Lumberyard Bond Question and Airport Reconstruction
A $70 million debt issuance is planned to fund a rental complex, while a $340 million bond question will be considered by Pitkin County voters to support reconstruction projects at the Aspen/Pitkin County Airport.
Approving ballot question 1A would allow the county to issue enterprise revenue bonds with a maximum interest rate of 8.5% or a maximum repayment of $940 million, without introducing new taxes.
Despite the sticker shock, ballot question 1A would not mean any new taxes, but locals could end up paying in other ways.
Airport Reconstruction Needs
The airport requires funding due to underground water damage to the runway, which needs a full reconstruction. The Federal Aviation Administration (FAA) is expected to cover about 90% of the runway costs.
- The FAA will pay for most of the runway reconstruction.
- A new terminal will be built, with less FAA funding.
Author's summary: Airport reconstruction funding is on the ballot.