Charlottesville-Albemarle Airport Authority (“CAAA”) borrowed $1.9 million through the Virginia Airports Revolving Fund in 2021 to reimburse the costs of a parking lot project it completed in 2019. The loan is secured by the airport revenues of CAAA. Nearly all the parking spaces available at the Charlottesville-Albemarle Airport (“CHO”) were being utilized during peak travel periods. CAAA expanded the airport’s Economy Parking Lot and related sidewalks and drainage by 3,000 square yards, including an additional 88 parking spaces. During the COVID-19 pandemic, airports experienced declines in passenger travel and CAAA used this loan to reimburse itself for the costs of the parking lot project to maintain healthy cash flow.
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