City Council Asked To Approve Midway Deal At Private Meeting

City Council Asked To Approve Midway Deal At Private Meeting

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.

Read the entire article here.

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