Allegheny County Airport Authority Could See $40 Million Bonus from Gas Lease
Tags: Economic benefits, Pennsylvania
Last month, the Allegheny County Airport Authority accepted a bid from CNX Gas Company LLC, a subsidiary of CONSOL Energy Inc., to drill for Marcellus gas under the authority’s 9,300 available acres. The Pittsburgh Post-Gazette reports that as the parties continue to negotiate the lease, county officials expect the bonus payment to be between $35 and $40 million. Some estimates value the project at as much as $250 million over the next 30 years. Per Federal Aviation Administration regulations, any gas proceeds must be spent to improve the airport or its properties.