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Council approves matching Lewiston27s interest on Hangar No.5 loan to keep intercity equity
Summary
The council approved modifying Auburn27s agreement to refinance Hangar No.5 at 2.58% interest to match Lewiston's action; director said the change adds roughly $8,5002D$9,000 per city per year in additional cost but keeps parity between the two cities that jointly support the Auburn-Lewiston Municipal Airport.
Transportation Director LaBonte provided history on Hangar No.5 (built by a private developer and initially leased to Lufthansa, later leased to Elite Airways), explaining that the two cities previously financed acquisition and subsequent refinancings through intercity loans from city fund balances. After a series of tenant and payment issues that left…
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