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Fort Worth Meacham Airport (FTW) in Texas could receive a $14.5 million for the proposed renovations to its terminal, following the addition of a new tenant.

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American Aero, an affiliate of Keystone Group, is planning to renovate the hangar originally occupied by American Airlines and constructed in 1933. In addition, American Aero is also planning to construct a fixed-base operation at the airport that is set for completion later in 2013.

The Texas Department of Transportation (TxDOT) will fund the renovation project. However, a funding of $500,000 would be contributed from city gas well tax revenues too.

Other planned improvements include the American hangar renovation estimated at $10 million and funded by American Aero; construction of a new hangar on the airport’s west side, with tenant Richardson Aviation paying the $20 million cost; relocation of a communications tower as part of that hangar project, expected to cost $2.2 million; and $30 million invested by American Aero for its office space along North Main Street.

The terminal renovation requires approval of the Fort Worth City Council.