The City of Detroit's consent agreement with the state paves the way for the city to sell or privatize holdings to help right the fiscal ship. One "asset" often discussed as marketable for green money is the Coleman Young Airport (aka City Airport).
One problem with that plan, according to WDET, if Detroit sells the east side airport, they'll have to pay back $9.7 million in past federal grants.
Tony Molinaro handles public affairs for the FAA He tells WDET’s Travis Wright that $9.7 million in federal grants comes with assurances that, in effect, protect the site from becoming anything but an airport.
There's your floor, potential airport real estate moguls. Any deal to purchase the property would have to net the city at least $9.7 million in order for Detroit taxpayers to break even on the sale.
This consent agreement business is going to be harder than it looks. Maybe Detroit should just try to bring back ProAir. That was a sweet deal. Right up until the carrier went bankrupt.
