The London/Corbin Airport has been awarded a $764,040 grant to fund the construction of a new hanger.
The Corbin City Commission authorized Mayor Willard McBurney to sign all of the necessary documents related to the grant at a special called meeting Friday morning.
Airport Manager Larry Corum said he received notification about the grant last Tuesday.
The grant will finance the construction of a 100×100 hanger with a door that is 26 feet tall and is able to open 92 feet.
Corum said the new hanger is almost twice the size of the existing hanger and will accommodate a variety of private aircraft including a Citation 10, Citation XL, Citation 5 and most of the King Airs.
“We also have planned it to be able to handle the FedEx aircraft that came in here earlier this year when the interstate was closed to commercial traffic,” Corum said.
“Right now we don’t have any indication that FedEx is going to resume operations here but it is always a possibility,” Corum said. “We want to be able to accommodate them.”
As part of the terms of the grant, the state will contribute 7.5 percent and the airport will contribute $20,000.
“We have already put that money into a bank account,” Corum said.
Corum said the airport receives $150,000 annually from the FAA to be spent on improvements
The airport has saved up more than $460,000 of the funds it had coming over the last several years, allowing it to remain with the FAA. That money accounts for a portion of the grant. The FAA is taking funds from other Kentucky airports that have given up their funds to raise the money for London.
As part of the agreement, the London/Corbin Airport will give up its FAA money for the next two years.
Corum said this allows the airport to avoid taking out a loan to fund the project.
Corum said the project has already been let for bid and K&K Construction has been awarded the contract.
Construction is scheduled to be completed by the end of October.
Corum said, ideally, a local corporation that has a jet will rent out the hanger to store it.
Corum said that scenario would result in $1,500 to $2,000 in monthly revenue for the airport.
“The company that leases the hanger would be responsible for the utilities,” Corum said.
Barring that, Corum said the hanger will be available over the winter for pilots who need a place to park their aircraft out of the weather.
“We have had several go to Knoxville or Lexington because we didn’t have a hanger big enough to accommodate them,” Corum said. “We want to stop that.”