SUBJECT:
Title
Request Approval of Resolution Approving the Use of an Interest Free Loan from the Parks and Recreation Fees Fund to the Marion County Airport and Repayment Plan (Budget Impact - Neutral)
Body
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INITIATOR: |
DEPARTMENT: |
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Jim Couillard, PLA, ASLA Director |
Parks and Recreation |
DESCRIPTION/BACKGROUND:
The Marion County Board of County Commissioners approved the construction of twenty (20) T-Hangars at the Marion County Airport at a total project cost of $2,813,923 of which Florida Department of Transportation (FDOT) has offered to pay 80% in grant funds in the amount of $2,203,938.40. The County is required to pay 20% of the total project cost, which is $609,985. Included in Marion County’s obligation is the cost to design the former Quad Box Hangars, which is $47,204.
The Marion County Airport budget includes $373,643, allocated as matching grant funds. An additional $236,342 is required to meet the FDOT grant match requirements of which the Airport requests the use of an interest free loan from the Parks and Recreation Fees fund. The Airport revenue projection for the additional T-Hangars will increase the Airport’s annual revenue by $70,000, based on the current fee schedule.
The Airport shall make annual payments back to the Parks and Recreation Fees fund in the amount of $35,000, starting in Fiscal Year 2023. The total loan amount shall be repaid in full by Fiscal Year 2030.
BUDGET/IMPACT:
Neutral
RECOMMENDED ACTION:
Recommended action
Motion to approve Resolution approving the use of an interest free loan from the Parks and Recreation Fees fund to the Marion County Airport and repayment plan and authorize the Chairman and Clerk to execute the same. end