The Martha’s Vineyard Airport Commission approved a policy for pricing leases at the airport business park at a financially-focused meeting last week, capping a nine-month review process with the Federal Aviation Administration (FAA) over the policy.

Modeled on a similar measure on Nantucket, the policy looks to adapt federal regulations around lease renewal increases to better meet the needs of the Island economy.

The measure has been under review by the FAA for months and received informal approval by the federal agency in February. At their meeting last Thursday, commissioners said the policy had been officially confirmed by the FAA.

Geoffrey Wheeler of the land use subcommittee said the policy will take effect in July when the airport’s pandemic freeze on leases at the business park expires.

According to the policy, tenants with existing leases will see a 10 per cent increase in July, while any new leases will be renewed at a later date according to fair market value or a 10 per cent increase — whichever of the two is lower.

Addressing business park tenants at the meeting, commission chairman Bob Rosenbaum emphasized the need for the policy.

“Both the staff and the commission have put a great deal of work in trying to work with the FAA,” Mr. Rosenbaum said. “We really understand what the situation is with you as tenants and we’ve really tried to make this a true, fair policy.”

Mr. Wheeler added that the airport will likely have to evaluate each existing lease individually, due to non-uniform terms and agreements.

Commissioners voted unanimously to approve the new policy, with plans to distribute it to business park tenants and their counsel imminently.

In another glimpse of the summer season, airport director Geoff Freeman expressed optimism for increased business after a quiet winter.

Passenger numbers in February were down 55 per cent over last year, he said, as a downward trend persists through the winter. Air traffic was also down 19 per cent.

Mr. Freeman said he expects more regularly scheduled flights to and from the Island to begin soon, with JetBlue looking to resume its summer schedule in May and American Airlines in June.

“We have had preliminary talks with our airlines that are regulars here. They’re anticipating a good year with some expanded service to the Vineyard,” Mr. Freeman said.

He also said a small airline based in Portland, Me., is interested in beginning daily nonstop service between the Island and White Plains, N.Y., through the summer, though numerous details remain, Mr. Freeman said.

In other business, commissioners unanimously approved a new model for the county’s allocation of overhead, which addresses how the county invoices administrative fees to the airport, under federal regulations.

The calculation is based on the cost from the previous fiscal year, with the new model going into effect for FY22, commissioners said. The policy has been approved by the FAA.

Later in the discussion, commissioners also voted to add $733,550 in design and construction costs for a wastewater treatment plant upgrade to a $1.2 million bond already approved by the county. Commissioners approved a work order of $281,500 from the consulting firm McFarland-Johnson for design and engineering services for the project, and $15,100 in design costs for replacing four lighting poles on the ramp.

Also Thursday, commissioners voted to re-elect Mr. Rosenbaum as commission chairman, Don Ogilvie as vice-chairman, Richard Knabel as treasurer and Kristin Zern as secretary. Subcommittee organization remained mostly the same, with Mr. Rosenbaum stepping down from the finance subcommittee and commissioner Bob Zeltzer replacing him.