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Revival for Chicago's Midway and O'Hare rail link
03 September 2010
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[chicago]
[illinois]
[daley]
[rail]
[ppp]
[midway]
[o'hare]
Chicago's mayor, Richard M Daley, wants to move forward with a new express rail link between O'Hare airport and the city centre. The proposed use of private capital to build the link could be the first time the city has returned to the PPP market since the Midway airport concession with a Citi-led consortium collapsed in April 2009. At the same time, the city has renewed its efforts to conclude a lease of Midway.
Chicago became a national trendsetter when it closed the first US toll road concession, the Skyway, in January 2005, and followed the deal with a pair of concessions for the city's parking assets. But the Midway collapse, coupled with the state of debt markets, forced a pause in activity. Chicago's fiscal situation has not improved in the interim. “The Midway [privatisation] deal absolutely will happen,” says John Schmidt, a partner at Mayer Brown and counsel to...
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