(Sec. 3) Prohibits the Administrator from approving the redesign plan if its implementation may increase the rate of runway incursions or degrade the safety of departing aircraft or the safety of arriving aircraft (including safety relating to the terminal approach control or the vectoring of aircraft from the contiguous enroute air-traffic airspace). Prohibits the Administrator's approval of an airport layout plan submitted by Chicago that includes the runway redesign plan, unless it includes public roadway access through the existing western boundary of O'Hare to passenger terminal and certain parking facilities.
Declares that the Administrator's approval of an airport layout plan including the runway redesign plan shall require Chicago to offer acoustical treatment of all residential units and schools within the 65 DNL noise contour for each construction phase of the runway redesign plan. Conditions the Administrator's approval of such plan, also, on the achievement of specified annual noise impact reductions.
Directs the Administrator to give priority consideration to letter of intent applications for the construction of the south suburban airport and for the extension of the main runway at the Gary/Chicago Airport.
Directs the Administrator to submit a status report to specified congressional committees identifying each permit and approval necessary for the project if the runway redesign plan has not received all Federal, State, and local permits and approvals necessary to begin construction by December 31, 2004.
Requires the withholding of all airport grant funds for O'Hare (other than grants involving national security and safety) until January 1, 2026, unless specified conditions with respect to operations at Merrill C. Meigs Field have been met.
(Sec. 5) Directs the Administrator, in providing funds to implement the runway redesign plans, to receive adequate specified assurances from the City of Chicago regarding competitive access to O'Hare by all air carriers.