Propeller Airports has become the largest private investor at Silver Comet Field at Paulding Northwest Atlanta Airport Authority.
The New York-based company made a $403,710 payment toward the authority’s revenue bond for taxiway improvements, according to a news release provided by Commission Chairman David Austin.
The $3.6 million revenue bond is a 10-year note needed to help the airport prepare for limited commercial airline service, according to the release.
Chairman Austin said in the release that the payment shows Propeller to be “a committed partner, along with the county, in the development of the airport.”
“I am more encouraged than ever regarding the future of this airport, and I look forward to the day when Silver Comet Field becomes a vibrant, job-producing facility for the residents of Paulding County,” said Austin, who also sits on the Authority Board.
Airport Director Blake Swafford said, “This payment represents a huge investment in the future of our airport and further solidifies the partnership between Paulding County and Propeller Airports.”
Said Propeller Chief Executive Brent Smith, “We have a partnership and we live up to our agreements. We’ll continue to make the bond payments and we’ll continue to support the airport because they’ve been great partners.”
And the payment was acknowledged during last week’s airport authority board meeting at the Watson Complex in Dallas. PCAA and the Industrial Building Authority held their February meetings last week.
Swafford further clarified to other Board members how the payment applies with regard to the bond balance and its relationship to the Authority’s budget.
With work on widening the taxiway already completed other work awaits the completion of an environmental assessment currently being conducted.
That assessment, ordered by a judge as settlement of a lawsuit filed by a group of Paulding County residents, alleged that the initial assessment done by the FAA when the airport opened did not take into account the planned commercial service.
Paulding Airport and IBA Boards envision the state’s first airport in 25 years and adjacent technology park to become a big draw for aerospace and aviation industries in the future.
Toward that goal the news release concludes, [Propeller and Paulding’s Airport Authority] “... are working together to bring economic development in the aerospace industry to Paulding County” and adds that “as part of the plan, limited commercial airline service will allow the partners to attract more companies to Silver Comet Field.”