Dubois County approves $500,000 grant and up to $1 million loan for Huntingburg Regional Airport terminal project

The Dubois County Board of Commissioners on Sept. 16 approved Resolution No. 2024-15 authorizing a $500,000 grant and a loan of up to $1,000,000 to the Dubois County Airport Authority to help fund a public terminal building project at Huntingburg Regional Airport. Commissioner Chad A. Blessinger presented the resolution and the motion carried unanimously.

Under the resolution, the loan term is 20 years, will bear no interest for the initial three years, and will carry interest at 2% per year on the unpaid balance in years four through 20. Interest-only payments are scheduled each July 1 in years four through 20, with the entire principal balance and any unpaid interest due on the 20th anniversary of the loan term. The resolution cites Indiana Code I.C. 8-22-3-19 and specifies that repayment will come from the cumulative building fund established under I.C. 8-22-3-25 and airport-derived revenues, including state and federal grants; the indebtedness may not be paid by a general operating fund tax levied on property within the airport district.

Commissioners also approved the related Loan Agreement (Exhibit A) and directed that it be presented to the Dubois County Council for approval on Sept. 23, 2024. The minutes state the airport project is funded in part by the Federal Aviation Administration, the Indiana Department of Transportation and other grants and local funds; the loan and grant are intended to cover construction costs not otherwise funded.

The action was recorded as a formal resolution (Resolution No. 2024-15) and the board’s approval was unanimous. The county indicated the loan proceeds will be applied only to Project costs as authorized in the resolution. The agreement and resolution provide the county and council authority to execute additional documents necessary to consummate the loan.