Categories: Business NewsConstructionFinanceNewsTransport

Lowndes County Board Approves Loan for Airport Expansion

Aerial view of Golden Triangle Regional Airport with land for expansion

News Summary

Lowndes County’s Board of Supervisors has approved a loan to acquire 109 acres of land next to the Golden Triangle Regional Airport. This investment, supported by a FAA grant, aims to enhance regional airport capacity and economic growth. Local leaders are optimistic about the potential for increased flights and tourism, while ensuring the land is used for beneficial development rather than industrial sprawl. With collaborative efforts from surrounding counties, this initiative represents a significant step for future development.

Exciting News for Lowndes County: Big Plans for GTR Airport!

Lowndes County is buzzing with good vibes as the Board of Supervisors has just approved a loan to help acquire a sizable chunk of land next to the Golden Triangle Regional Airport runway. That’s right, folks! The county is gearing up to snag 109 acres of prime land that could take our airport to new heights—quite literally!

Aiming High: What This Means for the Airport

Thanks to some smart planning, the airport has managed to secure a Federal Aviation Administration (FAA) grant that will cover about half of the land’s cost. However, there’s still a bit of a gap to fill, with the remaining $1.1 million required for the purchase to be covered through a loan. This isn’t just a Lowndes County gig; the loan will be jointly owned with Oktibbeha and Clay Counties, along with the cities of Columbus, Starkville, and West Point. These surrounding communities are all in this together, aiming for a stronger regional airport that boosts travel and economic prospects!

What’s Lowndes County’s Share?

Lowndes County has offered to take on a 25% stake in this loan, which translates to an annual payment of roughly $37,500. But here’s the kicker—the Board of Supervisors is planning to pay an upfront amount of $275,000 to dodge those pesky interest payments that could add up over time. Smart move, right?

Reasons Behind the Rush

Time is of the essence! With another buyer’s bid on the same land falling through, there are understandable concerns about what could happen next. The fear here is that the land could be developed for warehouses or migrant housing. Not exactly the type of development that would complement our lovely airport! So, the urgency is real; community leaders are keen on making sure this land stays in good hands, fostering growth instead of industrial sprawl.

What’s the Price Tag?

Currently, the price for the land acquisition sits at over $18,000 per acre. To put that in perspective, surrounding parcels have recently sold for anywhere between $20,000 to $25,000 per acre. Not only does it make sense financially, but it also offers a golden opportunity for expansion.

Economic Development at Heart

Local leaders are rallying around this investment, highlighting its potential to enhance economic development in the area. The more we invest in our airport, the more flights we can attract. That’s a win-win situation for everyone—from businesses to travelers looking to jet off to various destinations.

Future Financial Plans

On the funding front, efforts are being made to secure a loan with a possible interest rate in the 5% to 6% range. The airport initially aimed for a much lower 1% loan, but sometimes plans change, and adaptability is key.

What’s Next?

As for the surrounding municipalities, they’re planning to review the loan agreement, with discussions set for the week of April 7. This collaborative approach gives a sense of unity that can only enhance the prospects for the airport and surrounding regions.

In summary, it looks like Lowndes County is navigating toward a promising future with this land acquisition. With joint community efforts and a focus on growth and development, the Golden Triangle Regional Airport is set to become an even more crucial hub for our region. Let’s keep our fingers crossed for a smooth journey ahead!