By rdnewsNOW staff

Loan Approved

County loans Airport $240,000 administrative building

Jan 14, 2020 | 5:02 PM

Red Deer County has helped clear for take-off a plan by Red Deer Regional Airport to purchase an administrative building across the street from YQF.

On Tuesday, council approved second and third readings of a Bylaw that authorizes the County to lend $240,000 to the Red Deer Regional Airport Authority for the purchase of an administration building located at 3800 Airport Drive in Springbrook.

County officials say the term of the loan is for 10 years and has a 2.3 per cent annual interest rate attached, a cost viewed as an investment in both the airport and local economy.

The loan approval follows a deal made last fall between the Airport and Tucana Aviation for the company to operate the airport terminal as a Fixed Base Operator (FBO).

The term FBO is given to an organization granted the right by an airport to provide a variety of ground support services, such as fueling, maintenance, catering, transportation, and accommodation logistics.

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County officials say Tucana Aviation has already renovated and taken possession of the terminal and is currently providing high end services for passengers and flight crew as they transient the airport.

The building across the road from the airport has been purchased by Red Deer Regional Airport for $235,000, plus $5000 for closing costs.

County officials note Airport administration has already moved into that building, as bridge financing was previously provided through the bank.