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Last updated on Monday, December 19, 2016
(BLOOMINGTON) - The Monroe County Council is taking steps to purchase around 55-acres in hopes to expand the Monroe County Airport.
The Herald Times reports that the property would be paid for with a five year anticipation note of more than $1.5 million. The aviation board of commissioners would be responsible for making interest-only payments on the note throughout a five-year period before the long-term general obligation bond is issued.
The property's location is near Ind. 48 and Ind. 37 as well as existing utilities making the parcel valuable. Purchasing the land allows the airport to meet some stipulations for federal grants. Purchasing the land also allows the airport to be in compliance with a 2014 law which states the airport cannot allow land owned by a private individual to connect to its runways.
The county council plans to hear a second reading of the proposed bond ordinance at its next meeting.
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