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Dubois County agrees to $500,000 contribution, $1 million loan option for Frosty Jones terminal contingent on federal funds
Summary
The Dubois County Council approved a $500,000 conditional contribution and made a $1 million loan available to support the Frosty Jones Aviation Terminal after officials said an FAA grant requires $3.2 million in state and local matches; other local pledges and a pending READI request remain outstanding.
President Michael W. Kluesner and the Dubois County Council approved a conditional county contribution to the Frosty Jones Aviation Terminal project and authorized a loan option after an airport official outlined the grant funding gap.
Airport Manager Travis McQueen told the council the Federal Aviation Administration awarded a $3.3 million grant for the terminal but the project requires $3.2 million in state and local match. Radius has pledged $100,000 and Grow Dubois County $40,000; a READI grant application for $1,000,000 is pending. McQueen said the Airport Authority requested $1.5 million in county funds to help meet the match.
President Michael W. Kluesner moved that the county contribute $500,000 to the project contingent on receipt of the federal funds and on the building being constructed; he also moved that a $1,000,000 loan be made available to the Airport Authority. The council seconded the motion and carried it unanimously.
Under the approved terms, the loan will be interest‑free for the first three years while construction is completed, then carry annual interest at 2% for years four through twenty with a final balloon payment of principal due at the end of the term. County attorneys and the Airport Authority’s attorneys will prepare loan paperwork. Council members specified that LIT‑ED funds will be used for the county contribution.
The airport’s request and the council’s action leave outstanding grant outcomes that could change the county’s exposure. McQueen said the Authority is awaiting READI results and additional grant responses; the council’s contribution is explicitly conditional on federal funding and construction proceeding.
The council also signed a letter of support for the airport project during the meeting. The council’s next regular meeting is scheduled for July 29, 2024.
