CHICAGO — Chicago Mayor Rahm Emanuel’s plan to privatize the Illinois International Port District in a deal aimed at revitalizing the long-troubled agency suffered a setback this week after the city and its lead bidder halted talks on a final lease deal.

Emanuel, Gov. Pat Quinn, and Emanuel’s hand-picked district board chairman Michael Forde who took on the post in 2011 announced a tentative lease agreement in July handing the district’s operations over to Broe Group.

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