Pitkin County Board authorizes asking voters to approve up to $340 million in airport revenue bonds

Pitkin County commissioners voted Aug. 13 to refer a ballot question to the Nov. 4, 2025, election asking voters to authorize the county to issue airport revenue bonds to finance a multi‑phase redevelopment of the Aspen–Pitkin County Airport. The authorization request sets a ceiling of $340 million in bond principal for a 30‑year term using conservative assumptions about interest rates and debt coverage.

The ballot language asks for permission to pledge airport revenue — not property tax revenue — to pay bond debt service. County staff and consultants told the board they modeled a “worst‑case” financing scenario that assumed 8.5% interest and a 1.75 coverage ratio, which would require roughly $51 million in pledged airport revenues annually; staff said they expect pledged revenue needs will likely land nearer to $34–35 million annually as grants, airline agreements and other revenues are finalized. Finance Director Liz Woods and project staff emphasized the bonds would be repaid from airport user fees, passenger facility charges and lease revenues rather than the county’s general fund.

Why it matters: The bond authorization would allow the county to finance terminal, landside and parking improvements in coordination with an airfield reconstruction. Staff said timing is important because the airport expects a runway/airfield closure window in 2027 and there is synergy between terminal work and airfield construction; delaying the financing step could push project schedules by a year and raise projected construction costs. The board and staff also emphasized continued pursuit of federal Airport Improvement Program (AIP) grants, passenger facility charges, a new Atlantic Aviation lease and other revenue sources to reduce bond demand.

What commissioners heard: County and project consultants repeatedly described the request as conservative; county staff said the $340 million cap is an upper bound to ensure the county could finance a project if grant and market outcomes are unfavorable. Staff also told the board Atlantic Aviation will contribute $10 million toward airfield match and that the FBO lease is expected to increase annual airport revenues.

Next steps: The board approved changes recommended by bond counsel to the resolution and set a second reading and public hearing for Aug. 27. If voters approve the measure in November the county would proceed to develop a financing plan and return to the board for bond authorization and implementation steps.