Just a day after John Schmidt, the city's outside attorney that handles privatization matters indicated that Mayor Daley was anxious to get on with the 99 year lease of Midway Airport, the mayor is indicating that he's not actually in that big of a hurry after all. "It's a long way off. … You have to make sure the market is there," Daley told CBS2 Chicago. The mayor seems to be gun shy of the deal now, after a similar deal in England netted less than was expected. "Gatwick Airport, a small airport in London — instead of going for $1.5 billion, it went for $1.1 billion or $1.2 [billion]. It was down in value. So, that was not a good sign at all. That was just in the last six months." more ›

Following up on Mayor Daley's successful privatization of Chicago's parking meter system, and the cost-savings realized by drivers on the Spanish-leased Chicago Skyway, the mayor is gearing up to lease Midway Airport to a consortium of private investors. Crain's is reporting that the city will meet a February 1 deadline to tell the Federal Aviation Administration what its next steps will be in the process. The FAA has five spots open for a pilot privatization program, one of which is for a major hub airport. Midway currently holds that spot. “The mayor has said he clearly wants to do it,” John Schmidt, the city's outside attorney that handles privatization matters told Crain's. more ›

Mayor Daley's budget for 2010 has been presented and, as expected, there were no new taxes but lots of cuts. There will also be much taken from the parking meter lease fund. In fact, by this time next year, don't expect much to be left from the $1.15 billion/75-year deal, the deal we may have gotten hosed on. Having already spent $400 million of that money this year, according to the Tribune, Daley is looking to spend an additional $600 million of that money in 2010. We're no math geniuses and even we know that doesn't leave a whole heck of a lot left in the pot for the remaining 70+ years of the lease, something that concerned Ald. Scott Waguespack (32nd) earlier this week. All told, Daley claims that there will still be around $700 million left in reserve funds - the combination of the Skyway and parking meter leases - next year. A cut in the city's tourism budget also raised eyebrows. And besides the cuts to entertainment and furlough days for non-union employees and elimination of vacant jobs, there are smaller cuts, too, such as the scaling back of the city's recycling program. more ›

A truck hauling chocolate overturned on the northbound Skyway this morning, spilling diesel fuel but none of its precious cargo. The semi, carrying 4,000 gallons of liquid chocolate, crashed near 71st Street. Three people suffered minor injuries, and we're left to fantasize about the nastiest, biggest fondue party that could have been. We're still trying to figure out why chocolate would be transported in its liquid state and where exactly it was headed. more ›