The board of directors of The Gary/Chicago International Airport Authority approved recommendations of a committee Monday to engage the services of a highly-qualified team of financial experts, project managers and legal advisers to assist in the exploration of a public-private partnership at Gary/Chicago International.

“We have an experienced team in place to help the Authority and the City of Gary make the best decisions about any potential public-private partnership for the airport,” said Nathaniel Williams, president of the board. “We are thoroughly examining how to create good jobs through private sector investment, maintain local public control and attract more economic development in the area from around the world.”

The financial and project management advisers will be compensated by private investors with a success-based fee should the Airport Authority and the City of Gary select a public-private investment group to develop the airport and the surrounding area, creating good jobs for Gary and sustainable growth for the city and the region.

“Potential investors will take notice of this team and, more importantly, this team will help us recommend the best public-private partnership for the airport’s development,” said David Bochnowski, Chairman and Chief Executive Officer of North West Indiana Bancorp., member of the Gary/Chicago Airport Authority Board, and chair of the public-private partnership committee.

The exploration of a public-private partnership for the airport comes as construction of a large-scale $167 million runway extension project nears completion by the end of the year.

Specifically, the airport authority approved the services of:

 A.C. Advisory Inc., of Chicago, to assist in developing, reviewing and negotiating proposals with potential private investors.

• A minority and woman-owned firm.
• Will work on a success-based fee of $250,000.  Compensated by private investor, not the city or the airport authority.

JClark Aviation to assist in the overall project management of the public-private exploration by the authority.

• Led by former Indianapolis International Airport CEO John Clark.
•  Will work on a success-based fee of the greater of $200,000 or one-half basis point of the total value of any approved agreement with private investment team.

Faegre Baker Daniels LLP of Indianapolis to assist as bond counsel for the airport’s runway expansion project and as legal adviser on any possible public-private partnership.

• Served as legal counsel to the airport for two previous hanger transactions.
• The public-private partnership committee is negotiating contract terms with the firm and expects to recommend final terms to the Authority at the May 13 meeting.

The Gary/Chicago International Airport is less than 30 minutes from the heart of the tri-state region – the city of Chicago. The airport is directly connected to Chicago’s transportation network through rail freight, interstate and mass transit integration.

Tags: chicago's third airport, gary airport, gary/chicago international airport, public private partnership