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Midway Airport Privatization Abandoned

On April 20, 2009, the City of Chicago announced that the deal to privatize Midway Airport will not go forward.  The City of Chicago had granted approval to lease the Airport for $2.5 billion to the Midway Investment and Development Company, consisting of Citi Infrastructure Investors, YVR Airport Services Limited and John Hancock Life Insurance.  MidCo already has paid the City a down payment of $126 million.  Chicago intended to dedicate the lease proceeds to the City's pension fund and to local infrastructure projects.