City Council Asked To Approve Midway Deal At Private Meeting

11/02/2008 04:12 am ET | Updated May 25, 2011
  • Fran Spielman Chicago Sun-Times

Chicago aldermen were asked today to give quickie approval to Mayor Daley's $2.5 billion plan to privatize Midway Airport on blind faith -- without any idea how the $1 billion in proceeds will be spent.

Roughly $1.3 billion of the proceeds will be used to pay off Midway Airport debt. State law requires 90 percent of the $1 billion profit to be used to bankroll city infrastructure projects and shore up under-funded city employee pension funds.

That leaves $100 million to be spent at the mayor's discretion.

During a series of closed-door briefings today, aldermen tried to press top mayoral aides for details on how and where the money would be spent. They got nowhere.

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