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Alma approves Airport Revolving Hangar Program agreement; local share estimated at ~$94,129
Summary
Council approved Resolution 10-2026 to participate in an airport revolving hangar loan program on terms that include 0% interest; council discussed repayment, hangar use, occupancy and long-term costs, and noted an estimated local share of about $94,129 subject to final costs.
Mayor Hal Haeker explained the Airport Revolving Hangar Program agreement and said initial loan documentation referenced $479,200 while the city's currently estimated local share had been reduced to approximately $94,129, subject to final project costs. Council discussed 0% interest terms, potential repayment schedule, hangar use and rental opportunities and expressed concerns about long-term costs and occupancy.
Motion by Tom Moulton, second by Larry Casper approved Resolution 10-2026 to enter the program; the motion passed unanimously (4–0). The council recorded approval while noting final project costs and occupancy assumptions would affect the city's local funding obligation.
