By Charles Young, The Exponent Telegram
BRIDGEPORT, W.Va. — Officials with North Central West Virginia Airport are prepared to sign off on a bridge loan needed to finance construction of the new terminal building.
With all of the necessary approvals and paperwork in place, officials expect to finalize the $10 million loan through Huntington National Bank on Tuesday, according to Airport Director Rick Rock.
“We’re looking to have that (complete) possibly as early as tomorrow,” Rock said Monday during the monthly meeting of the Benedum Airport Authority. “There are no more authorizations that we need at this time.”
Ernie VanGilder, Marion County commissioner and vice president of the BAA, will sign the loan on behalf of the BAA, Rock said.
The loan will be used to fund the construction project until funds through the West Virginia Economic Development Authority are accessible.
In August 2018, Gov. Jim Justice announced a $10 million grant from the West Virginia Infrastructure and Jobs Development Council and made a $10 million loan from the WVDA available to the airport.
WVDA loans are only applicable to finished projects, so the bridge loan funds will be used to pay costs associated with the ongoing project, officials said.
