MORGANTOWN — An area company is looking to make a nearly $12 million investment in the Morgantown Municipal Airport.
Members of Morgantown City Council on Tuesday moved a commercial lease agreement with Mt. Morris, Pa.-based Shaft Drillers International forward for consideration during its upcoming regular meetings.
Airport Director Jon Vrabel said the company uses the airport multiple times weekly and intends to build a 20,000 square-foot hangar in order to base its corporate aircraft in Morgantown.
“They have three corporate jets that they currently fly. They also have two helicopters. Their aircraft are currently in Latrobe, Pa., managed by an aircraft management company. They would like to have those aircraft relocated to Morgantown, to where it’s more efficient for them to be able to use,” Vrabel said.
The new hangar will be the largest on the airport property, besting the former Mylan Pharmaceuticals hangar by 5,000 square feet.
The company is expecting to spend nearly $12 million on the structure and is asking the city for a 25-year land lease that will generate $11,118.50 annually for the airport.
At the end of the lease period, the building will revert to the airport’s ownership.
Construction of the hangar must begin within 120 days of the lease agreement’s adoption and conclude with one year of the same.
