News Release
Continental Airlines Releases Statement Concerning Land Adjacent to Newark International Airport
NEWARK, October 12, 1999 -- Continental Airlines (NYSE: CAL and CAL.A) released the following statement today about a recent controversy concerning its lease to the Port Authority of a 177-acre tract of land adjacent to Newark International Airport:
Land adjacent to Newark International Airport and Port Newark-Elizabeth is extremely scarce and not replaceable, and should be developed to benefit the economy of the entire region. Development of this coveted land for airport and seaport purposes will result in far more economic growth, business development and revenue, both public and private, than any other development.
The Port Authority intends to make a payment in lieu of taxes with respect to the property. Continental supports Port Chairman Lewis Eisenberg’s suggestion that the Port Authority and Elizabeth sit down and meet to come to a reasonable solution.
Continental had broad bi-state support for the acquisition of the 177-acre tract and its lease to the Port Authority. Both New Jersey officials, led by Lewis Eisenberg, and New York officials, led by Bob Boyle, have been very supportive of Continental and Newark International Airport’s development, realizing it is in the best interests of the New York and New Jersey region.
Continental intends to continue to work with authorities to improve the efficiency and growth of Newark International Airport for the benefit of the entire New York and New Jersey region. Continental will continue to pursue its interest in this project.