The Golden Triangle Regional Airport has secured support from all of the stakeholders it needs to purchase a strip of land south of its runway, giving it additional land for potential future development.
GTRA plans to offer roughly $2 million for the property, half of which is covered by grant funds and half from city and county governments that collectively own the airport. West Point selectmen on Tuesday were the last of the airport’s stakeholders to kick in funds to make the purchase. Lowndes County supervisors approved paying the county’s cut during their regular meeting on Monday, and the other stakeholders – Starkville, Columbus, Oktibbeha County and Clay County – all signed on over the past few weeks.
Three aerospace companies – Stark Aerospace, Aurora Flight Services and Airbus Helicopters – are already located on airport land.
Adding 109 adjacent acres would provide space for those companies to grow or for new companies to come in, Betsy Young, vice president of economic development for the Golden Triangle Development LINK told the Lowndes County Board of Supervisors on Monday.
“We do think this is really important for the airport, as far as economic development, for us to be able to have that land that is prime for an aerospace company,” Young said. “Otherwise they’re a little landlocked out there.”
The property is owned by Ropp Family Enterprises, which has a Palmer, Arkansas, mailing address, according to tax records.
The land consists of two parcels located between the southern end of the airport runway and Airport Road.
Initially, the LINK hoped each would contribute proportionate to their ownership to a conventional loan repaid over 10 years. Based on a 6% interest rate, Lowndes County and Columbus, with 25% stakes, would each pay $37,500 annually. Oktibbeha County and Starkville, with 20% stakes, would each pay $30,000 annually. Clay County and West Point, at 5% stakes, would pay $7,500 annually.
Lowndes County Administrator Jay Fisher said the county’s $275,000 cut could be covered by interest the county earned over the life of American Rescue Plan Act funds. The county’s annual payment from Tennessee Valley Authority for power generation was higher than expected, Fisher said, marking that money as another option.
Columbus, Lowndes County and West Point agreed to pay their full shares up front, which will save each interest. Young said it could also help the airport get more favorable loan terms.
Starkville, Oktibbeha County and Clay County have all agreed to chip in their share over 10 years.
If the deal falls through, GTRA would return the money to the stakeholders.
McRae is a general assignment and education reporter for The Dispatch.
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