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Airport says 20 new T‑hangars would meet part of waiting list; airport fund to carry debt service
Summary
Beaufort Executive Airport staff presented a concept to add 20 new T‑hangars and a few larger hangars, using ARPA seed funds and an internal loan repaid from airport rent revenue; staff estimated rents and conservative debt service and asked the committee to send the financing concept to the finance committee for detailed terms.
John, an airport official, told the committee the airport currently has a waiting list of 68 depositors for hangars and presented a plan to add 20 new T‑hangars, a larger box hangar and a transient hangar. He said ARPA funds have paid for preliminary design and that site work is currently out to bid; building construction will be phased once site work is complete.
On finance, the airport presented conservative rental assumptions: market rents for T‑hangars in the region are estimated at $600–$650 per month. John said a 30‑year internal loan at roughly 2.5% would yield debt service around $185,000 and that, under conservative assumptions, revenue would exceed debt service allowing the airport fund to carry the note. He asked the committee to send the concept to the county finance department and finance committee to develop loan terms and a detailed return‑on‑investment model.
