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Airport director proposes changes to hangar reversion fees; council favors lump-sum payment with a 5% upfront discount
Summary
Airport director Zach Bass proposed three changes to the airport's hangar reversion/deferral fee policy: use the Oregon short-term fund rate for calculations, prefer lump-sum payments (not annual/monthly), and limit deferral to one use per ownership entity. Council signaled comfort with a 5% discount on upfront payments and asked staff to return with formal language for action.
Zach Bass, Redmondairport director, presented proposed revisions to the airport's hangar reversion or deferral fee policy and recommended three principal changes: switch the discount/investment rate from the prime rate to the Oregon short-term fund rate, require lump-sum payment instead of annual/monthly payments, and limit the deferral to one use per ownership entity. "Really what we kinda came upon is us being a bank in a sense to these…
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