Galt Airport on auction block

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.

Comments

  1. Rod Beck says

    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!

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