The Blair Airport Authority approved the next step for the Omaha Police Department's Air Support Unit and its fleet of helicopters to move to the Blair Municipal Airport.
The board unanimously approved a resolution authorizing the issuance of a bond anticipate note for $1.26 million to temporarily finance the hangar improvements during its regular meeting Tuesday night.
“In this case, the pledge to pay off the note will be the City of Omaha lease,” said Blair City Administrator Rod Storm, who serves as the airport manager.
The 10-year lease was approved and signed by the Omaha City Council on Nov. 6.
“That agreement makes them responsible for not only the cost of the construction, but the cost of any financing interest, engineering and so forth as part of that project,” Storm said.
Two Rivers Bank will issue the bond with a 3.5 percent interest rate. Interest will be due monthly. The airport authority will pay the interest until the project is complete. Once it is finished, the City of Omaha will be billed and the note will be paid off.
“Omaha pays it all,” Chairman Geary Combs said. “Blair does not incur any cost.”
Due to a month-long delay waiting for City of Omaha to approve the lease, the hangar improvements are now expected to be completed by July 1 at the latest, Storm said.