$275M Asheville airport bond to fund ‘modernization’ including new traffic control tower

ASHEVILLE – The airport expansion job may well at last get one particular selling price tag as spring will get underway: no extra than $275 million.

That’s in accordance to a Better Asheville Regional Airport Authority ask for for funding approval that will come to Buncombe Board of Commissioners on April 5, for each U.S. bond issuance law.

The “not-to-exceed” $275 million total is for income bonds to be issued pending Buncombe’s approval and will go towards enhancements and expansion, which include a new terminal, according to an Airport Authority community hearing on March 17.

Prior estimates for terminal expansion at the airport ended up estimated at $230 million.

That building may well split floor in 2022.

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At the general public listening to, the authority outlined accurately what the dollars would go towards.

Janet Burnette, the authority’s director of finance and accounting, introduced the dollars will be employed for:

• Expansion and modernization of the existing terminal.

• Growth and modernization of the ticket lobby.

• Transportation Safety Administration screening.

• Baggage claim and concession areas.

• Enhancements to existing infrastructure.

• Design of a centralized strength approach.

• Renovation of the remaining portion of the current terminal building.

• Design of a new air targeted traffic management tower.

The new tower has been a priority considering that at minimum 2019, when the authority mentioned in an annual report that it had “partnered with the Federal Aviation Administration to initiate the website selection course of action for a new air visitors handle tower. The new air targeted traffic handle tower is a important prerequisite for terminal expansion.”

AVL’s present terminal dates to 1961, and the FAA management tower is just one of the oldest in the country, in accordance to Asheville Regional’s executive director, Lew Bleiweis, who talked about growth in 2019 when the airport landed a $10 million FAA grant for the job.

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“It lacks the top to supply satisfactory line of sight for air visitors controllers,” authority meeting notes from March 2021 point out, “and is commonly in weak situation, obtaining exceeded its useful everyday living.”

“The Greater Asheville Airport Authority is getting ready to concern tax-exempt revenue bonds for the purpose of financing its terminal growth and renovation challenge,” reported airport spokesperson Tina Kinsey, listing the identical jobs outlined in the public hearing.

Bond funds also might be applied to fund the curiosity that accrues on it when construction is ongoing as properly as other economic matters associated to the bond.

“All the services financed with the proceeds of the bonds will be owned by the authority,” notes from the listening to condition.

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Commissioners will vote on approving the bond during its 1st April conference in accordance with U.S. law necessitating private activity bonds to be permitted by the “governmental unit possessing jurisdiction above the region in which any facility, with regard to which funding is to be presented from the internet proceeds of these kinds of challenge, is found.”

Buncombe’s part in approving the bond issuance, even so, isn’t going to suggest they’re putting any taxpayer dollars toward the airport task.

“In no event shall the county be liable for these bonds, nor shall the bonds constitute a financial debt of the county,” a memo from county attorney Michael Frue notes, something Kinsey emphasized as perfectly.

Frue did not straight away to respond to ask for for remark March 31.

Revenue bonds are backed, not by taxes, but by “revenues from a particular challenge or resource, this kind of as freeway tolls or lease expenses,” according to the U.S. Securities Trade Commission.

The authority also issued a transcript of its bond listening to to Henderson County authorities, which also ought to approve the bond issuance just before it moves ahead.

In other business enterprise for the duration of its April 5 assembly, the Board of Commissioners will:

• Consider approval of a finances modification that will proceed a $445,000 grant for Buncombe’s now current Jail & Jail Re-entry Method, funded as a result of Dogwood Wellbeing Belief.

• Take into account acceptance of a $225,197 spending budget amendment to get providers, apps and other equipment to increase Buncombe’s cyber protection system.

Andrew Jones is Buncombe County government and wellness treatment reporter for the Asheville Citizen Occasions, element of the United states of america Right now Network. Get to him at @arjonesreports on Fb and Twitter, 828-226-6203 or [email protected]. Please assist assist this type of journalism with a membership to the Citizen Situations.

This post at first appeared on Asheville Citizen Moments: Asheville airport upgrades: Buncombe acceptance sought for $275M bond