The company leases a 77,500-square-foot hangar and maintenance facility at 3751 Cargo Road.
Under the proposal, PSA Airlines will not have to pay the $586,690 it owes over the next 12 months, and the company’s 20-year lease agreement would be extended for an additional year, through January 2037.
If the changes are approved, the city says it expects to collect an additional $87,730 in revenue over the life of the agreement because PSA’s monthly lease payments will shift to a higher rate.
PSA expects to pay the city more than $12.4 million over the 20-year agreement.
JobsOhio provided $5 million to help fund the construction of the maintenance hangar.
The organization has agreed to defer the city’s loan payments until August 2021 to provide some financial relief.
Earlier this summer, PSA Airlines notified the state it plans to lay off nearly 260 workers at the airport in October. This includes about 156 pilots, 62 flight attendants and 13 dispatchers.
In late August, the company also announced plans to lay off an additional 47 employees, including maintenance staff and other specialists.
The company said it planned to outsource its professional maintenance and engineering technical services work to a third-party vendor to “increase reliability,” according to a WARN notice letter.