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Future of small Illinois airport unclear as foreclosure looms

19-06-2012

A one-runway airport in rural Illinois, northwest of Chicago, could be in jeopardy as the land underneath it heads to the foreclosure auction block this week. Galt Field only has about 100 operations per day, and is home to about 70 general aviation aircraft. The rural airport is a local hub for flight training, aerobatics and airport buffs in the summer, meaning business is good for the man who sells fuel and operates the airport on a day-to-day basis. But he has no connection to the owner of the land underneath the airport, and it’s that land that’s in foreclosure. The airport’s owner made a series of improvements to Galt’s taxiways, runway and other facilities, but fell behind in the payments to a local bank for those improvements following the 2008 recession. It’s unclear who will step up to buy the airport at auction, or what its fate will be. There is little else besides farm fields near the airport, and it is only a modest economic generator, since there are no commercial flights, no control tower and only limited services. The total debt on the airport property is $16 million.

http://www.chicagotribune.com/news/local/suburbs/mchenry/ct-met-galt-airport-20120618,0,6756016.story

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