By Roger Yu, USA TODAY

The Chicago City Council has approved a historic deal to sell a long-term lease of Midway Airport for $2.5 billion.

The winning bidder, Midway Investment and Development, will operate the airport and control its revenue for the next 99 years, making Midway the first major U.S. airport to be privatized.

City officials hope to complete the deal by the end of the year. But it still needs approval from the Federal Aviation Administration and the Transportation Security Administration, a process that will take at least two months.

"For the airlines, the lease will mean lower and more predictable airport rates and charges, which will improve their financial situation," said Mayor Richard Daley in a statement, adding that passengers will see improvements in amenities and services.

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Chicago Midway was one of the earliest applicants for the federal experiment to allow privatizing up to five U.S. airports, only one of which can be a hub airport the size of Midway. To privatize, an airport must receive approval from 65% of its airline tenants, which Midway has gotten.