The Greeneville Airport Authority approved a 15% increase for hanger rentals at their meeting Wednesday. The increase will bring in an additional $26,000 in revenue each year. The last increase for hanger rentals was in 2021 when a 12.5% increase went into effect. Board members discussed a 30% increase, but opted for a smaller increase this year, and agreed to review the rates annually.
Runway lighting repairs were also approved. There are eight red taxi runway lights and four halogen runway lights that need to be fixed. The total cost to make the repairs will be $5,220. Airport manager Angela Alley said they expect a future grant will cover the cost to replace all the runway lights to LEDs in about a year, but the repairs to the current lights needs to be done now.
David Johnson, a former board member, addressed the board and asked the Authority to consider allowing lease agreements with individuals that would permit the construction for a new hanger. Johnson had no specific designs at this time, but said a hanger approximately 100′ by 100′ costing about $1 million dollars could be built by the end of the year. The Airport Authority would need to decide the terms of any lease agreement, the location, and other details. Chairman Paul McAfee said he would work with Johnson to come up with some ideas to bring before the board for their consideration.
The board also heard from their insurance representative John McInturff, III. McInturff told the board that their current insurance plan doesn’t have enough coverage to replace hangars at today’s prices. The insurance for the hangers at the airport has been based on $75 per square foot. Chairman McAfee said a rough estimate now would be closer to $125 per square foot. McInturff said that increasing the deductible from $1,000 to $10,000, coupled with the adjusted value of the hangers, would mean a $5,000 annual increase in premiums. The board and McInturff agreed to look into the exact value of the insured property and what the actual increase might need to be.
