Companies interested in vying for a contract to privatize Midway Airport will have to agree to an array of stipulations, including a lease of not more than 40 years, according to documents posted online Friday that invite potential bidders to submit their qualifications.
The so-called “request for qualifications” spells out requirements that Mayor Rahm Emanuel’s administration has discussed publicly after deciding last month to explore privatization.
Potential bidders also would have to agree to provide ongoing funding for capital improvements and to share revenue with the city. Initial proceeds will be used to pay off debt issued by the city dating to 1996 to rebuild the new Midway Airport, the city said.
The requirements are aimed at tempering public skepticism about privatization deals stemming from the unpopular 75-year parking meter transaction during Mayor Richard Daley’s tenure.
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Chicago’s first attempt at privatizing the Southwest Side airport involved a 99-year lease that would have brought in $2.5 billion. The plan died in 2009 when the financial markets froze.
The city posted the request for qualifications shortly after the Federal Aviation Administration accepted the its preliminary application to privatize the airport, clearing the way for the city to move forward in its evaluation process.
Prospective bidders were asked to formally express their interest by Feb. 22.
Southwest Airlines, the airport’s dominant carrier, supports the move, Mayor Rahm Emanuel’s office said in its written announcement.