JACKSON HOLE, WYO – Town and county elected officials yesterday backed the airport’s purchase of JH Aviation for $26 million by unanimously passing a budget amendment.
Jackson Hole Airport director Jim Elwood assured town leaders that money recouped from owning its own Fixed-Base Operator (FBO) would be put into a “pretty aggressive capital improvement program in order to provide a top-level experience for those people that come through the airport.” Elwood added he expects to recoup the $26M in about five years, after which a 15% return on investment is expected from the FBO.
It is not to drive growth, Elwood assured the council, but to respond to current conditions and meet the expectations of today’s traveler.
Airport board chair and board member for eight years, Jim Waldrop, said his group worked hard and researched hard when determining to buy JH Aviation even while considering advertising for a second FBO. He resented allegations the decision was predetermined before a board meeting or rushed through in any way.
“We strongly believe this is the best path forward for the community and the airport,” Waldrop said.
Greg Herrick, who described himself as the ogre in the room, has been the most vocal opponent of the deal since learning about it. He said he is continuing legal action through Casper attorney Bruce Moats in an effort to stop the deal from going through. Herrick is the founder of Wyoming Jet Center.
Including himself, he said there are at least 16 highly qualified applicants who might make a better FBO at the airport. He criticized airport officials for leaving money on the table by not charging for overnight parking of jets, for example, and by not getting enough of the cut when it comes to surcharges on high fuel prices—a profit margin he claimed was $4.50 on 1.8 million gallons of fuel sold in 2016.
Richard Sugden also appeared at yesterday’s special joint meeting in protest of the airport’s purchase of its own FBO. The physician and pilot, who once owned JH Aviation in the 1980s, grew so frustrated with the airport’s policy and prices he moved his FBO over to Driggs-Reed Municipal Airport in Idaho.
Barring any legal injunctions, the airport’s purchase of JH Aviation is expected to go through by next spring.
