For informational/historical purposes only.

NEWS RELEASE

Ohio Department of Transportation Internet News Release
July 10, 2002

ODOT Issues Akron Canton Airport $5 Million

COLUMBUS ODOT Director Gordon Proctor today announced that his department would get the Akron-Canton Regional Airports $50 million expansion off the ground with a low-interest loan of $5 million.

The 3 percent, 8-year loan, administered by the departments State Infrastructure Bank (SIB), will allow the booming airport to begin a 28,000 square feet expansion, adding two baggage carrousels and a second-level gate concourse. Two runways will be lengthened and improved.

Proctor said the loan, approved by a four- member SIB panel, was a wise investment by the administration of Gov. Bob Taft in the economy of northeast Ohio and the entire state.

"This is money that will fuel a bustling economic engine in the Akron-Canton area the Akron-Canton Airport. The airport upgrade will mean better service to the companies and air passengers who have come to rely on an efficient regional airport that is close to customers. The expansion will only increase the airports value to all who use it," Proctor said.

The airport, located adjacent to I-77 between Akron on the north and Canton on the south, is important to manufacturers such as Timken and Hoover in Canton and rubber and chemical plants in Akron, as well as numerous other users.

According to a letter presented to the SIB by Airport Director Frederick J. Krum, passenger numbers were up 16 percent in the first quarter of 2002 over the same period in 2001 and an estimated 800,000 will be passengers this year a record for the airport. There will be new flights to Orlando by AirTran and to Detroit by Northwest.

The expansion is to take eight months to build, say airport representatives, and the loan will be paid off with the current passenger facility charge of $3 per passenger, going to$4.50 in January. The surcharge is to last the length of the loan 8 years.

ODOTs SIB, founded in 1996, is administered by a four-member panel overseeing a revolving loan fund intended to leverage state and federal funds for transportation projects.