Jamestown (CSi) Approval for financing has been given by he Jamestown Regional Airport Authority for financing for the airport’s T-hangar building project.
Construction expected to start in early August, 2014.
A construction loan will be through Bank Forward for 25 years, with nterest rate for the first five years at 4.5 percent, and then will be renegotiated.
The total financing amout is $535,000.
Schumacher Construction, Jamestown, was awarded the bid for the project in May.
Schumacher Construction was also awarded the bid for the taxilane construction connecting the airport’s runway to the new T-hangar building.
Schumacher was the only firm to bid on the project, with a bid of $444,027.24 about two percent higher than the estimate of $434,518.50.
This project will be paid for by funds from the state through the North Dakota Aeronautics Commission.
The T-hangar building will create eight new hangars, six 1,123-square-foot hangars, one with 1,266 square feet and the largest at 1,738 square-feet.
The six equal-sized hangars will rent for $240 per month, the second largest will rent for $250 per month and the largest $325 per month.
Airport Authority Chairman Jim Boyd added that those rents will produce $2,000 a month in income to pay back the construction loan.
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