be the only major commercial hub included in the
five airports to be part of the pilot program. There's more to do
before it's a done deal. The city has to develop an agreement...
get proposals... and get approval from the FAA for its final
plan.
A number of airports have applied for the program, only to drop
out after shopping for lessors. Stewart International Airport in
Windsor, NY received final approval March of last year. It's the
first airport to privatize under the pilot program.
So far... no word on how that's working out for them.
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