No Midway Privatization: What It Means for City Finances
City officials announced yesterday that a $2.5 billion deal to privatize the airport is cancelled, for now. Chicago Chief Financial Officer Gene Saffold blamed the global recession. Though disappointed that the deal fell through, he says he's not without hope. Saffold says proceeds from the Midway sale would go mainly toward capital investment. How the failed privatization will affect the city's operating budget is less clear. The Civic Federation president Laurence Msall talks more about the deal and what its collapse could mean for our city budget.