In May, the local government issued bonds to purchase located miles southeast of Marietta along the western side of the new four-lane superhighway, U.S. Highway 41, linking Marietta with Atlanta. The CAA next allocated $400,000 for construction of two -long runways on the land. The W. L. Florence Company of Powder Springs, Georgia, the low bidder with a bid of $290,000, won the contract. This bid, well-below the estimated cost of $400,000, allowed the CAA to add the third runway to this construction project. The construction began on 14 July 1941. In the next month, the Gulf Oil Corporation and Georgia Air Services agreed to lease the airport, once completed, for $12,000 per year. In September 1941, Eddie Rickenbacker, America's leading flying ace of World War I, and then the president and general manager of Eastern Airlines, agreed to have this airport named "Rickenbacker Field" in his honor. In the same month, the U.S. Navy requested permission to use this airport for the flight training of Naval aviators. (The Navy had established the "Naval Aviation Reserve Base Atlanta", at what is now the DeKalb-Peachtree Airport, in March 1941.) In October, Georgia Air Services signed a $70,000 contract for two 180x160-ft. airplane hangars to be built. Although it was far from completion, the dedication of this airfield took place in October 1941