Gary Airport Financing Wins Award
![Gary Airport Financing Wins Award](https://www.insideindianabusiness.com/wp-content/uploads/2021/09/8421767_G.jpg)
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA national publication is honoring a $29 million bond sale negotiated by the Gary/Chicago International Airport. The financing, which helped fund the final stages of the $174 million runway expansion project, is Bond Buyer magazine’s Midwest Deal of the Year.
Gary Mayor Karen Freeman-Wilson and former Gary/Chicago International Airport Executive Director BR Lane worked with a group of underwriters and financial advisors to create the the financing plan. Freeman-Wilson says an "innovative funding solution" was needed to meet a 2015 Federal Aviation Administration deadline. She will accept the award next month in New York.
The airport opened the newly-extended 8,900-foot runway in June after around a decade of planning and work. The Northwest Indiana Regional Development Authority estimates the project will result in more than 2,000 new jobs in the region by 2025 in areas including manufacturing, warehousing and transportation. The RDA’s research suggests the new jobs will generate an annual economic impact of more than $500 million.