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Board approves up to $120 million financing and Clay Lacy lease package at John Wayne Airport over dissent
Summary
After a public hearing, the Orange County Board approved a financing and lease package to support Clay Lacy Aviation improvements at John Wayne Airport. Vice Chair Foley and other supporters said the project upgrades airport facilities; Supervisor Wagner opposed, calling the deal "crony capitalism." The measure passed 4–1 in roll call.
The Orange County Board of Supervisors approved a resolution authorizing revenue obligations of up to $120,000,000 and related lease amendments and assignment for Clay Lacy Aviation at John Wayne Airport following a public hearing and a divided discussion.
Vice Chair Foley, who moved the item, said the financing would support new terminals, hangars and office space for general aviation customers and that the county would retain ownership of the assets. "Approval of this item will allow Clay Lacy Aviation to finance up to a $120,000,000 improvements at John Wayne Airport," Foley said, stressing protections in guarantee and indemnification language and noting that no taxpayer funds would be used for the private equity bonds.
Supervisor Wagner objected strongly on principle. "It is, in my opinion, crony capitalism at its worst," Wagner said, arguing the deal picks winners and could set a precedent for future preferential treatment of private investors.
Supervisor Sarmiento and others defended the package as an investment in a county asset that could yield net benefits and help reduce rent for the sheriff's hangar. After discussion, the board called for a roll call vote: Foley — yes; Sarmiento — yes; Winn — yes; Wagner — no; Chaffee — yes. The package was approved by a 4–1 vote.
The board record shows the approval includes authorization for the county to accept guarantees, an assignment of lease interest to a related Clay Lacy entity and CEQA‑related findings where required. The board did not specify a timeline for construction in the hearing; staff said additional approvals and project steps would follow as the project proceeds.
