The City of Chicago's Chief Financial Officer (CFO) Lois Scott announced on March 15 that six out of the sixteen respondents to the City of Chicago's "Request for Qualifications" (RFQ) for the lease of Midway Airport satisfy the requirements and are determined to be qualified bidders.

The City and the Midway Advisory Panel has determined that the following six entities are qualified bidders:

• AMP Capital Investors Limited - Active manager and investor in airports including Melbourne Airport and Newcastle Airport UK, among others.
• Corporación América Group - Argentina-based airport operator with 49 airports in seven countries.
• Global Infrastructure Partners (GIP) - Controlling investor and active manager of London City Airport, London Gatwick Airport and Edinburgh Airport.
• Great Lakes Airport Alliance - Partnership of Macquarie Infrastructure and Real Assets and Ferrovial. Airport operations include London's Heathrow, Brussels Airport and Copenhagen Airport, among others.
• Incheon International Airport and Hastings Funds Management - Sole owner and operator of Incheon International Airport and global investor with 16 airport related investments.
• Industry Funds Management and Manchester Airport Group - Global investor with interests in 13 airports, including Melbourne Airport, Brisbane Airport, among others and operator of Manchester Airport and East Midlands Airport, among others.

So far nine entities submitted letters indicating strong interest in providing financing to qualified teams.

• Alberta Investment Management Corporation 
• Allstate Investments 
• Barclays Capital 
• GS Global Infrastructure Partners 
• John Hancock Life Insurance Company 
• Ontario Teachers' Pension Plan Board 
• Santander 
• Teachers Insurance and Annuity Association of America 
• Ullico Infrastructure Fund

The contract will be a long-term Management Agreement and Land Lease for Chicago Midway International Airport. Under such Agreement, a bidder will be required to finance, operate, maintain and improve Midway Airport during 40 years.

Other highlights of the contract are the following:

• Long-term lease of fewer than 40 years - The length of the lease will be less than 40 years - significantly shorter than other transactions.
• Long-term cash flow stream for long-term capital needs - Any transaction must be structured to provide an ongoing source of funds for capital needs.
• Revenue share - Initial proceeds will be used to pay off debt issued by the City to rebuild the new Midway Airport. The City will retain ownership of Midway Airport and receive a percentage fee that will grow over time.

Source: City of Chicago