Mayor Michael Nutter signed a bill Tuesday authorizing a new five-year airport-airline use and lease agreement between Philadelphia International Airport and its partner airlines.
The agreement, effective Wednesday, includes options for two one-year extensions. The new lease, approved earlier this month by City Council, is valued between $2.8 billion and $4.1 billion in existing and new commitments.
“Our city’s major economic sectors ... all depend on efficient and cost-effective air travel,” Nutter said in a statement. “This new agreement will allow the airport to modernize operations so that we can continue to provide high quality service to the more than 30 million passengers that travel through PHL annually to more than 130 destinations around the world.”
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