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Upcoming improvements at the city's regional airport
will include a new terminal building to replace the small office, shown on
left, and new T-hangars. A local banking operation wants to buy rights to
place their logo on the new terminal building, and an option on a ground
lease to construct a new hangar building.
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Within
a matter of months the Farmington Regional Airport will likely be wearing the
colors of First State Community Bank. That’s because the locally-based banking
chain has agreed to purchase signing rights on the soon-to-be-built airport
terminal building.
Word of the rights purchase surfaced during the
Farmington City Council work session Monday evening. A bill was submitted for
consideration later this month which would provide for a “naming rights
agreement with First State Community Bank and William Cooper.”
City
Administrator Greg Beavers explained that he met with FSCB chairman Cooper,
Division President Greg Allen and others several months ago about possibly
placing the company’s logo on the new building. The administrator said the
agreement would allow for a conference room in the new terminal to be named by
Cooper.
As outlined at Monday’s meeting, a total of $100,000 would be
paid to the city — half down, and half upon completion of the building — with
FSCB paying $50,000 to place it’s company logo on the building and signs, and
Cooper paying the remaining $50,000 to name a conference room in the new
building as a memorial.
Beavers went on to say that if the deal is
completed the bank would also have a 10-year option on a 60-foot by 60-foot
piece of ground on which to possibly build a hangar. The city has traditionally
provided relatively inexpensive ground leases for businesses and individuals to
construct hangar buildings. The leases tend to run 30 years, at which time the
building built on the site becomes the property of the city.
FSCB
currently owns a jet housed at the Poplar Bluff airport, in Butler County.
Having the ground lease option in place would offer them a way to move their
aircraft closer to home.
The city’s airport is undergoing a phased
expansion at the moment. A new taxiway is being built, and new T-hangars are to
be constructed. This phase of the improvements also includes new fuel tanks and
pumps, a new self-pay and pump system, and a new terminal building. Future plans
call for lengthening the runway.
The bill concerning the naming and sign
rights at the new terminal will be read again and taken to a vote of the council
during the regular monthly meeting scheduled for June
18.
