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Trust ratifies memorandum of agreement to support commercial air service development
Summary
The Economic Development Trust ratified a memorandum of agreement to facilitate a state-funded commercial air service development program; staff said a prior local allocation of $500,000 would satisfy a required 20% match for a $2,000,000 state award.
The Oklahoma City Economic Development Trust voted to ratify a memorandum of agreement with the Alliance for Economic Development to support a commercial air service development program, staff said at the meeting.
Mr. Sutil, Economic Development Trust staff member, said the trust previously set aside $500,000 in local funds to support efforts to attract new air service. He told trustees a recent state program awarded $2,000,000 in grant funds and that the $500,000 local allocation would cover the 20% matching requirement associated with the state award while the state would cover the remaining 80%.
Sutil said federal regulations and state program stipulations require the airport trust to work through a community or nonprofit partner, which is why the Alliance for Economic Development is serving as the facilitating partner. He added staff do not expect the entire allocation to be spent at once and that agreements with any interested airline would determine timing and amounts.
The trust moved, seconded and approved the memorandum of agreement on voice vote; no roll-call tallies were recorded in the meeting transcript.
Staff indicated they are continuing to negotiate with airport and airline partners and expected an announcement when agreements are finalized.
