Ferraro Says City Could Profit From Airport Sale
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Los Angeles City Council President John Ferraro on Wednesday said the financially strapped city could tap more than $2 billion in revenues by selling or leasing its four airports to private firms.
Ferraro said the sale of Los Angeles International Airport alone could generate up to $2 billion for the city, which faces an estimated $120-million shortfall this year.
“LAX and other airports owned and operated by the city are valuable assets that serve the air transportation needs of the entire Southern California region, yet the city receives little revenue from this service,” Ferraro said.
The Los Angeles Department of Airports operates LAX, Ontario International Airport, and the Van Nuys and Palmdale airports. Ferraro urged his colleagues to act before about 120 airline operating agreements expire at the end of the year.
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