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Here are the RIAC financial results as of June 30, 2012 and 2011 respectively that were posted on the web yesterday:

Loss before capital contributions 2012 - (5,490,126) 2011 - (2,747,410)

Interest paid, long-term obligations 2012 - (17,258,685) 2011 - (15,380,159)

Payments on long-term obligations 2012 - (10,784,464) 2011 - (11,916,137)

This means the debt service (cash basis) was $28,046,147 or about 50% of all revenues and grant income was eaten up by debt service in 2012 with a resulting loss of about ten cents on every dollar. That is one reason why RIAC is being so careful in dealing with financing required for glycol management, safety improvements, and the elusive runway extension - a project that RIAC proposes to finance through temporary bank loans backed by a cancellable FAA Letter of Credit. Does anybody believe a bank will lend RIAC tens of millions to build the runway extension? With a loss of $5 million last year and more of the same coming up out into the foreseeable future along with a need to float high interest bonds for the glycol plant and the safety improvements -- which will increase these losses by millions -- can you think of a bank willing to take on a risky RIAC extension project against the extremely remote chance that tens of West Coast flights will pop up per day to turn things around at Green.

From: This airport extension comes without a fuss

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