With less than two weeks to raise $250,000, the Greater Rockford Airport authority is now having to re-assure donors. Wednesday, the Executive Director spent the day addressing allegations of a large amount of money stashed away
The Greater Rockford Airport Authority does have $2.6 million in a reserve fund. If that money were used to bring in this passenger service interest rates would go up and it could cost the community more.
Bob O’Brien says the airport has a huge debt to pay off from taking out a mortgage to build the UPS operations. That mortgage has to pay off by 2020.
O’Brien says, “Over the last 5 years we re-financed that same debt and will now be paid off by 2007. We're saving the community 13 years of payments."
The $2.6 million is similar to a savings account. The less money the higher the interest rate is and tapping into the fund could end up costing more money. Through personal and corporate donations the airport has so far received $70,000, and is slowly edging towards their goal of $250,000.
For the past two days O'Brien has met with two perspective airlines saying, “they took a look at the terminal in anticipation and say they're ready to start service.
All of the funds have to be raised by June 15.