Manufacturing Industry
Expansion costs of O'Hare airport underestimated - report
Airline Industry Information, July 25, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
City officials have underestimated the cost of a proposed USD15bn expansion of Chicago's O'Hare International Airport, according to the report by the US Transportation Department inspector general.
According to the report, due to be released on Monday (25 July), the Federal Aviation Administration (FAA) needs to verify whether the city's cost estimates will cover the project even if it runs into delays and cost overruns.
The inspector general noted that some project expenses, including the prices of iron and steel, have increased since the plan was proposed four years ago.
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In 2001 the city estimated that the first phase of the airport expansion would cost USD2.9bn and the second phase USD3.7bn. The estimate was increased to USD14.8bn in 2004 to account for inflation. Chicago officials have requested USD528m in grants for the project.
The FAA's decision on the expansion project is expected in September 2005, said a spokesperson for the agency.
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