CHICAGO - Chicago would receive $2.52 billion under a pioneering lease agreement that, if approved by city and federal authorities, would hand over operations of Midway Airport to a private consortium - Midway Investment and Development Co. LLC - for 99 years, Mayor Richard Daley announced yesterday.

Federal Aviation Administration approval is needed for the lease terms and the Transportation Security Administration must sign off on a revised Airport Security Plan for the airport. City Council approval is also required.

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