|
Archives
Chicago Okays ATA Arilines Facility
The Chicago City Council has approved the Department of Aviation's proposed
ordinance to acquire a 26-acre site located at the northeast corner of Cicero
Avenue and 72nd Street.
Last year, Mayor Daley announced an economic development incentive package through
the Department of Planning that includes $24.5 million in Tax Increment Financing
(TIF) assistance and the issuance of up to $70 million in tax-exempt Special
Facilities Revenue Bonds, the proceeds of which will be lent to ATA.
"The development of ATA's new training facility is another example
of how the City is working to bring new jobs to all neighborhoods across Chicago,"
Mayor Daley said. "ATA's commitment to Chicago is key to Midway's
continued success, and a testament to the city's place as a world leader
in the airline industry."
The property has been appraised for a value of $15.5 million and has been underutilized
for a number of years. The purchase of the property will be made using Midway
Airport Revenue Bonds (MARBs) in the amount of $15.5 million.
"Midway Airport continues to provide an environment that fuels development
into the southwest side of Chicago," said Aviation Commissioner Thomas
R. Walker. "ATA's investment is yet another representation of airport
and airline partnerships that benefit travelers, employees, local residents
and businesses," he added.
The training facility will include two new General Electric flight simulators
that will train pilots to fly the new larger Boeing 737 and 757 planes. Additional
parking for Midway patrons as well as mixed use commercial development is also
planned and will greatly enhance Cicero Avenue's growing business district.
ATA is committed to investing approximately $93 million for the development
of its training facility and the commercial property. More than 1,000 construction
jobs will be created. In addition there will be dozens of permanent jobs to
communities on the southwest side of Chicago.
The new ATA training facility is expected to generate up to $243 million in
tax revenue over the next 23 year. Additional revenue will be used for improvements
in the area. No taxpayer dollars will be used.
Archives
|
