Curious story floating around the business pages this week about a new contract for Westchester County Airport that has prompted claims that it could turn into a fiscal sinkhole.
White Plains Company Contends Proposal Will Cost County Millions, Cites Bank's Plans to Spend More than $200 MM on New Jets and Hangar Enhancements
Is there any reality to the contention by Avitat CEO Michael Dolphin that Westchester County Executive Andrew Spano's proposal could cost Westchester upwards of $100 million?
"According to Mr. Dolphin, the RFP process for the hangar's lease renewal that is to take effect in March of next year, was flawed, violated longstanding County practices and was a retaliatory action against Avitat for complaining about illegal practices at the airport."Mr. Dolphin has also expressed concern that regulatory and/or public reactions to a TARP-assisted financial institution that cut its dividend by 87% and eliminated 14,000 jobs spending more than $200 million on new jets and hangar renovations could require Westchester to find a new lessee during the 30-year term of the lease."