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 consequence 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. This arrangement has led to an extension of the original 50-year lease to 80 years, set to expire in June 2067.