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Tacoma May Buy Airport Facilities

TACOMA, WA-City officials are mulling over whether to buy a total of 382,000 sf of hanger and building space at the Tacoma Narrows Airport. The city is contemplating the purchase as part of a long-term strategy for the airport.

By Gina Binole | Updated on November 05, 2002

TACOMA, WA-The City Council today will discuss whether it should add to its holdings at the Tacoma Narrows Airport.

Crossings Aviation, the former occupant of a large facility at the airport, has defaulted on its loan. The note holder, Sunriver Asset Management LLC, would like to sell the buildings to the city, a proposition for which officials are seeking public comment.

The council is considering making a $2.5 million interim interfund loan out of Convention Center Construction Fund to be repaid by Dec. 31, 2003 so the city can purchase the Crossings Aviation buildings and make other improvements. If the council eventually OK’s the purchase, the city will pursue a commercial paper loan for long-term financing. The interim financing would allow the city time to work through the commercial paper administrative process. None of the airport revenues could pay for General Fund services, such as police, fire, libraries or parks.

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