According to Browning’s figures, each year the authority will need to spend more than $4 million of that $5.37 million to pay its debts. “That doesn’t leave a lot of money left to handle what we still owe on the lawsuit and it certainly doesn’t provide the money we’re going to need to make investments in the airport..”
“Our cash flow will not be sufficient to enable us to do the three things we need to do—service our debt, invest capital in the airport operations and, most importantly, settle the lawsuit for the land.”
Browning said the surplus land up for sale does not include the Braden Airpark in Northampton County, which the authority also has been interested in selling.
“There’s a misconception we’re selling Braden to try to raise cash. “ He said money from the sale of Braden would be used to pay off debt and grants. “The net cash from selling Braden is going to be zero.” He said it would be closed to stop an operating loss from continuing as long as the small airport remains open. “If any operations are losing money, we’ve got to make corrective action. And Braden is losing money.”