Kingairer
'Tiger Team' Member
Louisiana Economic Development entered into a Memorandum of Understanding (MOU) with New Orleans based Pontchartrain Capital (as representative of M7 Capital and the investors) that proposes a 20-year public/private partnership to ensure a superior air service product for Louisiana. The airline will guarantee the City of New Orleans 125 additional daily airline departures (over 200 projected in the second year) with no upfront investment and no net cost to the taxpayers of the State of Louisiana. Reciprocally, for each incremental destination passenger generated to the New Orleans International Airport (NOIA) , Louisiana will provide $50 in benefits to the airline (which studies confirm will create a total tax of $130 for each). Simply put, if an additional 1 million visitors fly to New Orleans on NewFrontier during the year following the agreement, the state and region would receive a projected $130 million in tax benefits yet would provide $50 million (1 million passengers times $50 benefit) to the airline. Details of the following summary of projected benefits can be found here.
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The plan has been in the works since the early days of Gov. Kathleen Blanco's administration, according to Koch, who says that, as currently envisioned, the project would entail an acquisition of low-cost carrier Frontier Airlines, which would relocate from Denver to New Orleans and operate from there as a hub airline. The state, through LED, is apparently behind the concept, having signed a Memorandum of Understanding with the developers, agreeing to kick in $50 for every net new passenger the airline brings to New Orleans.
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Based in MSY.
http://newfrontierairlines.com/
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The plan has been in the works since the early days of Gov. Kathleen Blanco's administration, according to Koch, who says that, as currently envisioned, the project would entail an acquisition of low-cost carrier Frontier Airlines, which would relocate from Denver to New Orleans and operate from there as a hub airline. The state, through LED, is apparently behind the concept, having signed a Memorandum of Understanding with the developers, agreeing to kick in $50 for every net new passenger the airline brings to New Orleans.
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Based in MSY.
http://newfrontierairlines.com/