The Lafayette Regional Airport has finalized its purchase of Lafayette Parish School System property.
On Tuesday, LFT and LPSS announced the finalization of LFT’s purchase of 10.8 acres of land for $4.2 million, including LPSS administrative offices and other buildings located at 113 Chaplin Drive.
As part of the purchase agreement, LFT will lease the property back to LPSS for the next two years for $273,201 each year to provide time for LPSS to renovate and move to a new location.
After the two-year lease ends, LPSS will continue to lease a warehouse and two small subsidiary buildings for three additional years for $51,440 per year.
“This was an easy decision for the Lafayette Airport Commission,” said chairman John Hebert. “We’re basically landlocked, with a finite amount of property on the airport grounds that LFT can use for future growth. This was a unique opportunity for us to acquire land that connects with our existing LFT site.”
As for future plans for developing the property, LFT Executive Director Steven Picou said, “This provides a significant opportunity for growth beyond our existing footprint. As was the case with the opening of the New Terminal earlier this year and improvements to hangars and taxiways, when Lafayette Parish grows, LFT must grow as well. The airport has a master plan for future growth and we will determine where this acquisition best fits.”
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