•   This Act provides for the leasing of certain airports.

•   Airport land and other airport assets will be transferred from the Federal Airports Corporation (FAC) to the Commonwealth.

•   The Commonwealth will grant an airport lease to a company.   The company is called an airport - lessee company .

•   Immediately after the grant of the airport lease, the Commonwealth may transfer or lease certain assets to the airport - lessee company.

•   Certain employees, assets, contracts and liabilities of the FAC will be transferred to the airport - lessee company.