Special Session (Joint meeting with G.T. County RE: NRAA Terminal Expansion) (Packet)

Leelanau County

Event Date: 2024-10-14

Summarized with ai model: gpt-4o-mini

Disclaimer: AI-generated summaries may contain errors. Please review the source document for accuracy.


**Executive Summary**

**Background and Purpose**
The Northwest Regional Airport Authority (NRAA) is seeking to enhance the facilities at Cherry Capital Airport through a Terminal Expansion Project, which includes the addition of five new gates and various supportive amenities. This renovation aims to expand the airport’s functionality by improving passenger experiences with new concession areas, a larger security checkpoint, and enhanced passenger boarding facilities. The proposal is a response to increasing demand for air travel and is essential for accommodating future growth.

**Funding Mechanism**
The financing for the Terminal Expansion Project is anticipated to come from a mix of sources including federal grants from the Airport Improvement Program (AIP) and Bipartisan Infrastructure Grants, among others. Specifically, the NRAA plans to issue bonds totaling up to $60,000,000 to cover the project costs, which may rise to $71,000,000 when including capitalized interest and issuance costs. Grand Traverse County is expected to pledge its full faith and credit to support this bond issuance, necessitating approval from both Grand Traverse and Leelanau Counties as mandated by relevant legislation.

**Resolution and Approval**
The Leelanau County Board of Commissioners has adopted Resolution No. -2024, which formally approves the issuance of bonds to finance the Terminal Expansion Project. This resolution signifies the county’s commitment to supporting the necessary improvements at Cherry Capital Airport and ensures adherence to legal requirements outlined in the Regional Airport Authority Act. The resolution was approved on October 14, 2024, and is now part of the county’s official records.

Internal document reference #:2047

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