Certicates of Obligation Road and Airport Hangar Improvements

The Amarillo City Council passed two Certificates of Obligation to be used to update an airport hangar currently leased to a long-term tenant, and street improvements.

Interim Deputy Assistant City Manager Laura Storrs said that a tax increase will be needed to absorb the $13,500,000 that will be used to pay contractual obligations to be incurred for constructing and improving streets, including drainage, landscaping, curbs, gutters, sidewalks, and more. An additional three million dollars will go for needed updates at a currently leased and long occupied airport hangar. Those updates would also be considered an improvement to an city-owned asset. 

Amarillo Mayor Cole Stanley says the city worked within the budget to approve these certificates.

The certificates will cause an increase of a half penny in the next fiscal year’s tax rate.