Gary Chicago Airport secures long-term investment
Gary Chicago International Airport is set to receive a $100m investment as part of a public-private partnership agreement.
The cash injection will be invested over the next 40 years in the airport – which is the third largest in the area, after O’Hare International and Midway – and the City of Gary, Northwest Indiana.
Terms include an investment of $25 million in the first three years, with at least 30% of work going to local people, 20% going to disadvantaged and minority owned businesses, as well as 5% for women and veteran owned businesses.
The airport and the city will share in future profits, as part of the performance incentives for revenue growth that have been written into the deal.
The investment team is formed of Aviation Facilities Company Inc./AvPORTS (AFCO), Guggenheim Securities and Loop Capital.
AFCO, based in Northern Virginia, is an airport management firm with over 80 years of experience successfully managing similarly situated airports and other airport related infrastructure throughout the country.
Guggenheim Securities, headquartered in Chicago and New York, is a global financial services company.
Loop Capital, based in Chicago, is a leading investment banking firm well known for providing creative capital solutions for governments, corporations, and institutions globally.
Also serving the investment team as a senior development strategist is Michael Mullen, former CEO of CenterPoint Properties Trust and Illinois chair of the Alliance for Regional Development.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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