According to a staff report from Finance Director Jacob Burton, the total of the loan with 4.5 percent interest will be $278,431 that will be repaid over the next three years. Burton said the funds to repay the loan would come from the city’s general, water, storm water, and sewer funds. The engineer’s estimate for the project is $310,799, according to Burton’s report.
According to a staff report from Finance Director Jacob Burton, the total of the loan with 4.5 percent interest will be $278,431 that will be repaid over the next three years. Burton said the funds to repay the loan would come from the city’s general, water, storm water, and sewer funds. The engineer’s estimate for the project is $310,799, according to Burton’s report.
City officials said the MMF offered the loan to the city to use grant funding from Duke Energy which needed to be used by May 31.
The city purchased the property off Hook Drive in 2016 in order to provide a public entry point for employees, visitors, and underground utilities to the western areas of Middletown Regional Airport.
“Developing the western areas of the airport is part of the strategic development plan for the airport and also fits within the city’s plans for financially stability through job creation,” Burton said in the report. “A separate entry point for the companies that will locate on the western side of the airport fits within the security and safety protocols of the Federal Aviation Administration and will also support the development of Hook Business Park and properties along Carmody Drive.”
One resident, Bob Nolan, questioned the loan approval after Tuesday’s council meeting.
“We went into debt to build a driveway at the airport that a majority of residents will never use,” Nolan said. “It doesn’t make sense.”
Officials said the Hook Drive extension road and utilities are the next step in the process of being able to attract development to the western areas of the airport.
MORE: Middletown, Cincinnati State exploring aviation training partnership
Middletown officials have been working to diversify the future development of the airport with various aviation maintenance support components including the development of a drone school and an avionics and electronics maintenance program in collaboration with Cincinnati State, Butler Tech and Middletown City Schools. The airport is in line to receive about $750,000 in state capital improvement project funding this year to develop the Southwest Ohio Aviation Workforce Institute at the airport as the city invests in developing the prime airport property to bring in additional jobs and education opportunities.
The city has been successful in the past few years in obtaining federal and state funding for various infrastructure projects at the airport, according to Matt Eisenbraun, assistant economic development coordinator.
Those projects included the paving of taxiways, ramps and aprons as well as other pavement repair projects in 2017; runway lighting improvement projects planned for 2018; and taxi lights and runway markings planned for 2019.
In addition, the city is currently updating its airport master plan so that it can continue to receive federal funding for future projects. Eisenbraun also reported that airport’s hangars are at capacity.
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