Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Airport Hangar Financing topic
No spam. Unsubscribe anytime.
Hot Springs County seeks more financing after USDA loan denial for airport hangar
Summary
Commissioners said the county has about $1.5 million from FAA and WYDOT for a county-owned hangar but needs roughly $1.3 million more after a USDA Rural Development loan denial; the county will appeal and pursue local financing while SLIB offered cistern funds that reduce borrowing needs.
Chairman Bob Aguiar and Commissioners Paul Galovich and Tom Ryan met June 23 to discuss financing for a proposed county-owned airport hangar. Commissioner Tom Ryan said the county "has approximately $1.5M in funds from the FAA and WYDOT, to put towards the construction of the County owned hangar, and needs approximately $1.3M in additional funds."
Ryan reported the county applied to USDA Rural Development in February but the loan application was denied; according to the county record, USDA advised that the county could pursue financing with a local lender because USDA does not intend to displace local banks. The county then applied to the Bank of Thermopolis (The Bank of Bridger), which told county officials it needed more collateral than the revenue bond the county could offer. The commissioners agreed to appeal the USDA decision and continue pursuing local lending options.
Ryan added that the State Lands Investment Board (SLIB) informed the county it can provide the funds requested to install a cistern for the new hangar. He said the SLIB offer, combined with a construction bid that came in lower than the engineer's estimate, reduces the total additional borrowing the county must secure. Ryan thanked County Clerk Becky Kersten, County Attorney Jill Logan and Administrative Assistant Kim Lindseth for their work on hangar financing.
Next steps identified by the commission include completing the USDA appeal, continuing discussions with local lenders, and coordinating grant award confirmations from FAA and WYDOT before finalizing borrowing and contract award decisions.
