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Thu, Apr 08, 2010

FAA Pledges More Than $400 Million For O'Hare

Expansion Plan Includes Two New Runways

The DOT says it will commit $410 million for the second phase of a planned expansion at O'Hare International Airport in Chicago, airport officials said at a news conference Tuesday.

The money is in addition to $337 million pledged for the first phase of the project in 2005. The expansion plans call for building two new runways and the extension of a third at one of the world's busiest airports.

Reuters reports that the city will issue an addition $1.8 billion in bonds for the second phase on top of $1.9 billion in debt assumed for phase 1.

Still on the city's wish list is a new $2 billion terminal, but Mayor Richard Daley admits that's a "tough sell." When the terminal was included in an overall estimate in 2008, the price tag climbed to $8.6 billion.

Chicago hopes to have the project completed by 2014. It has been delayed by a protracted legal battle waged by the suburb of Bensonville. That dispute was settled late last year.

FMI: www.faa.gov, www.ohare.com

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