Report: O’Hare Expansion Bonds Downgraded

January 11, 2011 7:04 AM

Filed under

Heard on WBBM 780, Local, News

Don't Miss This

Pinball, Beer & Arcade Games: Check Out Chicago's Pinball Alley

Best Mini Golf In The Chicagoland Area

Best Burgers In Chicago: Paradise Pup

CHICAGO (WBBM/CBS) – A published report indicates that the O’Hare expansion project might be hurting the city’s financial standing.

As WBBM Newsradio 780’s Bob Conway reports, the Chicago Tribune says Moody’s has downgraded some of the bonds the Chicago Department of Aviation has used to help pay for the O’Hare Modernization Program and other endeavors.

LISTEN: Newsradio 780′s Bob Conway reports

Moody’s says it took the action primarily because the city has been unable to get financial support from the airlines.

United and American airlines say while they continue to back new runways at O’Hare International Airport, sources have told the Tribune the airlines contend that the project as currently constituted is not fiscally responsible.

They have also reportedly warned of legal action in regard to future bond sales.

Earlier this year, the City Council approved a plan to issue $1 billion in bonds for the O’Hare expansion project.

The project calls for building one new runway, extending another runway and relocating a third. A new northern runway opened in November2008, and about 500 former homes and businesses in west suburban Bensenville are being demolished to make way for the expanded airport.

St. Johannes Cemetery is also being moved for the project.

But overall, the $15 billion expansion project is still less than halfway done.

With Mayor Richard M. Daley set to leave office, it’s not known how committed his successor will be to O’Hare expansion.

Report: OHare Expansion Bonds Downgraded

http://topsy.com/chicago.cbslocal.com/2011/01/11/report-ohare-expansion-bonds-downgraded/?utm_source=pingback&utm_campaign=L2 Tweets that mention Report: O’Hare Expansion Bonds Downgraded « CBS Chicago – Breaking News, Sports, Weather, Traffic, and the Best of Chicago — Topsy.com

[...] This post was mentioned on Twitter by Sharon Jones. Sharon Jones said: Report: O'Hare Expansion Bonds Downgraded « CBS Chicago – Breaking …: A published report indicates that the O'… http://bit.ly/fVz6jp [...]
http://chicago.cbslocal.com/2011/01/14/daley-push-ahead-with-ohare-expansion/ Daley: Push Ahead With O’Hare Expansion « CBS Chicago – Breaking News, Sports, Weather, Traffic, and the Best of Chicago

[...] The Chicago Tribune reported earlier this week that Moody’s has downgraded some of the bonds the Chicago Department of Aviation has used to help pay f… [...]
http://chicago.cbslocal.com/2011/01/18/united-american-may-sue-over-ohare-expansion/ United, American May Sue Over O’Hare Expansion « CBS Chicago – Breaking News, Sports, Weather, Traffic, and the Best of Chicago

[...] Late last year, the City Council approved a plan to issue $1 billion in bonds for the O’Hare expansion project. Last week, reports surfaced that the bonds Moody’s had been downgraded some of the bonds, on the g… [...]
http://chicago.cbslocal.com/2011/01/27/ohare-expansion-to-proceed-after-court-decision/ O’Hare Expansion To Proceed After Court Decision « CBS Chicago

[...] Late last year, the City Council approved a plan to issue $1 billion in bonds for the O’Hare expansion project. Last week, reports surfaced that Moody’s had downgraded some of the bonds, because the city has be… [...]