Ths conceptual digital image shows a proposed airport terminal at night in Bradley County, Tenn.CLEVELAND, Tenn. — The Cleveland City Council approved three bond resolutions Monday to finance portions of airport construction, connector roads to a future industrial park and road work near the new Whirlpool site.
A $1.5 million debt financed through the Tennessee Municipal Bond Fund will be used toward an airport terminal at the new Tasso area airport. The variable rate loan will be for 15 years. The airport is expected to be finished by the end of the year. The Cleveland Municipal Airport Authority wants a terminal building ready to open at the same time.
A second debt will be for $1.7 million to help fund local connector roads to a future interchange on APD 40 near exit 20 to Interstate 75. The connector roads will be between Interstate 75 and U.S. Highway 11. The fixed-rate loan will be financed for 20 years through the bond fund.
The Cleveland school board actually will be paying that debt, City Manager Janice Casteel said. The city lent the school system $1.7 million for Arnold Elementary School improvements several years ago. The school board agreed to pay the city’s next bonded debt in return, up to $1.7 million.
The third debt of just over $1 million will cover road work for Benton Pike, Durkee Road and Michigan Avenue Road to serve the new Whirlpool plant. It is a variable-rate loan financed through the bond fund for 15 years.