What is a P3?

A P3 is a public-private partnership (contractual agreements) formed between a public agency and a private sector entity to allow for greater private sector participation in the delivery and financing of transportation projects.

A P3 agreement the between the Airport Authority, the City of Gary and private management company will provide:

• financial investment and capital for the airport and surrounding properties;
• management and operations of the airport; and
• increased business growth and development.

Potential Economic Impact

The best strategic investments in the airport will:

• attract more businesses from around the world;
• create good-paying jobs; and
• expand ground capacity for better service throughout the Indiana-Illinois region.

The Northwest Indiana Regional Development Authority estimates the economic impact of a revitalized Gary/Chicago International Airport would bring:

• $400 million in capital investment;
• 2,400 direct and indirect jobs; and
• produce an annual economic output of $526 million from airport-related activity.

Please leave a comment. The Gary/Chicago International Airport Authority welcomes your feedback.