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|Council signs off on bond sale for terminal|
Monroe Mayor Jamie Mayo officially signed a $19.25 bond purchase agreement last week for the construction of a new Monroe Regional Airport terminal.
The Monroe City Council approved the action Tuesday during its regular meeting. The bond issuance will be closed Friday, Aug. 14.
The state Bond Commission recently approved the $19.25 million bond issue to help the city pay for construction of the new terminal. Bill Boles of the Boles Law Firm in Monroe handled the sale.
The bond issue was made possible because city voters approved a property tax increase last year to finance it.
The new Monroe Regional Airport terminal is a $35-million project. Some $19.25 million of the project will be financed. The remaining $16 million in funding comes from a combination of federal, state and local streams, including funding from American Recovery and Reinvestment Act, Federal Aviation Administration, Louisiana State Office of Aviation and local passenger facility charges.
Groundbreaking ceremonies for the construction of the new terminal were held last month.
Monroe was awarded a $15 million grant by FAA to help offset the cost of construction of the new terminal.
The city expects the new terminal to have a $75-million economic impact on the community.
Lincoln Builders of Ruston will build the new terminal.
The city hopes the new terminal can be completed within 24 months.