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Old Posted Jan 29, 2010, 8:39 PM
Johnny Ryall Johnny Ryall is offline
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FedEx to invest nearly $6 Million on hanger construction at Memphis airport

Memphis Business Journal - by Andy Ashby

The Memphis and Shelby County Airport Authority’s lone actionable item this month helped a Memphis-based company to improve its operations at Memphis International Airport. The authority modified a lease agreement with FedEx Express, allowing the company to demolish four hangers and replace those with a $4.2 million, 35,000-square-foot hanger. It’s also planning to do a $1.6 million rehabilitation of three other hangers. The lease modification calls for rent reductions on the land for the new construction and rehabilitation of the hangers, which are used for smaller aircraft. The authority is also taking bids for improvements to two taxiways in February.

Forrest Artz, director of finance and chief financial officer for the authority, reported the airport had $9.4 million in revenues for December and $56.4 million in revenues for full-year 2009. After expenses, it had net income of $173,765 for December and net income of $1.9 million for full-year 2009. The authority also reported the airport flew 781,251 passengers in December, down 3.8 percent compared to 811,865 in December 2008. Similarly, the airport flew 9.8 million passengers in full-year 2009, a decrease of more than 6 percent compared to 10.5 million in full-year 2008.

Last edited by Johnny Ryall; Aug 2, 2013 at 1:51 PM.
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