A story in the Chicago Tribune reports that Galt Airport will go on the foreclosure auction block this week over a debt of $16 million. The story notes: “Galt has some quirky characteristics — including a cabin in which hangar tenants can spend the night — but its story reveals some of the pressures facing small, general aviation airports. A downturn in business, high gas prices and potential redevelopment threaten the existence of the 62-year-old airfield, much to the chagrin of the student pilots, aviation enthusiasts and others for whom Galt has become a social hub.” Read the full story here.
Janice Wood
Janice Wood is editor of General Aviation News.
Interesting, but not unique. Take the “life” of the airport, 62 years, and divide it in to the $16M, and you have an average anuual LOSS of $25.8K per year.
I dought if the “Donald” would see this as a wise real estate or any other business proposition. And the bank or bankers that “approved” this – HELLO!
Just another case of overly optimistic income projections that resulted in lack of business demand – “plane” and simple!