FORT LAUDERDALE (CBSMiami/AP) – A ground breaking ceremony will be held Wednesday at Fort Lauderdale Executive Airport on the site where its new, taller control tower will be built.

The new 12 story tower will replace the old one built four decades ago and be equipped with sophisticated aircraft-tracking systems. Although the tower will handle more air traffic, the airport has been hit hard by the slow economy. It’s expected to be completed by mid-2014.

The price tag? More than $9 million in federal money.

Fort Lauderdale Executive Airport, on W Commercial Boulevard west of I-95, was built in 1941 as an auxiliary training airfield to the Fort Lauderdale Naval Air Station, now Fort Lauderdale-Hollywood International Airport.

According to the city’s website, Fort Lauderdale Executive Airport serves over 160,000 aircraft operations per year making it one of the busiest General Aviation airports in the country and the 61st busiest airport overall.

(TM and © Copyright 20121 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

(TM and © Copyright 20121 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)