RAPID CITY, S.D. (KOTA) – Rapid City’s legal and finance committee approved up to $15 million in additional vision fund money to support the airport’s ongoing expansion project.
The funding is in addition to $44 million from the vision fund the city council unanimously approved for the airport project last month.
The South Dakota Legislature recently passed Senate Bill 76, which makes $15 million in low-interest loans available for the airport from the state’s housing infrastructure fund.
The airport has also received $20 million in federal grant money to support the project.
Rapid City Finance Director Daniel Ainsley said the additional vision fund money will give the airport access to lower interest funding than it would be able to secure without the city’s support.
“What we’re looking at doing is increasing our bond issuance, from the just under 45 million to up to another 15 million on top of that. And then the airport would repay the city those costs annually because the city has a better credit rating, or bond rating, than the airport does. So we’re saving interest funds for the taxpayers,” Ainsley said.
Ainsley said the airport investment will provide value for travelers and for businesses in the area that transport goods via air.
The expansion is currently in its first phase. The three-phase project is expected to take several years to complete.
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