Under the transfer act, all property owned by the FAA at the airports was transferred to the new Authority, with the Federal government retaining title to the lease. The original 50‑year lease has been extended to 80 years, expiring in June 2067.
As a result of the transfer act, the FAA's airport assets were transferred to the new Authority, with the federal government retaining title to the lease agreement. The original 50-year lease has since been extended to 80 years and is now scheduled to expire in June 2067.