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updated: 9/26/2013 6:47 AM

Failed attempt to take Midway private cost $3.5 million

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Associated Press

The city of Chicago spent $3.5 million seeking advice on plans to privatize Midway International Airport before pulling the plug on the idea.

The Chicago Sun-Times reports money was paid to attorneys, financial advisers, technical and airport consultants. The largest amount, $1.1 million, went to four law firms that usually work on city bond deals.

The bidding team that included Industry Funds Management of Australia and Manchester Airports Group dropped out of the bidding to manage Midway. The group weighed Mayor Rahm Emanuel's demand for a 39-year deal with price controls and a sliding scale of city profit-sharing and determined they couldn't make it work.

Emanuel dropped the project despite the remaining bidder wanting to take on the project. He said there needed to be more than one bidder.

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