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Article: NEW YORK: Buying Back Stewart Airport.

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The Bond Buyer
Article date:
January 29, 2007
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The Port Authority of New York and New Jersey last week announced it plans to acquire the lease to Stewart Airport for $73.2 million from National Express Group.

The acquisition was budgeted at $150 million in the Port Authority's capital plan in December and will draw on the authority's general fund, which includes bond proceeds and revenue from fees, said authority spokesman Marc LaVorgna.

Stewart Airport, located near Newburgh, is owned by the state of New York, which leased the airport to British firm National Express for 99-years in 2000 for $35 million.

The proposed asset purchase agreement requires the passage of legislation by New ...

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