GARY, Ind. (AP) – The Gary-Chicago International Airport Authority has approved a privatization deal giving a Virginia company exclusive rights to develop real estate on and around the airport for the 40 years and gives its subsidiary a 10-year contract to run the airport with up to 30 years of extensions.

The authority approved the deals Monday with Aviation Facilities Company Inc. of Dulles, Va., and its subsidiary, AvPorts.

The Times of Munster reports the deal requires AFCO to find companies willing to invest $25 million during the next three years or deal can be cut to five years. If the $25 million doesn't arrive within five years, the contract can be terminated.

AFCO has one year to provide the authority with a plan for attracting $75 million more in investment by 2054.