The bond issuance was initially approved in 2007 and renewed in 2010.
IDA Secretary Michael Zurlo said that, while he doesn’t have details of Laurentian’s progress, it was good to see Edwards at the meeting.
“I take it as a good sign they are asking this body to take some action,” he said.
The bonds would have a 30-year term at a fixed interest rate. The IDA, Edwards said, acts as a conduit for the bond offering and would have no financial obligation or risk.
NEEDS COUNTY OK
Once a public hearing is held, the Clinton County Legislature would need to approve the bond offering, which could take place sometime in June, Edwards said.
Through its financial adviser, Laurentian would seek buyers for the bonds. It would then pay the IDA back, with interest, over 30 years.
Edwards said he could not now identify which investment bank is seeking financing.
“Most investment banks make an announcement when a transaction is completed, not when it begins, and that will be the case in our situation,” he said.
The Laurentian facility would be capable of serving all wide-body aircraft with the exception of the Airbus 380 and Boeing 747-800. There are presently three similar systems in use in Dubai by Emirates Airlines, Edwards said.
Each bay would have a laser-guided automated docking system that can set up the scaffolding and computerized work stations around the aircraft in less than an hour, he said. The work stations would also be tied into Laurentian’s accounting, inventory and financial reporting systems.
All of that is expected to greatly reduce the amount of time an aircraft is out of service, therefore reducing income lost by airlines while repairs are under way.
Edwards said the market for the project continues to remain in Laurentian’s favor — wage inflation in Asia over the past few years has been more than 10 percent annually in many areas, and oil prices remain high.