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Tazewell supervisors authorize $100,000 for IDA to back airport hangar bridge loan
Summary
The Tazewell County Board approved conveying $100,000 from capital projects to the county Industrial Development Authority so the IDA can make a 0% bridge loan to the Tazewell County Airport for hangar construction while state financing is secured.
The Tazewell County Board of Supervisors on Dec. 5 approved a $100,000 transfer from the county’s capital projects fund to the Tazewell County Industrial Development Authority (IDA) so the IDA can make a short-term, 0% bridge loan to the Tazewell County Airport for hangar construction while the airport secures state financing.
Staff member (S3) told the board the IDA had offered to loan the airport $100,000 at 0% with one payment due at the end of 12 months while the airport pursues state funding: “The IDA offered to to loan them, the $100,000. It’s 0%. 1 payment due at the end of 12 months,” S3 said.
The board moved to convey funds from the capital projects budget to the IDA and approved the motion by voice vote. The action was framed as a temporary bridge to avoid construction delays while state financing is finalized.
Why it matters: the vote clears the immediate funding hurdle for the hangar project and shifts short-term risk to the IDA, enabling construction to proceed pending longer-term financing.
What happens next: staff will process the transfer and the IDA will execute the bridge loan to the airport; the airport is expected to repay the IDA when state financing arrives.
Provenance: The airport loan and the board motion were discussed and voted on in the administrative financial accounting projects portion of the meeting (topic began at the Tazewell County Airport presentation).
