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Council authorizes up to $15 million in bonds for airport terminal phase 1; staff outlines FAA grants and possible bridge financing
Summary
Council approved a parameters ordinance allowing issuance of up to $15 million in voter‑approved general obligation bonds for phase 1 of the airport terminal project; staff reported $10.7 million in FAA grants secured and discussed short‑term bridge financing tied to anticipated discretionary FAA grants.
Marjorie Knight, the city’s director of finance, presented a parameters ordinance to authorize issuance of up to $15,000,000 in voter‑approved general obligation bonds for phase 1 of the airport terminal project, the first of two bond issuances approved by voters in May 2025.
"Before you today is, the approval of the issuance of up to $15,000,000 of voter approved general obligation bonds for phase 1 of the airport terminal project," Knight said. She told council the scope includes terminal reconfiguration and increased security checkpoint space and that construction bids were being finalized. Knight said the city had secured $10,700,000 in FAA grants to date and estimated the phase‑1 project cost at nearly $21 million.
Staff and financial advisors discussed using short‑term bridge financing to manage cash flow until discretionary FAA grants or other funding arrive. George Wilford of Hilltop said the $11,000,000 example in staff materials reflects a hypothetical bridge draw that would be repaid when anticipated grant funds arrive. Council approved the ordinance to permit the bond issuance under the parameters presented.
