LA TIMES: Audit Finds Ontario Airport Worth Much Less Than LA Is Asking


The LA Times reports that in Ontario's legal battle to gain control over LA/Ontario International Airport, a new audit contends that the sale price offered by Los Angeles is inflated by at least $181 million. If Ontario wants the airport back, Los Angeles officials have said, the Inland Empire can buy it for about $400 million. LA/Ontario is a valuable asset, they say, and Los Angeles World Airports, which has operated the airport since 1967 along with Los Angeles International and Van Nuys, must "be made whole" and recover its investments.

But Andre Cronthall, attorney for Ontario, says an audit of airport financial records suggests that LAWA has invested dramatically less than what it has claimed, greatly undermining LA's claims that it is somehow entitled to hundreds of millions of dollars. The audit contends that Los Angeles airport officials double-counted about $4 million in debt and failed to subtract investments that were repaid. It also claims Ontario is not obligated to pay back $128 million raised from airline passengers to build new terminals and other facilities.

Read more in the LA Times.


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