GARY, Ind. (AP) — The board that oversees the Gary/Chicago International Airport has approved a plan to borrow up to $35 million to help close a funding gap in the airport’s runway expansion project.
The airport’s financial consulting firm told the Gary/Chicago International Airport Authority on Monday that the new funding plan should leave the airport with enough money to fund other needed projects.
Sycamore Advisors Senior Vice President Melanie Shaker told the panel that when bond proceeds are combined with available cash and grant money totaling $39.6 million, the airport will have enough to expand the runway and relocate rail lines.
The Times of Munster reports the project’s total cost is now at $174.1 million. That’s just 4.8 percent above the last revised estimate of $166.2 million, released in March 2012.