Airport is drag, not boon to economy
Justifying taxpayer subsidies and special property tax breaks for the Schaumburg Airport Mayor Al Larson recently said "We (the Village of Schaumburg) are in the business of long-term economic development."
Over $20 million dollars in taxpayer dollars have been used for the purchase of the property and capital investments, and a property tax exemption worth $8 million-$10 million, over its 14-year public ownership history.
Recently, Mayor Larson requested an additional $1.84 million in federal stimulus money for runway rehabilitation and energy conservation at the airport.
Despite the village's well-intentioned efforts in promoting economic development, the Schaumburg Airport is costing the local economy as much as $150 million dollars in lost economic activity every year.
According to the 2000 U.S. Census and Village of Schaumburg documents, Schaumburg's 1,079 industrial park acres provided 15,748 manufacturing jobs at a rate of 14.6 jobs per acre. In comparison, a 2006 survey by the village showed airport and on-site tenant employees only totaled 50 full-time and 54-part time employees, or only 0.89 jobs per acre. T his is a 16.4-to-1 industrial park-to-airport job ratio.
The village claims the airport generates $10 million dollars in economic activity every year, or approximately $96,000 per airport job. This suggests an average performing 117-acre industrial park in Schaumburg, with its estimated 1,700 jobs, would create well over $160 million dollars in economic activity for the local economy.
The cumulative costs of Schaumburg's airport policies over the last decade-and-a-half certainly surpass more than a billion dollars in lost economic prosperity for its citizens.
The village should promote economic freedom and economic prosperity by privatizing the facility. If no manager can operate the airport profitably zoning laws should be reformed to allow the freedom for a transition to industrial, office, or residential uses. A change in policy is long overdue.
Brian Costin
Schaumburg