Paying for new Brownsville airport terminal
04/12/18 03:26 PM Filed in: News
A Brownsville airport project that's been in the works for more than a decade is as close as ever to construction.
Brownsville South Padre Island International Airport is negotiating with city of Brownsville entities to issue bonds to deal with the debt service to help pay for the airport's new $38.6 million terminal project.
Airport director Bryant Walker says within the last couple of weeks, they've received approval from the Greater Brownsville Incentives Corporation, Brownsville Community Improvement Corporation and the Brownsville Public Utilities Board for their participation in bond payments.
According to Walker, the Federal Aviation Administration awarded the airport $12.7 million, which would significantly lower construction cost.
To go along with the FAA, BPUB is giving $1.2 million for utilities while GBIC and BCIC are giving $945,000 and $365,000 a year, respectively.
"So, we would issue the bonds and have them ready for a bid award for construction," Walker said. "Then, like I said, once the bills start rolling in, we start being reimbursed or making payments."
BCIC will pull yearly funding once the airport becomes self-sustainable, according Executive Director Rebeca Castillo.
Source: CBS 4 News