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Supervisors back Virginia Highlands Airport support agreement to enable $465,000 financing for hangars
Summary
Washington County approved Aug. 27 a support agreement allowing the Virginia Highlands Airport Authority to close a $465,000 financing for box hangars at roughly 4.48% interest; new VRA language will require the county administrator to notify the board if the authority forecasts an operational shortfall.
The Washington County Board of Supervisors voted Aug. 27 to approve a support agreement requested by the Virginia Highlands Airport Authority that will enable the authority to close a $465,000 financing package to build box hangars.
County staff told the board the support agreement includes new VRA-required provisions (lines 5 and 6 of the agreement) that obligate the county administrator to notify the board if the airport authority anticipates an operational shortfall and requests supplemental appropriation. Bond counsel advised the board on oversight language and noted such provisions have not been enforced historically.
County staff reported an expected interest rate of about 4.48% and said the authority had already approved and signed its portion; county approval and signature would let the authority close next week. The funds would be used to build smaller box hangars for general aviation.
Supervisor Pennington moved and the board authorized county staff to sign the agreement; the motion passed 7–0.
Staff noted the agreement does not legally bind the county to provide funds; rather it creates a procedural notification and request pathway should the authority face a shortfall in operations.
