Gary Airport closes on bond sale to fuel capital investment
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Gary/Chicago International Airport has closed on a $16.5 million bond sale it says will finance multiple capital improvement projects in the coming years.
The airport said it will use the funding to support the construction of new hangars, renovations to the airport terminal and an expanded cargo and logistics center.
“This sale will be immensely helpful to our future capital improvement strategy and positions us very well in the coming years in our continued effort to modernize our infrastructure,” Airport Executive Director Dan Vicari said in a news release. “We’ve seen substantial growth of our general aviation and cargo services in the past few years, and we will continue to allocate our assets to support these sectors.”
The airport did not provide specific details on the planned projects that will benefit from the bond financing. The bonds are set to be repaid from existing tax increment revenues generated from the Airport Development Zone.
In the last year, the Gary Airport has begun work on a number of capital projects, including a $12 million hangar that will be leased to Valparaiso-based Wingtip Aviation, as well as $24 million in infrastructure improvements designed to boost the airport’s capacity to handle air cargo freight.
The airport also received approval last year from the Federal Aviation Administration for its $16.4 million plan to replace its air traffic control tower. That project received a $1.7 million FAA grant in December.