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McKinney approves $30 million TIFIA loan to refinance airport debt after resident raises service, cost questions
Summary
The City Council and McKinney Community Development Corporation approved resolutions to accept a $30 million TIFIA loan to refinance interim airport debt and fund a commercial service terminal; a resident warned no carrier, schedule or destination had been identified and questioned the jobs and equipment estimates.
McKinney officials on March 29 approved resolutions allowing the McKinney Community Development Corporation (MCDC) to issue sales‑tax revenue refunding bonds and authorized the acceptance of a $30 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to refinance existing airport debt and support construction of a new passenger terminal at McKinney National Airport.
Mark Holloway, chief financial officer for the city of McKinney, told the joint session that three agenda items were tied to securing the TIFIA loan and that the loan is intended to replace interim financing with long‑term federal financing. Dave Gordon, the city’s financial adviser with Estrada Hennessy and TRB Capital Markets, said the loan has been structured as a taxable sales‑tax revenue bond with federal placement and noted the CDC’s debt rating was raised during the process.
"We did get confirmation today that the CDC's rating on its debt,…
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