(CBS) — A new $1.3 billion deal for a new runway was announced at O’Hare Airport Sunday afternoon, reports WBBM’s Mariam Sobh.

The agreement is between the city of Chicago, United Airlines and American Airlines and it aims to build the final runway under the O’Hare Modernization Project.

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“This is a very simple strategy, for the last 30-40 years Chicago used to measure by being the busiest airport, in competition with Atlanta,” said Mayor Rahm Emanuel. “That is one measure but the measure going forward from now on, is not whether we are the busiest but whether we are the best.”

Emanuel says the plan is more than just a new runway and de-icing pad.

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“The terminal experience, the technology that’s here as well as what we want to see from the transportations system, our people, business travelers, people in the city of Chicago, greater Chicago area economy, will have the greatest experience and the ability to go from one place to the other,” Emanuel said.

In addition to the mayor, other dignitaries were also on hand to announce that bidding will begin in March, with construction slated for May.

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The entire project is expected be completed by 2020.