Driven by near-historically low interest rates, Crawfordsville Regional Airport is seeking to save more than $40,000 over the next 15 years by refinancing the mortgage on the terminal building.
The airport received a quote from Tri-County Bank & Trust to lower the loan rate. The City Council’s Fiscal Affairs Committee sent a resolution approving the loan contract to the full council with a favorable recommendation.
Tri-County offered a 3.5% interest rate on a secured note. The current mortgage payment is $1,650 per month at a 5% rate.
The terminal opened in 2009. The facility was built on the site of the original terminal, a small farmhouse that opened during World War II and welcomed pilots until it was demolished in the early 1990s.
No tax dollars were used to construct the modern terminal, which replaced a double-wide trailer.
“As somebody that’s grown up in aviation, I’ve been to probably hundreds of different airports across my lifetime and, quite honestly, this is the best terminal I’ve ever seen for an airport our size,” airport manager Lori Curless said during last month’s city budget hearing.
Following the full council’s vote, the loan contract needs the state’s approval.
In other business, the fiscal affairs committee gave favorable recommendations to resolutions finding CPM Acquisition Corp. (California Pellet Mill), K1ds Count Therapy and Closure Systems International all in substantial compliance of tax abatements.