Under orders from Chicago Mayor Rahm Emanuel to explore a long-term lease of Midway Airport, the city’s CFO will draft RFQ plans and file an application before Jan. 1 with the Federal Aviation Administration (FAA) to preserve its hub slot in FAA’s privatization pilot program.

An attempt in 2009 to award a 99-year lease and collect a $2.5-billion concession fee failed when Citi Infrastructure Investors could not arrange financing (50-50 debt/equity) and had to forfeit its $126-million deposit.