Banning Airport Redevelopment Act This bill directs the Federal Aviation Administration (FAA) to release the City of Banning, California, from all restrictions, conditions, and limitations on the use, encumbrance, conveyance, and closure of the Banning Municipal Airport. The release shall not be executed before the city transfers to the state of California (1) specific amounts to be used for FAA-approved capital improvements at other public use general aviation airports serving the region, and (2) all airport and aviation-related equipment of the Banning Municipal Airport owned by the city and determined by the FAA or the state of California to be salvageable for use at other airports.