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Skyway Transaction

Skyway Transaction

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Skyway Transaction

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Presentation Transcript

  1. Skyway Transaction Basic Considerations

  2. Why Privatize The Skyway?

  3. 1. Not a core city competency – somebody else could do it better

  4. 2. Eliminate the risks of Skyway ownership – past history of problems and default

  5. 3. Ability to shift city capital – no longer needed in Skyway, better used elsewhere

  6. Could Privatization Be Done Legally?

  7. 1. Basic Authority • City as “home rule” unit had power to sell or lease Skyway • City Council still had to approve – timing: get authority upfront or wait until the end?

  8. 2. State Law Issues • No significant liability impact of shift to private operator • Real estate taxes triggered by sale or lease – required amendment of Illinois statute

  9. 3. Federal Law Issues • No federal funding for Skyway • 1961 FHWA Agreement resulting from “connector” funding – required revised agreement with FHWA

  10. 4. Contractual Issues • Construction and other Skyway contracts all assignable • All Skyway bonds had to be redeemed or defeased – tax requirement even if ok under indentures