EVERETT, Wash.--(BUSINESS WIRE)--Propeller Airports, a developer of passenger terminals and airport support facilities, entered into a public-private partnership with Snohomish County to develop a passenger terminal at Paine Field with private financing.
The Snohomish County Council voted on March 2 to approve an option lease agreement with Propeller Airports that enables Propeller to begin preliminary design work and acquire the necessary permits to build a passenger terminal at Paine Field in Everett, Wash. Under a long-term lease, Propeller is responsible for building and maintaining a state-of-the- art, two gate terminal, which would revert to County ownership at the end of the lease.
Propeller will make annual rental payments to the County. The first year rent in the lease is $447,891.12 with annual rental increases based on the terms in the agreement. Estimated rent payments total more than $25 million over the term of the agreement.
In addition, the County will share terminal revenues.
“Paine Field has a tradition of innovation and excellence,” said Brett Smith, CEO of Propeller Airports. “We believe this agreement is an important first step in the process of leveraging the incredible aviation infrastructure at Paine Field to encourage further economic development and give local travelers an airport option.”
The agreement approved by the Snohomish County Council on March 2 is the first step, and the final timeline for passenger service will become known in the next year.
“For many years, we have carefully considered adding commercial service to Paine Field. This was the right deal, at the right time,” said Snohomish County Council Chair Dave Somers. “This partnership protects taxpayers, allows us to fully utilize the airport, helps travelers avoid hours of traffic, and boosts our economy.”
Propeller Airports is a subsidiary of Propeller Investments. With offices in New York, Dublin and Atlanta, Propeller identifies untapped potential for commercial air travel by working with local governments and communities to maximize local airport assets. By bringing private, free-enterprise business practices to airports that contribute to the local economy, Propeller and its government partners focus on “smart” development that is in-line with local objectives.
For further information please visit: http://www.propellerinvestments.com/