ROCHELLE - The Rochelle City Council last year authorized the purchase of Large Car Rebuilders, adjacent to the Airport at 13800 East Gurler Road. The agreed purchase price was $655,000, of which they say 95% would be covered by federal entitlement dollars through the FAA and IDOT, however, the airport does not have the revenues to make the purchase. With the environmental concerns of the property taken care of, and in an effort to close on the property as quick as possible, this week the Rochelle City Council chose to establish an interfund loan from the landfill fund to the airport fund to cover the up-front costs of the purchase at an interest rate of 5%. Once the federal entitlement dollars are received, the airport fund will reimburse the landfill the full amount, plus interest. It was announced that they plan on leasing back the facility to the current owner for $5800 per month for the next five years. City Manager Jeff Fiegenschuh said they believe the FAA and IDOT funds would arrive in 90 to 100 days.
“Part of the reason the FAA helps fund these projects is to ensure that they are used for aeronautical type business,” said Fiegenschuh, “so in the future it might be used for hanger space, but at least in the short term we’ll lease it back to the owner to help generate revenue for the airport.”
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