IDA to give over $7,500 to airport
, Staff Writer
03-18-2010
Pulaski County Industrial Development Authority will contribute more than $7,500 to a runway rehabilitation project at New River Valley Airport, provided other area IDAs follow suit.
The NRV Airport Commission requested the funding as part of an effort to make up a nearly $17,000 shortfall in local matching funds for the runway project. In a letter to the IDA, Airport Manager Keith Holt points out that the project was expected to cost about $4.2 million, but the lowest of three bids received ended up being just short of $5 million.
The Federal Aviation Administration will cover 95 percent ($4.7 million) of the project cost and 3 percent ($150,000) will be paid by the Virginia Division of Aviation. The remaining $100,000 (2 percent) will need to be paid for by local funding.
Holt said the airport had already secured almost $83,000 in local funds, but another $17,000 is needed since the project will cost more than the original estimate.
“We are seeking your assistance in helping to provide funding for the runway rehabilitation project. We believe the airport provides a vital economic development resource for the New River Valley, and your assistance would be greatly appreciated,” Holt states in the IDA letter.
Besides Pulaski County IDA, the Airport Commission also is seeking just under $2,000 each from Montgomery County and Radford City IDAs, $700 from Giles County IDA and $500 from Wythe County IDA.
Holt indicates the amount of funding requested is based on the percentages provided by the local governments. Those percentages are based on a formula that calculates distance from the airport and population, and business aircraft utilization of the airport.
Under that formula, Pulaski County contributes just over 45 percent of the funding, compared to just under 12 percent for Montgomery County and Radford, 4 percent for Giles County and 3 percent for Wythe County.
The project will rehabilitate the entire 6,201 feet of runway surface, correct the slope of the runway to meet FAA standards, smooth the ground around the runway to FAA standards, paint new runway markings, and install new lighting.
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