VCC Approves $12 Million Loan For DBIA

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DeLand, FL - Volusia County Council, at its last meeting, agreed to send a letter in support of an action to allow ATVs in Tiger Bay Forest to the Florida Forest Service without notice or public comment. At today's meeting, after public outcry, they voted unanimously to rescind that letter. District 2 Representative Billie Wheeler echoed other representatives feelings when she said that the item needs to be on the agenda and that the Council needs to work on a place for people to ride their ATVs.

Renovations are underway at Daytona Beach International Airport to the tune of $14 million. Two million dollars of the money comes from DBIA's Enterprise Fund but the balance, $12 million, is coming through a loan from Volusia County. Donna de Peyster, Deputy County Manager and CFO explained to Council that showing the public purpose for the issuance of a revenue note is in compliance with IRS regulations. Council approved the motion to show public purpose for the revenue note unanimously.

de Peyster than told Council about the next resolution which is to sign a contract with Central State Bank for the $12 million loan. She said that the County received 12 bids to take the revenue note but Central State Bank was chosen because they guaranteed the interest rate of 2.65 percent for a period of 15 years. There are no penalties in the contract for early repayment. de Peyster reported that the original loan for the airport from 1992, which was a 30-year loan, will be paid off in October of 2021.

Director of Aviation and Economic Resources Rick Karl wants taxpayers to know that repayment of the loan will not come from taxpayer dollars but from the airport's own revenue. Volusia County Council members agreed that money spent on renovations for the airport is a good thing as it's something that makes the first impression on tourists and business people when they arrive. Karl said that DBIA has an economic impact on Volusia County of about $2.1 billion dollars.

Volusia County Council approved the $12 million loan for DBIA by a unanimous vote. The Council took a ten-minute break to get the paperwork signed. The renovations at DBIA got underway on Monday.

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