Authority
transfers Aeronautical Center to Board of Regents
Salina, Kan., (September 15, 2010) -
Almost two decades after the facility was custom-built for K-State,
Salina's aviation program, the Salina Airport Authority transferred
ownership of the Aeronautical Center to the Kansas Board of Regents,
Wednesday, September 15.
The Authority issued lease hold revenue
bonds to finance the construction of the facility, then in 1991 entered
into a direct finance lease with the Regents on behalf of K-State, Salina.
Now, the university has exercised their option to purchase the 2.49
acres of land and 32,449-square-foot building.
"The project is the perfect example
of the Authority's ability to build to suit, and in this case to build
a specialized facility for a top five aviation program," explained
Authority Executive Director Tim Rogers, A.A.E. "Although
the building is twenty years old, it is a very contemporary design,
even for today."
In concluding the relationship as
landlord to tenant, the Authority took care of some final repairs and
clean-up before turning the building over.
"One of the reasons we are home to
a top five aviation program is our close relationship with the Salina
Airport Authority," said K-State, Salina Dean Dennis
Kuhlman. "The building was built to our specifications with
a low-roofed portion for classrooms and faculty office spaces and the
high-roofed portion to hold the airframe and power plant hangar
lab."
The total of all the payments including
the final payment is just more than $3.5 million.
