The Martha’s Vineyard Airport Commission unanimously approved referring a decision about the state revolving fund (SRF) loan to the Dukes County Commission for the wastewater treatment plant’s construction during a special meeting on Thursday, Sept. 1. The vote was held during a special meeting to meet the deadline for the loan and meet the county commission’s usual schedule, according to airport director Geoff Freeman.
Freeman said getting this loan requires going through an approval process. Last week, the airport commission approved “moving to authorize the utilization” of the SRF loan of up to $10.97 million for the construction phase of the wastewater treatment plant with no interest. Freeman said this includes whatever is a part of the construction, such as owner’s project management costs, engineering, and the $1.55 million work order for McFarland Johnson to do the construction work on the plant. Dukes County is the airport’s “sponsor for finances,” so their approval is also necessary.
The $10.97 million loan can be reduced through grants.
“We have funds that we’re working on securing,” Freeman said. These include the county commission’s American Rescue Plan Act (ARPA) funding that’s “tentatively approved” for $1.5 million, a grant for $4.3 million that was “authorized but still needs to be secured through” the Massachusetts Transportation Bond Bill, and $1 million from the Infrastructure Investment and Jobs Act funding. According to Freeman, “if that all comes to fruition,” the airport can reduce the SRF loan amount to around $4 million, and cover remaining costs through its own money.
Airport commission chair Bob Rosenbaum said whatever amount remains from the SRF loan after the grants are taken into account upon the construction’s completion, the airport can choose to take on the remaining loan balance with an interest rate of 2%, pay it off with money from the reserve fund, or a combination of the two.
Updated with more information.
