ORE. (May 16, 2014) – 10-Year Agreement Signifies Airport Stability
Portland International Airport to continue meeting the air travel and air cargo
needs of Oregon and Southwest Washington, the Port of Portland Commission has
approved a 10-year airline operating and lease agreement for PDX.
agreement allows airlines operating at PDX the stability to manage their
operations efficiently as market conditions change. It allows the Port to
maintain the financial health of PDX while being responsive to the airlines’
need for cost management.
agreement is unique because it was approved a year before the existing
agreement expires, and offers a 10-year duration, rather than multiple
five-year agreements experienced since 1991. Like previous agreements, airlines
continue to cover all of the operating costs associated with the PDX terminal
and airfield, plus capital costs of those areas for projects the airlines
approve. The new agreement establishes the business terms between the Port and
the airlines in anticipation of some $1.8 billion in airline spending for
airport operations and capital improvements during the next 10 years.
is a significant amount of trust that goes along with this agreement,” said
Vince Granato, Port of Portland Chief Operating Officer. “Airlines enter into
10-year agreements with airports where they believe the cost structure, the
capital approval processes, and the management of the airport all work
together. We truly value our relationship with the airlines and our openness,
transparency and mutual respect has led us to this point.”
recent economic impact study showed that PDX generated more than 16,000 jobs,
$931 million in annual income, and $3.9 billion in business revenue. Last year,
PDX served more than 15 million passengers, an all-time record, and helped move
more than 219,000 tons of air cargo. PDX provides passenger service to 57
nonstop destinations; including international service to Europe, Asia and
Canada. Last year, PDX was voted best U.S. Airport in Travel+Leisure
magazine’s World’s Best Awards reader poll.