Teterboro is the home of Teterboro Airport (operated by the Port Authority of New York and New Jersey) which takes up a majority of the borough, as well as portions of Hasbrouck Heights and Moonachie. The borough was named for Walter C. Teter, a New York investment banker, who had purchased land in 1917 to build a racetrack and developed a 700-acre (280 ha) site, reclaiming marshland and building an airport and an 18-hole golf course. The name Teterboro was changed on April 14, 1937, to Bendix Borough, but reverted to Teterboro Borough on June 1, 1943. Throughout the borough's history, neighboring municipalities, such as Hasbrouck Heights and South Hackensack, have made repeated attempts to dissolve Teterboro, in hopes of absorbing the town's ratables. Some have reasoned that the population is too small for the borough to justify its own existence. However, all such attempts have met with failure, due to resistance from residents, business owners and municipal officials.