On Friday, a $250 million settlement agreement for Ontario International Airport was completed.
By Liset Marquez, Inland Valley Daily Bulletin
Posted: 10/16/15 – 1:29 PM PDT |
ONTARIO — Ten weeks after a press conference at LA/Ontario International Airport announcing a deal to return the airport to local control, an agreement spelling out the terms has been completed.
But as of Friday, the full terms of the agreement had not been disclosed. Andre Cronthall, Ontario’s attorney, said the tentative $250 million agreement for ONT was been completed within the 60-day time line Los Angles Mayor Eric Garcetti and Ontario Councilman Alan Wapner set.
“The long-form agreement has been drafted. Of course, it still requires the approval of the requisite bodies,” Cronthall said, following a special meeting Friday for the Ontario International Airport Authority.
The deal still needs the approval of the L.A. and Ontario city councils, Los Angeles World Airport’s Board of Airport Commissioners, the Ontario International Airport Authority, as well as the Federal Aviation Administration.
According to the tentative agreement, Ontario will pay $30 million from its reserves, take over the airport’s $60 million debt and make payments of $50 million over five years and $70 million in the final five years.
The tentative agreement put a halt to what could have been years of contentious litigation over control of the airport. Ontario filed a lawsuit in 2013 against the city of Los Angeles in Riverside Superior Court. The two sides were set to go to trial Aug. 17 for the damages sought by Ontario when the one-page tentative agreement was announced Aug. 6.
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