United Airlines jets sit at gates at O'Hare
The current eight-year plan would be the largest and most expensive terminal revamp in the history of the Chicago airport.
"We encourage city leaders to fix the lease and ensure competition remains vibrant at O'Hare", American said. The project's costs would be built into the new agreement's terms. While American blocked that agreement, Chicago is now honoring it, United said.
Emanuel bills the Terminal Area Plan as "historic".
The expansion, if approved, would significantly modernize the airport's existing terminals, and build new ones to accommodate larger planes for global flights. New baggage and screening facilities are included.
To support infrastructure improvements, the city is seeking authority to issue up to 4 billion USA dollars in bonds to help facilitate the start of the project.
Chicago Mayor Rahm Emanuel is pushing for an $8.5 billion overhaul of O'Hare International Airport's terminals that is expected to rely heavily on borrowing.
Anyone can file a lawsuit, but, "Noo judge can or will enjoin City Council action moving forward with Chicago's future", the mayoral aid said.
American reportedly accounts for 37 percent of O'Hare's traffic, but Emmanuel affirmed that the city would carry on with the expansion, regardless of American's decision.
"We would sign the lease if it did not include this provision".
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American Airlines says it's opposed to Chicago Mayor Rahm Emmanuel's $8.5 billlion deal to expand O'Hare International Airport.
Chicago-based United called American's claim "disingenuous" and countered that a deal with the city for five additional gates was reached in 2016. "To date, the City has dismissed that approach without explanation". "It's endorsing a monopoly with United, and it's not good for our passengers". Authorities are aiming to increase the number of worldwide flights and create more room for domestic carriers.
The Emanuel administration indicated it was taking a hard line. "American Airlines has been aware of our agreement for over a year and has worked to block the implementation at every opportunity".
The O'Hare proposal will widen United's advantage in gate allocation by 50 percent, Franco Tedeschi, American's vice president for Chicago, said in an email to employees.
It was not immediately clear how American's resistance to the new agreement would impact the near-term status of the city's plans including upcoming borrowing.
"This was not a backroom deal", said Gavin Molloy, United's vice president for corporate real estate and environmental affairs. "As a global hub airport, this is where you need to be".
The most important thing is whether there will be sufficient competition in the new airport, Harteveldt added. These changes will expand gate capacity and set in motion a range of other improvements to enhance airline performance and the overall passenger experience.
Chicago sold $812 million of GARBs last June. O'Hare has about $7 billion of outstanding debt, Lehman said.
The airport has a $2.3 multi-year CIP program and about $1.6 billion in remaining runway costs, Fitch said.
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