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Airport Property Sale

Fresno, CA: (Oct-30-07) The Federal Aviation Administration brought charges against the city of Fresno over the controversial sale of airport property to Gap Inc. Records show that in a deal started in 1997, the city sold about 200 acres to Gap for $2. City officials pointed to the economic benefits of the San Francisco-based retailer bringing a distribution center to the area. The move spurred a Federal Aviation Administration audit, which contended that the city had a duty to sell the property at market value and reinvest the money into the airport.

As part of a settlement reached, the city agreed to pay $5.8 million plus interest to settle the dispute. Under the agreement with the Federal Aviation Administration, the city will make payments over 10 years into a fund it can use for improvements at Fresno Yosemite International Airport. [TRADING MARKETS: AIRPORT LAND]

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Published on Oct-31-07


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