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Council names new aerospace research park, approves airport financing package
Summary
Council approved the proposed name for the new park (John F. Kennedy Aerospace Research Park), two internal road names and later adopted an order authorizing up to $12 million in tax-exempt financing for the airport terminal project; the EDA awarded $4.5M to the park project.
The Presque Isle City Council on Aug. 6 approved names for the city27s new aerospace research park and associated roads and adopted an order to authorize up to $12 million in tax-exempt general obligation financing for the airport terminal project.
The Presque Isle Air Museum and airport leadership asked the council to name the facility the John F. Kennedy Aerospace Research Park and recommended road names honoring James McEn (the main ingress) and Gus Gryom (the roadway that will front building addresses). Scott Wardwell, airport director, said the recommendations reflect local historical ties and the museum board voted unanimously to submit them for council approval. He noted the project received a $4.5 million Economic Development Administration grant toward an estimated $6 million park buildout and that a groundbreaking is planned for the coming week.
A motion to approve the park and street names carried after one councilor said she preferred signage to use last names only for ease of public use; council members said staff would work with 911/EMS on sign format and placement.
Separately the council adopted an order authorizing the city to issue up to $12 million in tax-exempt general obligation securities to finance the airport terminal; staff said tax-exempt treatment saves about 1.3% in interest and roughly $260,000 versus taxable interim financing. The order delegates sale and final terms to the treasurer and council chair and imposes a tax levy sufficient to cover principal and interest as required by law.
Councilors said they will publish final signage plans in coordination with emergency services and continue to seek federal and state funding for construction and design.
