Mayor Richard Daley of Chicago proposed a $250 million revenue bond issue for O'Hare International Airport last week along with an increase an airport parking rates.
Walter Knorr Chicago's comptroller, said that while the bonds would be backed by general airport revenues, the increase in parking rates would "roughly offset debt service" on the bonds.
The Daley Administration proposed raising the all-day parking rate in the short-term parking area to $29 from $16, as well as increasing the hourly parking rate in the airport's other lots.
About $110 million of the bond proceeds would be used to renovate parking facilities, Knorr said, and the remainder would be used for other project at O'Hare.
If approved by the Chicago city council, the issue would be priced sometime this summer, Knorr said. No firms have been selected yet for the deal, he said.
The council has already approved a $325 million bond refunding for O'Hare, with Merrill Lynch & Co. as senior manager, which Knorr said should be priced later this year.
