To the Editor:
There are several corrections needed in the article in the June 28 issue titled “Dukes County commissioners approve airport loan.” First, the airport has already been approved for a $420,000 grant from the FAA, which the County Commission accepted in the fall of 2017. During the county’s May 16 meeting, both Ann Richart, the airport manager, and I gave a detailed explanation of why the airport was requesting the loan, and how the loan would be paid from the FAA once the project was completed. At that time, the county commission voted to authorize the county treasurer to borrow $420,000 on behalf of the airport. As a result, the treasurer issued an RFP soliciting financial institutions to provide terms for this loan. The proposals came back on June 11 with Unibank offering the best terms. The only purpose of the county meeting on Wednesday, June 20, was to sign the terms of the loan so the bank could transfer the money to the airport’s account. There was no reason for anyone from the airport to be at this meeting, since the county had already authorized the borrowing. Postponing the signing of the loan until August, as was voted during this meeting, meant the bank’s deadline of June 25th would not be met, and the offer would be withdrawn. This would have resulted in a very bad situation for the county.
I want to make it very clear that the airport has been operating on a surplus basis and has not had to raise money from the towns. Due to the neglect of the infrastructure at the airport for years prior to 2015, we have had to engage in an intensive upgrade and repair program to maintain the safety of the airport. The airport has expended millions of dollars on these various projects. As with any business, the airport is using debt to maintain its cash balance for normal operating costs, and repaying the loans over a 20-plus-year period in much the same way a family gets a loan to buy a major capital item such as a house or an automobile.
Bob Rosenbaum, chairman
Martha’s Vineyard Airport Commission