The Tulsa Airport Improvement Trust and the Bank of Oklahoma reach a settlement over the failed Great Plains Airlines.
The Tulsa Industrial Authority and the bank sued the airport trust for $15.6 million in 2013, accusing it of breach of contract.
Tulsa had approved a $30 million worth of Industrial Authority bonds for Great Plains in 2000. The Industrial Authority mortgaged Air Force Plant 3 property for the $30 million to loan the airline.
The airports trust, then, agreed to purchase the property if the airline defaulted.
Great Plains filed for bankruptcy in 2004, and the airport trust refused to buy the property, citing an FAA ruling.
Under the agreement announced yesterday, the trust will pay more than $1.5 million to the authority and BOK.