Transfer Control of Ontario Airport Now Act - Directs the city of Los Angeles to transfer the LA/Ontario International Airport to the city of Ontario, California, within 60 days of a determination by the Administrator of the Federal Aviation Administration (FAA) authorizing such transfer.
Declares that if the transfer does not occur within the 60-day period: (1) the Secretary of Transportation (DOT) shall be prohibited from approving an airport improvement project (AIP) grant to the Los Angeles World Airports (LAX) until such transfer takes place or the sale of the airport is finalized, and (2) an arbitration commission shall be established to determine the fair market value of the LA/Ontario International Airport.
Requires the city of Los Angeles to sell such airport to the city of Ontario no later than 60 days after the Administrator's determination prohibiting the transfer of such airport to the city of Ontario and establishment of its fair market value. Directs the Secretary to continue to withhold AIP grants from LAX until such airport is sold to the city of Ontario.