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Committee backs advertising public hearing for $44.35M airport bond issuance
Summary
The committee recommended a public hearing for sales‑tax revenue bonds to finance the Rapid City Regional Airport terminal expansion; staff described a $44.35 million principal issuance with authority to issue up to $15 million more, backed by a Vision Fund pledge of $2.9 million per year for 25 years.
The Rapid City Legal and Finance Committee on March 11 voted to recommend that the City Council advertise a public hearing on proposed sales‑tax revenue bonds for the Rapid City Regional Airport terminal expansion.
Finance staff told the committee the city would advertise a public hearing in April as a first step toward issuing bonds. The plan anticipates a principal issuance of roughly $44.35 million and requests authorization to issue up to an additional $15 million if needed, subject to confirmation of other state and federal revenue sources.
Daniel, speaking for finance, said the Vision Fund has previously been allocated at $2.9 million per year for 25 years and could be pledged by the city to back the bonds. “That’s enough to repay what we anticipate the principal for a $44.35 million bond,” Daniel told the committee, noting the city’s credit strength could reduce borrowing costs compared with an independent airport issuance.
Patrick Dame, executive director of the airport, said timing and additional federal and state grants remain part of the final financing plan and that the airport continues to pursue another $10 million in apron funding through federal discretionary or congressional directed spending.
Committee members encouraged their colleagues to support the item when it reaches full council. Councilmember Rod Pedigrew said the airport is “the biggest and most important asset to this city,” urging support for the project's completion.
The committee’s recommendation sends the resolution (2026‑026) to the council so the public hearing can be scheduled and the financing plan refined with bond counsel and financial advisers.
Next steps include the April public hearing and further work with financial consultants to finalize the bond structure and confirm federal and state aid assumptions.
