Emanuel scraps plan to lease Midway Airport - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Emanuel scraps plan to lease Midway Airport

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CHICAGO (Associated Press) -

Mayor Rahm Emanuel has decided not to move forward with plans to lease Midway International Airport.

Midway would have been the first major U.S. hub to go private under a pilot program overseen by the Federal Aviation Administration.

Emanuel spokeswoman Sarah Hamilton says Friday the two remaining potential bidders failed to meet criteria for ensuring taxpayers get a good deal.

1 of the companies pulled out of the process, just weeks before bids were due to be presented.

Hamilton says that with only one company left, the process was no longer competitive.

Emanuel was seeking to lease Midway for up to 40 years in a deal that would generate enough revenue to pay off the airport's roughly $1.4 billion debt and help fund other public works projects around the city.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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