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Medina finance committee backs application for ODOT hangar grant; Coldstream lease plan outlined
Summary
The committee approved applying for an Ohio Department of Transportation grant of up to $750,000 (10% local match) to fund a new hangar at Medina Municipal Airport and heard a proposal for a lease with Coldstream Air Services that could cover gaps if the grant is not awarded.
Medina — The Medina City Council finance committee voted to pursue an Ohio Department of Transportation airport grant that will allow new-hangar funding of up to $750,000 with a required 10% local match.
City staff member Patrick told the committee the ODOT program is accepting applications for new hangars for the first time and said Medina has a clear need. “It’s up to a maximum of $750,000 with a 10% local match,” Patrick said, adding the competitiveness of this new program is unknown.
Law Director Hubert described a draft lease with Coldstream Air Services under which Coldstream would construct and operate a 10-unit hangar. Hubert said the total build cost would likely be “in the area of 1,200,000.0, maybe 1 and a half million,” and that Coldstream would cover the difference if the city did not receive grant funding. “If we do receive this grant monies, a new hangar probably is in the area of 1,200,000.0, maybe 1 and a half million. Dollars. The difference, if we receive these grant monies, would be paid for by Coldstream,” Hubert said.
Committee members emphasized the city’s goal of growing hangar capacity to increase based aircraft and better position Medina for future FAA and grant opportunities. An unidentified council member moved to approve applying for the ODOT grant; the motion was seconded and passed.
What happens next: staff will submit the grant application with the required local match if the city proceeds. If the grant is awarded, the lease arrangement with Coldstream would be used to address remaining project financing; if not, Coldstream may build the hangar outright and the council would consider the proposal at that time.
