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Article: New York City, Port Authority Land Airport Deal.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 16, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Michael Saul, Daily News, New York Knight Ridder/Tribune Business News
Oct. 16--Ending a long-running feud, New York City and the Port Authority yesterday announced a new deal extending the bistate agency's lease on the city's two airports and landing the city an upfront payment of $700 million.
The deal, which would have to be approved by the agency's board of directors, would keep the Port Authority operating JFK and LaGuardia airports through 2050. For the city, it also would end years of bitterness over lease terms that paid the city just $3.5 million per year. The new deal increases the annual rent to $93.5 million.
"It's a ...