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Transactions - MARCH 29, 2018

City Council approves O’Hare Airport expansion plan

by Andrea Zander

The Chicago City Council has approved Wednesday an $8.5 billion upgrade at O’Hare International Airport.

The upgrades would include new runways, a new global terminal and other improvements.

The city of Chicago entered into an agreement with carriers United Airlines, American Airlines, Delta Air Lines and Spirit Airlines for airport renovations that include expanding the airport’s existing terminals and increasing the number and availability of some gates.

In February, United and American had previously disagreed over the number of gates that would be allocated to each carrier.

The two resolved the dispute, with Chicago agreeing to speed up construction of three common-use gates that will come into use at roughly the same time United gets five additional gates, according to Reuters.

The city on Wednesday also approved an initial $4 billion of airport revenue bonds to help finance the overall project.

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