December 23, 2015 Edition
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Airport Commission looks to
increase real property coverage
The Walnut Ridge Regional Airport Commission discussed increasing coverage on certain properties through the airport's Municipal League Insurance.
Chairman Don Cavenaugh said he believes several buildings are underinsured, which would be a minor setback should a single building be lost but could have devastating impacts should a natural disaster take out several buildings at once. "We've got a real high concentrated risk," Cavanaugh said.
Since many of the airport's most valuable buildings lay less than a mile apart, Cavenaugh said it is important to get the most back on those properties should something happen.
The insurance is affordable enough to raise coverage without straining the airport's budget. However, the commission didn't want to over insure the properties either, as the return is based on actual value only and does not cover replacement.
All action on increasing coverage was tabled to allow time for Airport Manager Michelle Anthony to gather figures on property values based on tax assessments.
In other business, Cavenaugh announced he is working to organize some cleanup work on airport property through donated equipment and labor. Utilizing the city of Walnut Ridge's backhoe and labor from both his and Ronald Cavenaugh's businesses, areas in the northwest corner of the airport would be addressed.
The project was tabled for further review of any liability concerns. Commissioner Clay Sloan recommended a review of the airport's and participating parties' insurance policies.
Also at the meeting, commissioners:
set rough descriptions of property to be swapped with 55 acres of farmland near an approach zone owned by the Lawrence County Chamber of Commerce. Property to be swapped now includes approximately 15 acres located between Custom Pak and West Machines.
discussed revising a loan with First National Bank, which is due in January, to a permanent line of credit to be used for future grant projects. The commission agreed to reconvene at a special meeting once options become available.
approved the 2016 budget.
accepted the Capital Improvement Plan, which states that money will be banked for drainage repairs through 2020.
approved the airport's rules and regulations as presented.
renewed a lease agreement with Allegis on one of its storage buildings.
approved a two-month extension on a lease held by Donald Parten.
authorized Anthony to arrange for safety striping to be added around some shallow dips in the runway. Anthony said the job should cost under $1,000.
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