To amend title 49, United States Code, relating to the assurance required of owners and operators of airports with respect to long-term leases for construction of hangars.

Amends Federal aviation law with respect to the written assurances required for approval of an airport development project grant application. Revises the requirement that an airport owner or operator, who has come to an agreement with a person who owns an aircraft that a hangar is to be constructed at the airport for the aircraft at the aircraft owner's expense, will grant to the aircraft owner a long-term lease for the hangar. Adds a requirement that such a lease be for a term of not less than 75 years (currently, there is no minimum). Requires further that the airport owner or operator will compensate the lessee for the costs of, and associated loss of income from, relocation, replacement, or removal of the hangar (in whole or in part) during the lease term whenever such relocation, replacement, or removal is the result of a change in the airport development plan or at the airport owner's or operator's reqeust.