Back in 2005 PHI signed a 16 year lease for 24 acres of land at the Lafayette Regional Airport. The land in question located at the address 200 Tower Drive. It contains their regional headquarters along with a fly pad and hangar.
It was agreed upon by both the Lafayette Airport Commission and PHI that yearly rate would be $48,000 the first year and increase based on the consumer price index year to year.
The yearly rate now stands at just above $56,000 or $4,773 a month. But the contract also stated by year five which was back in 2010 an appraisal must be conducted.
Three were done because of differences in opinion, but the third, done by an independent consultant must be approved by the airport commission.
That final appraisal valued the land at a $190,000 annual rate or around $15,000 per month. To this date it has yet to be approved, and PHI is still paying the $4,733.