Who won this year's Deal of the Year award for the Midwest Region? The winner will be honored on Thursday, December 3 at the Waldorf-Astoria in Manhattan, and later that night will compete with winners in the seven other categories for the right to be named The Bond Buyer's 2015 Deal of the Year.
VOICE OVER: The Gary/Chicago International Airport Authority made it's debut as an issuer in November 2014 with a sale, small in size but big in it's aim, to serve as a game changer for the struggling North West Indiana City. The 30 million dollar tax increment backed airport development zone revenue bonds marked the final essential piece in the financing scheme for $174 million runway expansion needed to meet FAA standards on wider jets and keep the airport open. It came as the airport's privatization was underway. The public partnership calls for private operation of the airport which primarily provides cargo, charter, and light general aviation and the development of a large swath of land surrounding the airport.
The financing scheme for the runway project involved multiple governmental entities including the North West Indiana Regional Development Authority, the FAA, the state, and an airport equity contribution. The expansion is projected to result in more than 2400 new jobs, generate $169 million in annual disposable income, and have a yearly economic impact in excess of $500 million to the region through increased airport usage and capacity and potential development surrounding the airport.