Grand Traverse County hears Cherry Capital Airport request for up to $71 million in county-backed bonds amid tree and noise concerns

County commissioners on Monday heard a presentation from Cherry Capital Airport and its advisers seeking a county pledge of up to $71 million in full faith and credit to support a $120 million terminal expansion.

Kevin Klein, speaking for the airport, said the project would be split across two bond series and federal funding, with roughly $60 million of federal grants assumed and $60 million to be financed by bonds (roughly $11 million in financing costs make the county’s requested pledge about $71 million). "This allows the project to proceed, sign contracts and comply with FAA grant requirements," Klein said during the presentation.

The airport’s consultants presented the financial plan and revenue assumptions. Christina Woodward of Recondo & Associates said the capital program was modeled with conservative forecasts and that pledged revenues would include passenger facility charges, parking, terminal rents, rental-car concession fees and other non-airline revenue. Sean Wall of PFM, the airport’s municipal adviser, told commissioners the illustration tied to current market assumptions produced a not-to-exceed principal…