Lafayette Regional Airport has completed its purchase of the Lafayette Parish School System property.
On Tuesday, LFT and LPSS announced the completion of LFT’s purchase of 10.8 acres of land for $4.2 million, including LFT’s administrative offices and other buildings located at 113 Chaplin Drive.
As part of the purchase agreement, LFT will lease the property to LPSS for the next two years for $273,201 per year to give LFT time to renovate and move to a new location.
After the end of the two-year lease, LPSS will continue to lease a warehouse and two small subsidiary buildings for three additional years for $51,440 per year.
“It was an easy decision for the Lafayette Airport Commission,” said Chairman John Hebert. “We are fundamentally landlocked, with a limited amount of property on the airport land that LFT can use for future growth. This was a unique opportunity for us to acquire land that connects to our existing LFT site.
Regarding the property’s future development plans, LFT Executive Director Steven Picou said, “This provides a significant opportunity for growth beyond our current footprint. As was the case with the opening of the new terminal earlier this year and improved hangars and taxiways, as Lafayette Parish grows, so must LFT. The airport has a master plan for future growth and we will determine where this acquisition fits best.
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