Newspaper article THE JOURNAL RECORD

Delayed Bond Issue Set for Council Vote Today / $20.3 Million

Newspaper article THE JOURNAL RECORD

Delayed Bond Issue Set for Council Vote Today / $20.3 Million

Article excerpt

The final step in the approval process for a $20.3 million taxable bond issue to renovate the Mike Monroney Aeronautical Center is expected to be taken today when the Oklahoma City Council considers approving the bonds in principle.

The council last week voted to delay consideration of the bond issue in order to answer some last minute questions from Mayor Andy Coats, according to Ward 5 Councilman Jim Scott.

Scott said Monday he had been in contact with the mayor and expected to move the issue along Tuesday.

This particular bond measure is the first of a three-package deal that will eventually see some $30.8 million in renovations being completed on the 26-building Mike Monroney center at Will Rogers World Airport.

Those renovations are expected to begin sometime this summer.

Prior to the sale of the bonds, the Oklahoma City Airport Trust, which governs all of Oklahoma City's airports, will enter into an agreement with the center to raise the its rental payments.

Those increased payments eventually will reach a high of about $7 million and will be used to cover the bond issue's debt service.

Currently the center pays about $3.2 million in rent, with that fee scheduled to increase in graduated amounts over a five-year period, according to Mike Monroney officials.

The Mike Monroney Aeronautical Center currently employs from about 2,500 to 3,000 people. The center also has an air traffic controller student population of about 1,400 and houses a major portion of the Federal Aviation Administration's record-keeping facilities.

- In other business, the council will consider the appropriation of $3.62 million in Community Development Block Grant funding as well as several target area changes involved in the funding. …

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