After the meeting, Iannelli said the mayor’s suggestion will be added to a pile of suggested remedies being considered by the authority to alleviate its debt.
The authority looked into the possibility of selling Queen City as a way to pay off a $16-million lawsuit. Iannelli indicated it only has about two years to pay that off. He said selling other properties owned by the authority is one option and floating a bond to pay the debt is another.
Beyond using the sale of Queen City to pay off the legal debt, the mayor questioned where the authority will get $10 million for other improvements needed at LVIA, which he called the region’s “economic engine.”
According to the resolution, Queen City has operated as a public airport since 1943. It was turned over to the city by the federal government with deed restrictions that the land be used solely for public airport purposes. The city turned it over to the airport authority in 2000.