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City of Renton and The Boeing Company Sign Historic Airport Lease

May 19, 2010

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Preeti Shridhar, Communications Director  - 425-430-6569

Boeing 737 takes off from Renton AirportRENTON, WA—Today, Renton Mayor Denis Law, City Councilmembers and The Boeing Company finalized a new long-term lease agreement for Renton Municipal Airport.  The base lease term is 20 years, and it includes two 10-year options.

“The signing of this agreement is a momentous day for our city and has cemented Renton as the center of commercial aviation,” said Renton Mayor Denis Law.  “Renton’s remarkable past now meets the promise of its future. We are proud to have been the home of The Boeing Company for 68 years.  The first commercial jet, the Boeing 707, was made in Renton, and the best selling jets in history have been assembled in Renton ever since.  More than 40 percent of the jetliners in the air around the world today took their maiden flight from Renton Municipal Airport.  Today’s agreement with Boeing will help keep thousands of aerospace workers employed in Renton and throughout the region for many years to come.  We are extremely proud of our history with Boeing and we are working hard to ensure its continued success.”

The new lease agreement gives us the flexibility to support 737 programs in the future, “said Beverly Wyse, Vice President and General Manager, Boeing 737 Program. “Every day, employees at the Renton site demonstrate their passion for building the best selling single-aisle airplane in the world.”

“The 737 plant is one of the most efficient and productive aerospace facilities in the world, with the best workers in the world, and it produces the best selling, most reliable airplane in history,” said Governor Chris Gregoire.  “Today’s announcement by Boeing and the City of Renton is great news for the state’s aerospace industry and Renton’s local economy.  It is also a statement that Boeing and our community will be working together for many years, a strong acknowledgement from the company of how important the 737 line is today and for decades to come.”

“This is a historic moment for Renton and our region,” said Renton City Council President Don Persson. “This lease paves the way for Boeing to build planes in Renton well into the future.”

“The Boeing Company is a powerful engine in our economy and is responsible for creating thousands of jobs, and attracting other companies and economic opportunities to the area," said Renton Chamber of Commerce President Bill Taylor.  “Today’s lease agreement continues this partnership and provides widespread benefits for businesses throughout the region.”

A 2008 Deloitte study indicated that Boeing’s Renton operations account for nearly $7 billion (2.7%) of Washington’s Gross State Product, 10.7% of the state’s exports abroad and over 45,000 direct and indirect jobs.  With this agreement, The Boeing Company will occupy over 60% of Renton Municipal Airport for general aviation use such as manufacturing, production, general maintenance and storage.

In addition to the 737 Program, Renton is also the world headquarters for Boeing Commercial Airplanes, Boeing Capital Corporation, and Boeing Shared Services Group.

About Renton Municipal Airport:  Renton Municipal Airport, owned by the City of Renton, is a general aviation airport serving Renton and other nearby communities.  The airport provides regional aviation services for air charter, air taxi, corporate, business and recreational flyers.  It is also an FAA-designated "reliever" airport, diverting general aviation aircraft traffic from SeaTac International Airport.  Renton Municipal Airport is used predominantly by single-engine piston aircraft, and ranks among the top six airports in the State of Washington in terms of aircraft landings and takeoffs.  The Boeing Company’s Renton factory, located adjacent to the airport, manufactures Boeing 737 aircraft and uses the airport for their initial flights.  Seaplane (or floatplane) operations from the Will Rogers-Wiley Post Memorial Seaplane Base, located at the north end of the airport along the shore of Lake Washington, also comprise a significant level of activity at the airport. The seaplane facilities include a floating dock and launching ramp, which make Renton Municipal Airport one of the few airports in the Pacific Northwest where aircraft can land on wheels and depart from the water, or vice versa.