MONTROSE, Colo. (KREX) — The Montrose Board of County Commissioners awarded the airport terminal construction financing to Bank of the San Juans. Of all the eight proposals reviewed by the bond counsel and Montrose County staff, Bank of the San Juans’ proposal represented the best value.

A fixed, tax-exempt rate of 2.03% is currently being secured for $10 million of debt issuance over a term of 10 years.

Montrose Regional Airport is under construction for a terminal reconstruction and expansion project. The board of county commissioners allocated funds for this project in the 2021 and 2022 budgets, as well as received approximately $12.2 million dollars of grant funding from the Federal Aviation Administration (FAA) for the project. The additional funds being borrowed are to cover the remaining costs associated with the project.

“It’s important to note that the airport is an enterprise fund within the county budget and its operations come from airport revenues, not sales or property taxes,” said Montrose County Finance Director Cindy Dunlap. “The funds budgeted for this project in 2021 and 2022 came from airport passenger facility charges, the airport fund balance, federal grants, and state grants.”