“CVG will bring its business ‘know-how’ to manage airport operations day to day,” she said.
Rivinius said CVG’s Board of Directors recently approved the lese agreement, and Miami’s Board of Trustees gave its approval last November. She said the deal is for five years, renewable for five additional five-year terms.
The agreement is pending approval by the Federal Aviation Administration, and Rivinius did not have a timeline for when that approval will be made.
She said commercial service is not planned for the facility, which has three buildings nearby, including hangars. It was built in the 1940s when flight was becoming more common and as other Ohio universities were doing the same.
Seth Cutter, CVG director of communications, said airport officials started to develop an innovation team two years ago to work with educational institutions to develop further ties. He said about 18 months ago, CVG reached out to Miami to discuss its under-utilized airport and develop a partnership.
“This venture would enable CVG to manage a general aviation airport, something that CVG has not done before,” Cutter said. “This will be a good learning opportunity to go into that.”
Cutter also said they are also looking at partnerships with others in the region.
“This will be a learning experience,” he said.
He said CVG’s vision also includes the airport being used as a testing site for autonomous vehicles, drones and other new technology.
Middletown Regional Airport has been developing partnerships with Butler Tech and Cincinnati State for education programs leading to aviation careers in the aviation for the past few years.
“This announcement is positive news for the Middletown Regional Airport,” said Chris Xeil Lyons, Middletown’s economic development director. “This confirms that our region is a prime location for the aerospace industry due to our access to skilled workforce and the industry’s best supply chain. We look forward to potential partnerships with CVG and our educational partners.”
Miami officials said the airport’s few aircraft are based there and other aircraft stop to refuel and for other needs.
Officials said CVG will have an annual $84,000 lease payment, but over the first three years Miami will subsidize operations, with CVG receiving a net $36,000. After that, the hope is that CVG will have created enough revenue opportunities to forgo the university subsidy.
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