December 21, 2015
The Ontario International Airport Authority has approved a $250-million agreement that will transfer control of the LA/Ontario International Airport facility to local authority.
The $250 million will be split up between $30 million of Ontario’s reserves, taking on the airport’s $60 million in debt, and other payments. Funds will also go toward the Los Angeles International Airport, which had previous ownership of the Ontario airport.
Officials say the transaction will be completed early next year, at which time it will be sent to the Federal Aviation Administration for final approval.