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County hears $38M airport plan and interim $8.5M financing proposal from consultants
Summary
Consultants told the Washington County Board the Virginia Highlands Airport Authority plans about $38 million in capital projects over five years, with roughly $9 million of local responsibility; Davenport proposed up to $8.5 million in interim financing to serve as the county’s local match and urged a drawdown approach tied to federal and state grants.
David Rose of Davenport & Company told the Washington County Board of Supervisors that the Virginia Highlands Airport Authority has identified roughly $38 million in capital improvements over five years, with about 75 percent expected to come from federal and state grants and an estimated local responsibility of roughly $9 million. "To get the roughly $28.4 million in federal and state funding, you have to have about $5.9 million in required local match," Rose said. He added about $3.4 million of elective local hangar-related projects that would generate revenue for the authority and the county.
Rose prop…
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