Many airports got good news recently. Federal funding is on the way.
Airports are significant economic drivers for the communities where they are located. They directly affect commerce, tourism and trade and their impact on local and regional economies is considerable. Yet, many are suffering from crumbling infrastructure and are in need of repairs and upgrades.
Because most communities lack the funding needed for airport upgrades, grants from the Federal Aviation Administration (FAA) Airport Improvement Program (AIP) provide welcome financial assistance. The new funding was just announced and it will be used to complete overdue projects to restore, maintain and expand aviation facilities from coast to coast. Last week, the FAA awarded more than $335 million in AIP grant funding to 237 airports and more will be forthcoming.
The funding will not only improve airports, it will open up a myriad of contracting opportunities for private-sector firms. It will also create new jobs and stimulate regional economies.
Funding that has been granted will result in project work that includes runways, taxiways, airport signage, lighting, and markings. The grant funds may also be used for security, construction, planning and environmental work related to airport facilities.
Qualifying airports are entitled to a certain amount of AIP funding each year, based on passenger volume. If the FAA determines that an airport’s capital project needs exceed its available entitlement funds, the FAA can supplement an entitlement with discretionary funding. Five airports were recently approved for discretionary grants.
The largest discretionary grant was a $14.6 million award to the Orange County Airport in Montgomery, NY. The money will be used to realign an existing runway to create a standard safety area. Additional work will include realigning the parallel taxiway and connector taxiways.
The Los Angeles International Airport was awarded $11 million in discretionary funds to construct Taxiway T which will connect the north and south runway complexes. Additionally, work will be done to construct the east and west aircraft parking aprons at the Tom Bradley International Terminal building.
The Sioux County Regional Airport in Iowa was granted a $4.7 million discretionary grant to help complete construction of a new airport that will replace the Orange City Municipal Airport and the Sioux Center Municipal Airport.
A sampling of other entitlement grants includes:
– Boise Air Terminal/Gowen Field – $3.67 million to rehabilitate the Air Rescue and Firefighting Building;
– Eppley Airfield in Omaha – $4.18 million to reconstruct an apron;
– Upshur County Regional Airport in West Virginia – $67,500 to construct a terminal building;
– Clarence E. Page Municipal Airport in Oklahoma City – $82,581 to install weather reporting equipment;
– Huntsville (Ala.) International-Carl T. Jones Field – $3.176 million to rehabilitate the terminal building;
– El Paso International Airport – $11.6 million to reconstruct a runway;
– Portland International Airport – $2.5 million to improve airport drainage;
– Gulfport-Biloxi International Airport – $1.73 million for security enhancements;
– Bert Mooney Airport in Butte, Mont. – $550,000 to construct a terminal building; and
– Greenville Spartanburg International Airport in South Carolina – $1.2 million to update the airport master plan study.
Additional AIP grants will be announced in the coming weeks. (To see the complete lists of grant recipients click here and here.) Officials hope to take advantage of the spring/summer construction season so that the grant projects can be completed or at least under construction before the winter season arrives.
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
RFCC petitions for new law towards raw milk
CEO Spotlight: Terry Gou of Hon Hai Precision Industry
3 overlooked steps when getting ready for an investor
A closer look at US Gold Corp’s Copper King project
Woman to Watch: AMD CEO Lisa Su
Cannabis acceptance grows as hemp industry leader PotNetwork Holding breaks CBD sales records
This fast-growing organic products stock already has space on Whole Foods’ shelves
Why Vapor Group Inc. might be the breakout penny stock you’ve been looking for in 2018
The CBD industry is enjoying a boost from the lifestyle sector
When you should consult your financial advisor
Promoting women’s football in Malta by UEFA projects
Euro NCAP marks its 20th anniversary with two crash tests
European Parliament’s International Trade Committee backs CETA
The American Heart Association has released four new PSAs
PwC presents 20th global CEO survey results in Switzerland
Crypto5 days ago
Could Global Blockchain Technologies change the way we invest in cryptocurrency?
Featured5 days ago
This hemp market player’s growth is about to go into overdrive
Crypto5 days ago
One of America’s oldest gold mines enters the crypto-century
Business4 days ago
Why is it becoming harder for millennials to be homeowners?
Agriculture4 days ago
The benefits of supporting sustainable palm oil
Entrepreneurship3 days ago
Why being a silver entrepreneur makes a good decision post-retirement
Crowdfunding4 days ago
Magma Partners launches first Sino-Latin American accelerator venture
Featured3 days ago
Miami Yacht Show announces relocation for 31st event next year