- Associated Press - Thursday, November 3, 2016

NEW YORK (AP) - A suburban county north of New York City has announced a plan to lease its airport to a Los Angeles based investment firm.

The $140 million proposal unveiled Thursday by Westchester County Executive Rob Astorino would be structured under a 40-year revenue-sharing lease with Oaktree Capital Management.

Oaktree would pay for improvements in the passenger lounge, ticketing and baggage areas. Astorino says the terminal footprint and runways would not be expanded. A new wastewater facility would capture and treat de-icing fluid.

JetBlue, American and United airlines have agreed in principal to provide long-term service at the airport.

The plan requires approval from the Federal Aviation Administration and the Westchester County Legislature.

Astorino says the current operator, AvPorts, has agreed to work with Oaktree to ensure a smooth transition.

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