The airport provides the infrastructure for the tenants to conduct business. The airlines are our tenant, they provide and set the price of the product, and they pay rent to the airport similar to a business that leases space from the Grand Traverse Mall or the City of Traverse City.
Airfare is what the airlines charge – not the airport. Also of note, our revenue stream does not include airfare. The airport also receives revenue from the following sources: land, terminal and hangar rent landing fees aircraft fuel sales auto parking ground transportation fees advertising and concessions. Our customers encompass businesses that lease space from the airport (for example Delta Air Lines, Avis Rental Car, Cherry Country Traditions) to serve the traveling public. Our budget receives revenue from only those that use the airport. The airport supports an annual budget of approximately $5 million. The airport also has to meet federal grant requirements to be self-sufficient – this is not only a requirement but a badge of honor as many airports rely on local taxpayer dollars to fund the operations and maintenance of their airport. The airport is inspected and regulated by the Federal Aviation Administration and the Transportation Security Administration on a daily basis. The mission of the airport continues to follow three principles: Safe, Secure, and Self-sufficient. Cherry Capital Airport is owned by both Grand Traverse County and Leelanau County and is operated by the Northwestern Regional Airport Commission. Yes, we are on the rise as our airport supports more than $200 million in annual economic impact to the community. Why? TripAdvisor said it best … in naming Traverse City a Top 10 Destination on the Rise. New business opportunities from fueling to flight instruction, festivals to flights, our airport has seen the positive growth continue in a way the rest of the nation has not. Many new and exciting changes took place in 2014 at Cherry Capital Airport.
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