Public-Private Partnerships Sought to Invest in Gary/Chicago International Airport and Surrounding Areas
- Jul 25, 2013
The City of Gary and the board of directors of the Gary/Chicago International Airport Authority recently approved and released a request for proposals for the development and management of the Gary Chicago International Airport and related assets. The proposals to invest in the airport and the surrounding area through a public-private partnership are being accepted until 5 pm August 26.
Situated less than thirty minutes from the heart of the tri-state region—the city of Chicago—the Gary/Chicago International Airport is directly connected to Chicago’s transportation network via freight, mass-transit, interstate and it is close to multiple Lake Michigan ports.
The City of Gary was tasked by the Airport Authority in February to explore a public-private partnership in order to accelerate the growth of Gary and the Northwest Indiana region through job creation and long-term investment. The two are looking for a P3 model which retains public ownership of the airport and benefits from private sector innovation and access to capital. Besides the P3 exploration, major construction at the extension of the existing main 7,000-foot runway by 1,900 feet continues. The total cost of the runway construction project is $166 million.
The Airport Authority is assisted by a team of financial experts, legal advisers and project managers in the P3 exploration. The team includes JClark Consulting Group LLC, A.C. Advisory Inc. and Faegre Baker Daniels LLP.
Requests for further information or clarifications can be sent to the project e-mail address: GaryAirportP3@gyymail.com.
Photo Courtesy of www.garyairport.com