Letter States Federal Release is Not Required
The Raleigh-Durham Airport Authority received a letter today from the Federal Aviation Administration (FAA) that determines the Authority is authorized to move forward with its land-lease agreement with Wake Stone Corporation.
The federal agency determined that the lease does not involve federal funding and will not adversely impact airport operations. Based on those determinations, the letter states, “the FAA will not require a release or other determination with respect to the lease.”
“This letter from the FAA affirms what we have said from day one – that no federal release is required to move forward with the land-lease agreement,” said Michael Landguth, president and CEO of the Raleigh-Durham Airport Authority. “The Authority has also met its obligation to ensure that it receives fair market value for the land.”
The mineral lease is projected to generate an estimated $24 million from a 25-year, 105-acre expansion of an adjacent existing quarry. The revenue will help fund critical infrastructure projects at RDU, including replacing the airport’s primary runway, adding more gates and improving amenities.
Wake Stone will contribute an additional estimated $3 million at the end of the agreement to reclaim the site with recreational features. The agreement also calls for $3.6 million to help fund a potential mountain biking lease on airport property. Learn more about RDU’s land-lease agreement with Wake Stone.
Read the FAA letter here.
The April 29 letter follows a March 21 letter from the FAA Assistant Chief Counsel requesting additional information from the Authority on the land-lease agreement.