A $40m renovation project of the Jackson Medgar Wiley Evers International Airport in Mississippi, has been stalled indefinitely.
The project involved the renovation of its terminal and security check-in stations.
The airport authorities have decided to keep the renovation on hold as they concluded that its best strategy currently would be to draw revenues than spend for future payoff, reported the Mississippi Business Journal.
Operator of the airport, Jackson Municipal Airport Authority, was planning to fund the project through bonds.
Downgrade of the bonds by $39.8m in the Fitch Rating Service's spring 2014 is being speculated to be a reason to stall the project indefinitely.
The downgrade was the result of the departure of the Southwest Airlines last June and an anticipated $800,000 loss in revenues.
However, the airport's new CEO Carl Newman is expected to reveal plans about upgrades to the terminal's food concessions and retail shops.
Currently, the airport is also focusing at attracting more business to the airport property and will try to use the 700 acres owned by the airport for industrial development.
The airport authority's general aviation facility Hawkins Field will also see upgrades.
A 2012 master plan for Hawkins had revealed that the facility has a poor drainage system, insufficient hangar space and insufficient ramp space for helicopter parking.
Established in 1963, the airport serves commercial, private, and military aviation. Spread over 3,381 acres at an elevation of 346ft, the airport has two runways.
Image: The main departures and ticketing hall at the Jackson Medgar Wiley Evers International Airport. Photo: courtesy of Absecon 49.