EAST HAMPTON, NY — New York State Governor Andrew Cuomo has signed legislation that will allow the Town of East Hampton to finance airport improvements at East Hampton Airport over a longer period of time, lawmakers announced Tuesday.
New York State Senator Ken LaValle and New York State Assemblyman Fred Thiele, who both authored the legislation, announced the news.
According to LaValle and Thiele, the Town of East Hampton owns and operates the East Hampton Airport.
Since East Hampton's grant assurances from the Federal Aviation Administration expired on December 31, 2014, the town no longer obtains FAA funding for the operation and maintenance of the airport and now assumes all responsibility to finance airport capital projects.
Current local finance law defines the maximum amortization period for airport projects as 10 years, Thiele and LaValle said; the new legislation would allow the town to bond out improvements over a longer period of time "in an effort to give the Town the time they need to fully plan and implement costly infrastructure work, and to ensure that the airport remains self-sustainable," a release said.
Sign up for free local newsletters and alerts for the
East Hampton, NY Patch
Patch.com is the nationwide leader in hyperlocal news.
Visit Patch.com to find your town today.