WHITE PLAINS, N.Y. -- Westchester County Executive Rob Astorino joined other officials on Thursday in announcing a $140 million deal to lease the county-owned airport to a California investment company.
Astorino said the public-private partnership with Los-Angeles-based Oaktree Capital Management would open up a new source of revenue to run the airport for the next 40 years.
The deal would be subject to approval by the Westchester County Board of Legislators. (BOL)
A similar private management partnership to operate the county-owned Playland Amusement Park began this year in Rye. The deal took years to secure approval from the county BOL.
During a morning news conference, Astorino said that Oaktree has pledged an initial payment of $111 million, structured so the proceeds will go into the county’s operating budget over the 40-year lease.
Net revenue to the county would be $15 million in the first year, followed by $5 million over the next five years, officials said.
The county's Playland deal with Standard Amusements was structured the same way.