FINANCING AGREEMENT: BROOKNEAL CAMPBELL COUNTY AIRPORT AUTHORITY
Nina R. Rezai, Director of Economic Development
The Brookneal/Campbell County Airport Authority (BCCAA) is a general aviation facility airport that was jointly established by Campbell County and the Town of Brookneal in 1978. BCCAA has hired Talbert & Bright to update the airport layout plan and find the most cost-effective location for the addition of ten hangars. In January 2023, the Federal Aviation Administration and the Virginia Department of Aviation approved the master plan revision, locating the hangars on the existing apron. The hangars will meet the region’s demand for small aircraft hangars as there are waitlists at neighboring general aviation airports. Due to the construction of the hangars on the existing apron, site preparation costs will be significantly reduced, and only six tie-down locations will remain. This is sufficient based on the current demand for tie-down space. The construction of the hangars is estimated to cost $700,000 with consultant administration.
BCCAA, which lacks a budget for capital investment in a new facility, plans to apply to the Virginia Airports Revolving Loan Fund for $700,000 to build the ten T-hangars. The Virginia Resources Authority (VRA) is considered the best step forward in the quest for the BCCAA to be more self-sufficient. In order to apply for this loan program, BCCAA must have a letter of Moral Obligation from the Campbell County Board of Supervisors to secure the loan.
The BCCAA is expected to submit the Moral Obligation Resolution with the loan application in February 2024. After that, the application will be presented to the Virginia Aviation Board for approval in March 2024. As soon as the loan is approved, the project will be put out to bid. Hangar construction is expected to take approximately 120 days.
RECOMMENDATION: Approve the Moral Obligation Resolution and authorize the County Administrator to sign the Financing Agreement to secure the Virginia Resources Authority (VRA) loan for the Brookneal Campbell County Airport Authority hangar construction.