Profit from a recent land deal between the Fort Wayne-Allen County Airport Authority and Franklin Electric will be used to buy other nearby land as it becomes available, the airport authority's executive director said.

The airport authority board has approved the sale of 98 acres at 9333 Coverdale Road, near Fort Wayne International Airport, to Franklin Electric Inc. for $909,633. Currently based in Bluffton, the company plans to move its global headquarters to Allen County, which will result in 35 new jobs, according to company officials.

Airport Authority Executive Director Tory Richardson said the board's priority on land acquisition is not the profit-loss ratio.

"It does not necessarily make a difference if we make or lose money," Richardson said. "Regardless of the outcome, we have very stringent guidelines and regulations we must follow and adhere to with both state and federal guidelines."

The airport authority bought the Coverdale Road site from Prakash D. Patel for $660,000 on Oct. 8, four months after the property was declared an economic development area by the Allen County Redevelopment Commission.

At that time, the land's zoning was changed from residential to industrial to prevent use incompatible with the neighboring airport.

Since October, Allen County and Fort Wayne have made infrastructure improvements to the property, including water and sewer lines. The improvements increased the value of the land immensely but cost the airport authority about $100,000, Richardson said.

The deal has not yet closed, but Richardson estimates the airport will make an overall profit of about $150,000. That money will go to support the airport's property acquisition program, he said.

Sometimes the airport authority buys property to use for airport- related facilities or businesses, Richardson said, but often it buys sites so it can control what happens on the property and make sure it remains compatible with airport operations.

Airport officials spent $3.2 million in 2006 to buy nearby Brookwood Golf Course to protect the airport's long-term interests and give it space to install a landing system.

"The land became available and we purchased it, because we wanted control of the land since it is near a runway," Richardson said. "The golf course continues to exist, but no towers or tall structures are allowed."

Franklin Electric purchased the Coverdale property, agreeing to certain restrictive covenants such as height restrictions to make its use of the land compatible with airport operations.

"We mayup putting more money into the land than we get out of it, but we have to look at what we gained in the long run," Richardson said. "It's sometimes necessary to buy land to create the necessary buffer around the airport."

The airport does not aggressively seek land, Richardson said, and does not use eminent domain rights to obtain land.

"We work with voluntary acquisition," he said. "We let the neighbors know we are interested, and then when they are ready to sell, they approach us."

Airport officials currently are working with a number of nearby landowners interested in talking about selling their land, Richardson said.

"It's been a good balance working with the amount of funds we have available and the people who are interested (in selling land) who step forward," Richardson said.

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