{"id":1004158479,"date":"2016-11-08T00:39:12","date_gmt":"2016-11-08T08:39:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004158479"},"modified":"2020-05-18T12:41:30","modified_gmt":"2020-05-18T20:41:30","slug":"westchester-county-airport-preps-for-major-makeover","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/westchester-county-airport-preps-for-major-makeover\/","title":{"rendered":"Westchester County Airport Preps for Major Makeover"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004158480\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/P3.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004158480\" data-attachment-id=\"1004158480\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/westchester-county-airport-preps-for-major-makeover\/p3-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/P3.jpg\" data-orig-size=\"630,420\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"P3\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/P3.jpg?w=630\" class=\"wp-image-1004158480 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/P3.jpg\" alt=\"Robert Astorino announced plans to revitalize the Westchester County Airport\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/P3.jpg 630w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/P3.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004158480\" class=\"wp-caption-text\">Robert Astorino announced plans to revitalize the Westchester County Airport<\/p><\/div>\n<p><strong>New York<\/strong>\u2014Plans are in motion for updates to Westchester County Airport in the Hudson Valley, which is designed to improve the overall passenger experience, energize the local economy, strengthen environmental protections, plus save taxpayers more than $140 million.<\/p>\n<p>The plan will be structured under a 40-year revenue-sharing lease with <a href=\"https:\/\/www.oaktreecapital.com\/\" rel=\"nofollow\" target=\"_blank\">Oaktree Capital Management LP<\/a>\u2019s Infrastructure Investing group.<\/p>\n<p>\u201cWestchester is building on a national trend towards delivering the airport improvements and innovation this country needs,\u201d Emmett McCann, Oaktree\u2019s managing director, said in a prepared release. \u201cBy utilizing the strong demand for stable long-term infrastructure investment, creating a best-in-class passenger experience, and successfully aligning the interests of all stakeholders, the county is enhancing the local economy and creating jobs without placing a further burden on the airport\u2019s neighbors and local taxpayers.\u201d<\/p>\n<p>Westchester will receive a $111 million upfront payment from Oaktree, which is being structured so that the proceeds can be applied to the county\u2019s operating budget over the course of the 40-year lease. The first year net revenue to the county will be $15 million; followed by a net revenue payment of $5 million in each of the next four years; followed by average net revenue payment of more than $2 million a year in each of the remaining years on the lease.<\/p>\n<p>\u201cThe driving force behind this proposal is simple\u2014unlock millions of dollars of value that have been created at the airport and put this idle money to work in ways that benefit everyone who lives, works and visits Westchester,\u201d Westchester County Executive Robert Astorino, said in the release. \u201cWe are creating a reliable, long-term source of funding that will assist taxpayers, help pay for parks, police, day care and all of our other services, and enhance the passenger experience at our airport, and doing all of this without changing the current character of the nearby neighborhoods. This is smart government adapting to the future, while protecting the present and past.\u201d<\/p>\n<p>Changes will include a redesigned passenger lounge with enhanced seating, a reconfigured ticketing area to simplify boarding, improved parking with valet and garage check-in options, an enhancement of the arrival area with new baggage claim equipment, and updated concessions and restaurants with more food and dining offerings.<\/p>\n<p>The deal would keep in place the current limits on passengers, the footprint of the terminal and the hours of operation. The number of gates at the airport would remain at four and there will be no addition of new runways or extensions of existing runways.<\/p>\n<p>The public-private partnership between Westchester County and Oaktree, known as a P3 under the FAA program, is not a sale. The airport will continue to be owned by Westchester County and will continue to be privately managed.<\/p>\n<p>Oaktree\u2019s payments can be applied to the county\u2019s operating budget as early as 2017.<\/p>\n<p>Oaktree has completed similar deals with projects in Baltimore, Puerto Rico and London and expects this project to serve as a model for similar airports across the country.<\/p>\n<p><em>Image courtesy of <a href=\"https:\/\/www3.westchestergov.com\/\" rel=\"nofollow\" target=\"_blank\">Westchestergov.com<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Officials announced a new public-private partnership meant to energize the local economy and save taxpayers more than $140 million.<\/p>\n","protected":false},"author":451,"featured_media":1004158480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,21752,1600,21742,10],"tags":[],"class_list":["post-1004158479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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