Commissioners Expand Scope of Vasey Aviation Group LLC
Punta Gorda, FL (Oct. 20, 2020) – The Charlotte County Airport Authority (Airport Authority) at its Oct. 15, 2020 meeting passed a motion by a vote of 4-1 that expands the scope of work for its advisor Vasey Aviation Group LLC (Vasey Aviation) to continue consideration of the Federal Aviation Administration’s (FAA) Airport Investment Partnership Program (AIPP). The approved motion also specifies that proceeds from a lease are restricted to use on property owned by the Airport Authority.
The FAA AIPP permits US airport owners such as the Airport Authority to apply to the program for the purpose of considering a lease of the airport to bring private sector investment to Punta Gorda Airport. The FAA program specifically does not permit the sale of the airport.
Vasey Aviation was retained by the Airport Authority in December 2019 under a Development Agreement to provide advice and expertise for land development and improvements that align with its FAA-approved Master Plan.
The expanded scope of work for Vasey Aviation is derived from the Board resolution that was first considered at the October meeting. Included in the expanded scope of work is:
- The review of lease proposals with the CEO from qualified and interested parties regarding the FAA AIPP for Punta Gorda Airport.
- Lease proposals reviewed with the CEO must adhere to those protections as pronounced by the Board, which include:
- The retention of all full-time employees
- Board-approved price caps on general aviation fuel, auto parking rates, and concession facilities charges on rental cars
- Rigorous operating standards to assure the continued high quality of services
- A Capital Renewal Program with a commitment of at least $500 million over the term of the lease
- A General Aviation Stakeholder Plan
- A revised or new airline use agreement with Allegiant Air
- Assistance to the CEO in bringing a proposal to the Board from a qualified Lessee under terms most favorable to this Airport for consideration by the
The Airport Authority Board has several more steps to consider before a lease transaction would be brought forward for final approval. The FAA also has a diligence process that would need to be completed before it could approve the transaction.
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About Punta Gorda Airport
The Charlotte County Airport Authority (CCAA), governed by five elected commissioners, owns and operates the Punta Gorda Airport (PGD), located at 28000 Airport Road, five minutes off I-75, exits 161 and 164. PGD provides quick and easy access to Southwest Florida, and is home to air charters, medical transport services, aircraft maintenance and avionics repair, as well as flight schools, distributers and manufacturers. CCAA is a nontaxing entity and operates as an enterprise fund, totally supported by revenue generated from its operations including rental car concession, parking, fuel sales and hangar, building and land leases. A 2018 economic impact study by the FDOT estimated that PGD is responsible for 12,392 jobs and $1.275 billion in total economic output. For more information, visit www.flypgd.com.
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